Support North Island College Foundation

There are several areas to which you can designate your gift to North Island College Foundation. To learn more about donating opportunities, please browse the following links:

• Establishing an Award
• Funding an Award
• Types of Gifts
• A Gift in My Will

 

ESTABLISHING AN AWARD

NIC Foundation supporters have provided our students with financial aid in the form of scholarships and bursaries since 1991. Our students have become health and trades professionals, scientists and artists, teachers and business leaders - people who are making significant contributions to the communities they live in. Your donation to student awards will continue to make many of these accomplishments possible.

The Foundation works very closely with donors to establish criteria for their awards. Criterion may include support for a specific program, academic standing, particular campus, involvement in volunteer activities or community service etc.

We are also able to offer you a variety of options for making gifts to awards. You may choose to:

• Contribute to existing award endowments or establish new awards.
• Fund an award on an annual basis or endow an award in perpetuity.
• Designate the type of award, whether academic merit-based, or need-based.
• Leave the award completely open, or designate it for a specific campus, community, or program.
• Designate the award for an entering, continuing, or graduating student.
• Establish an award during your lifetime, or provide a bequest in your will to provide for an award in the future.

There are many other giving opportunities available. If you would like to support an area not identified, please call us at 250-334-5000 ext 4267 and we will work with you to find a designation that suits your interests.

FUNDING AN AWARD

Endowed Awards

To establish an endowed award a donor sets up an endowment fund with the North Island College Foundation that will support the award in perpetuity. The Foundation awards only the investment income generated on the capital donated. This allows the fund to remain intact in perpetuity. To establish this type of award, the donor and the Foundation sign an agreement that lays out the framework under which the fund will be administered. Examples of how your donations create named endowment awards:

Capital Investment	Annual Award at 4.4%1
$3,000	$132
$5,000	$220
$10,000	$440
$25,000	$1,100
$50,000	$2,200
$100,000	$4,400

¹ The Foundation’s average interest rate during 2006-2007 and 2007-2008.

Donors often choose to endow new awards at a level substantially above the minimum $3,000 (which can be made over three (3) years), keeping in mind the expenses students must face annually for tuition fees, text books, and living expenses. Donors are encouraged to add to their endowment over time so it increases to provide an ever-higher level of award.

Matching Funds for Endowed Awards

For the past several years, the North Island College Board of Governors has provided matching funds for donations made to named endowments. These funds are dependent on the College’s budget and are reviewed on a year-to-year basis. The matching funds are added as capital to endowments, which increases the investment income generated by the fund creating larger awards for students. The matching rate varies from year-to-year based on the matching grant from the College and the value of the eligible donations.

Examples of how your donation (to named endowments) grows with matching funds:

Capital Investment	Matching Funds2	Endowed Total	Annual Award at 4.4%1
$3,000	$1,500	$4,500	$198
$5,000	$2,500	$7,500	$330
$10,000	$5,000	$15,000	$660
$25,000	$12,500	$37,500	$1,650
$50,000	$25,000	$75,000	$3,300
$100,000	$50,000	$150,000	$6,600

¹ The Foundation's average interest rate during 2006-2007 and 2007-2008.
² For this example the matching rate is shown as $0.50 for every eligible $1 donated.

Annually Funded Awards (Flow-through awards)

Some donors choose to fund their awards on a year-to-year basis with an annual gift. Funds are donated annually to the Foundation who then awards the funds to an eligible student in the donor’s name. To establish an ongoing named annual award, a donor is asked to commit initially to at least three years of support. This is not essential, but it is desirable. The Foundation contacts annual award donors by mail each fall for confirmation of support for their award for the coming year. Flow through awards are not eligible for matching funds.

Annual/Endowed Combination

It is possible to fund an award on an annual basis, at say $500 per year, while also making additional gifts to build an endowment fund over time, with the goal of eventually having the annual award fully supported by endowment income.

TYPES OF GIFTS

There are many ways to make gifts to North Island College.

Gifts of Cash

If you choose to donate a gift of cash, you will receive a donation receipt for the full amount of your gift.

Commemorative Giving: In Honour and In Memoriam

We can help you create a legacy in honour of a loved one. By establishing a named student scholarship or bursary you are acknowledging and remembering a loved one.

