The South Puget Sound Community College (SPSCC) Foundation Board has approved a new way donors can support SPSCC students—and themselves. A new Charitable Remainder Unitrust (CRUT) policy allows the Foundation to serve as Trustee of a CRUT, which is a trust that delivers a fixed percentage back to the donor annually while allocating its end-of-trust assets to a charitable organization. CRUTs create opportunities for charitable tax deductions as well as income and estate tax benefits.
The SPSCC Foundation can serve as a trustee for CRUTs that meet a few basic guidelines and name the SPSCC Foundation as the sole, irrevocable charitable remainder beneficiary. As Trustee, the SPSCC Foundation will invest the donated assets alongside its other managed investments and take responsibility for annual reporting, tax filings, and income payments to the donor and their beneficiaries.
"For donors who care deeply about SPSCC students but also want to consider their own long-term financial needs, a CRUT opens another way to make a meaningful future investment in our students and our college," said Kelly Green, SPSCC’s Vice President for Advancement. “For donors, these trusts create opportunities for charitable tax deductions, income tax benefits, and estate tax benefits, and for our Foundation they create opportunities for high-impact gifts for future generations of SPSCC students.”
The new policy adds CRUTs to the Foundation's planned giving options and creates another opportunity for donors to build a lasting legacy of support for SPSCC students.
To learn more about establishing a CRUT with the SPSCC Foundation, visit our Planned Giving webpage.
