Planned Giving

One of the simplest ways to create a lasting legacy is to include the SPSCC Foundation in your will or living trust. You can designate a specific dollar amount, a percentage of your estate, or a portion of what remains after other gifts and expenses have been addressed.

Your gift can support the area of the college that matters most to you, or you can allow the Foundation to direct it toward the greatest needs of SPSCC students.

How to get started: Talk with your estate planning attorney about including the SPSCC Foundation in your plans. We can provide sample bequest language to share with your attorney.

Sample Bequest Language

Following are two examples of sample language for bequests.

1. For an unrestricted gift that permits South Puget Sound Community College to determine the use of funds based on greatest needs:

   "I give to South Puget Sound Community College Foundation, a nonprofit corporation currently located at 2011 Mottman Road SW, Olympia, WA 98512, or its successor thereto,___________[written amount or percentage of the estate or description of property] for its unrestricted charitable use and purpose."

2. To designate your provision for a specific purpose:

   "I give to South Puget Sound Community College Foundation, a nonprofit organization currently located at 2011 Mottman Road, SW, Olympia, WA 98512, or its successor thereto,____________[written amount or percentage of the estate or description of property.] This gift should be used for (state purpose) if and so long as South Puget Sound Community College Foundation determines that the need exists. If South Puget Sound Community College Foundation shall determine at the outset or at a later time that the need does not exist, or no longer exists or for some reason it is not possible (or prudent) to administer my gift as originally intended, then South Puget Sound Community College Foundation may, in its sole and uncontrolled discretion, direct the use of my bequest for a purpose related as closely as possible to that stated above."

You can name the SPSCC Foundation as a beneficiary of certain accounts or policies. This can be a straightforward way to provide future support without changing your will or living trust.

Options may include:

• Individual retirement accounts (IRAs) and other retirement plans
• Life insurance policies
• Donor-advised funds
• Commercial annuities

You can often designate a specific percentage or amount, subject to the rules of your account or policy.

How to get started: Contact your account administrator, insurance provider, or financial professional to request a beneficiary designation form. Complete the form with your chosen designation and notify the Foundation of your plans. This will ensure your gift is put to the intended use. 

Legal name: South Puget Sound Community College Foundation 
Address: 2011 Mottman Road SW, Olympia, WA 98512 
Federal tax ID number: 91-1174940

Support SPSCC students while planning for your financial future.

A Charitable Remainder Unitrust (CRUT) can provide income to you or other beneficiaries while creating a future charitable gift to support students at SPSCC.

With a CRUT, donated assets are placed into a trust that provides payments to you or other designated beneficiaries. When the trust ends, the remaining assets are distributed to the SPSCC Foundation to support students.

How a CRUT Works

1. Establish your trust: You place cash or other approved assets into an irrevocable CRUT
2. Receive payments: The trust provides payments to you and/or other beneficiaries according to its terms
3. Create your legacy: When the trust ends, the remaining assets are transferred to the SPSCC Foundation to support students

CRUT payments are based on a fixed percentage of the trust's value, which is recalculated annually. As a result, payment amounts may vary over time..

Potential Benefits

Depending on your individual circumstances, establishing a CRUT may allow you to:

• Receive an income stream for yourself or other beneficiaries
• Qualify for a charitable income tax deduction
• Potentially reduce certain income or estate taxes
• Create a lasting legacy at SPSCC

The tax implications and potential benefits of a CRUT depend on your individual circumstances. Consult your attorney, tax professional, and financial advisor before establishing a trust.

SPSCC Foundation CRUT Guidelines
The SPSCC Foundation can serve as trustee for CRUTs that meet the following requirements:

• Minimum trust amount: $250,000
• Charitable beneficiary: The SPSCC Foundation must be the sole, irrevocably designated charitable remainder beneficiary
• Student Success Fund: The first 50% of the charitable remainder must be designated to the Student Success Fund
• Additional designation: If the remaining charitable gift meets Foundation minimum endowment levels, it may establish a named endowment for scholarships, grants, or Student Success funds
• Non-cash assets: Property, stock, and other approved non-cash assets may be accepted and converted to cash in accordance with the Foundation's Gift Acceptance Policy

Managing Your Trust

CRUT assets for which the SPSCC Foundation serves as trustee will be invested alongside the Foundation's endowment investments. The Foundation will use professional trust administration services to assist with administration and tax preparation. 

Costs associated with trust administration, including tax preparation and beneficiary payouts, are passed through to the trust. Invested funds are also subject to an investment management fee (set by the Foundation’s designated Investment Manager). 

Is a CRUT Right for You?

A CRUT may be worth exploring if you want to make a significant future investment in SPSCC students while also providing an income stream for yourself or someone important to you.

Charitable trusts involve important legal, financial, and tax considerations. Before establishing a CRUT, talk with your attorney, tax professional, or financial advisor about whether this type of gift is appropriate for your circumstances.

Let's Talk About Your Legacy

The SPSCC Foundation can work with you and your professional advisors to explore whether a Charitable Remainder Unitrust aligns with your charitable plans.

Contact the SPSCC Foundation at foundation@spscc.edu or 360-596-5430 to start the conversation.

Information provided on this page is for general educational purposes and is not intended as legal, tax, or financial advice. Please consult your professional advisors regarding your individual circumstances.