Gifts-in-Kind

Do you have a valuable collection of books or tools? Are you able to donate equipment or other materials that NIC could use? If so, you could make a gift-in-kind donation. A gift-in-kind is a non-cash donation and includes items such as, but not limited to, books, artwork, and real estate. NIC Foundation will gladly accept any gifts-in-kind for which there is a use at the College. Once the gift is appraised, a donation receipt will be issued for the fair market value of the gift.

Gifts of Securities

Publicly traded securities include shares, bonds, and mutual funds. Tax savings are substantially greater when donating publicly traded securities directly to NIC Foundation rather than donating the cash proceeds from the sale of these same securities.

Gifts by Will

Gifts by Will play an important role in funding student awards and other projects at NIC. You can designate in your Will how NIC is to use your gift. In addition, upon your passing, your estate will be issued a donation receipt for the value of your gift. This can significantly reduce the taxes owing on your final tax return.

Gifts of Life Insurance

If you donate a life insurance policy to NIC Foundation, the annual premiums you pay are tax creditable, and can lead to a substantial gift in the future. Also making NIC Foundation the beneficiary of a policy can significantly reduce the taxes owing at your death. In either case, you can designate the insurance proceeds to the area or project of your choice at NIC.

RRSPs and RRIFs

RRSPs are a way to accumulate retirement assets by taking advantage of the tax shelter. At age 71, RRSPs must be converted to RRIFs or an annuity. By making NIC Foundation the beneficiary of a RRIF or an annuity your estate will benefit from the charitable tax receipt issued for the value of the gift.

Charitable Gift Annuity

With a charitable gift annuity, a portion of your contribution is used to purchase an annuity for you while the remainder goes directly to NIC as a gift. Benefits of a Charitable Gift Annuity include:

• Receiving guaranteed regular payments for the rest of your life that are
  largely tax-free.
• Reducing your taxes and increasing your after-tax income now using a donation receipt from NIC for the value of your gift.
• Receiving the satisfaction of seeing your gift to NIC put to work immediately in an area of your choosing.

Charitable Insured Annuity

With your purchase of a charitable insured annuity, a portion of your annuity income will be used to fund an insurance policy for which NIC is the named owner and beneficiary. Benefits of a Charitable Insured Annuity include:

• Receiving guaranteed regular payments for the rest of your life that are
  largely tax-free.
• Providing for a significant future gift to NIC.
• Knowing that the premiums paid on the insurance policy are tax creditable to you and will boost your after-tax income now and in the future as long as premiums are being paid.

Charitable Remainder Trust

A charitable remainder trust enables you to do three things: leave a planned gift, realize some tax benefits from that gift, and play a role in determining how that gift will be utilized. By entering into a charitable remainder trust, you can make a significant deferred gift to NIC. The actual gift – or capital – has been legally promised to NIC upon your passing, but you will receive the income earned by the capital during your lifetime. You will also immediately receive a tax receipt for the value of your gift, which can be applied towards current and future income.

As always, we encourage you to consult with your own tax and legal advisors for a full discussion on the benefits of charitable giving to North Island College Foundation.

A GIFT IN MY WILL

No generation stands alone. Each learns and builds on the achievements of those who came before. Each, in turn, builds a stronger foundation for those who follow. The North Island College Foundation is committed to the generations of North Island College students who have left their mark on our communities – and those who are just beginning.

Supporting North Island College by leaving a gift in your will can make a difference in the lives of today’s and tomorrow’s students – the very people who will help shape the prosperous, healthy community we all want to live in.

Your gift begins with a reflection of your past – what made a difference in your life, what you feel passionate about, what matters to you. This legacy will mark your place in your community’s history. By including a bequest to North Island College in your will, you will have a thoughtful and meaningful plan to shape future lives, one that supports both education in your community and the potential of future generations.

If you have questions about the North Island College Foundation or would like further information, please contact us by phone at 250-334-5000 ext 4267, or by e-mail at foundation@nic.bc.ca

Thank you for your support of North Island College. Your gift of $20 or more is eligible for a tax receipt (Charitable Registration #89050 5043 RR 0001).