Ways of Giving
Financial donations to the Department of Internal Medicine can be made in a variety of ways. Gifts can be in your name, your family’s name, or in honor or memory of someone special to you. There are many donation options that offer tax deductions, and our development staff is available to assist you in exploring your best options. However you choose to give, your contribution is a commitment to furthering our research, teaching, and patient care goals.
IN HONOR OR MEMORY
Honoring the memory of someone dear can be achieved with a gift in their name to the Department of Internal Medicine. Making a donation in honor or memory of someone important in your life enables you to pay tribute to that person while helping others. We will notify the individual or their family of your gift.
Professorships are key in building a world-class department. They can be made in memory or in honor of a family member, friend, former teacher or mentor, or a physician that has touched your life. They allow us to recruit top talent from across the country which, in turn, raises the caliber of Michigan’s research, patient care, and education—better outcomes for patients, effectively train the next generation, and make research breakthroughs that changes the face of medicine.
Establishing a named endowment is a wonderful way to ensure the Medical School’s continued excellence and stature for many years into the future. It is a meaningful way to have your name, or that of another family member, friend, or former teacher or mentor, associated in perpetuity with the University of Michigan Medical School.
The word “expendable” describes a gift to the U-M Health System that can be used immediately in its entirety as designated by the benefactor. This contrasts with an endowment gift, which creates a fund in perpetuity from which distributions are made annually, usually in an amount that is approximately five percent of the gift.
A charitable bequest is a transfer by will of property such as cash, securities, or tangible property to an individual or charitable organization. For many donors, a bequest offers the opportunity to make a more substantial gift than would be possible during their lifetimes. Because of the tax advantages associated with a bequest to a charitable institution, assets from your estate that would otherwise go directly to government treasuries can instead be given to the U-M Department
of Internal Medicine.
CASH OR SECURITIES
The simplest and most frequent donation is a cash gift, which can be in the form of a personal check, credit card authorization, money order or bank draft, made payable to the University of Michigan. Cash gifts can be used immediately to further the goals of the Department of Internal Medicine and provide an immediate charitable deduction against
federal, and in some cases, state income taxes. Substantial cash gifts also can be made with pledge payments over a period as long as five years.
Lead trusts provide an ingenious way for very wealthy individuals to protect their substantial assets for their children and grandchildren from the ravages of estate and gift taxes. A lead trust is an irrevocable arrangement that provides annual gift income from the lead trust assets to a charitable institution, such as the University, over a period of years. At the end of the period of years, the remaining lead trust assets are given to non-charitable beneficiaries, usually children or grandchildren. Lead trusts are particularly appropriate for assets that are likely to appreciate substantially over the life of the trust (typically 10-20 years).
CHARITABLE GIFT ANNUITY
A charitable gift annuity is ideally suited for the person who would like to make a gift to benefit a charitable institution while also receiving fixed income for life. These annuities may be used by individuals of all ages, and also can be a welcome supplement to retirement income. Payment rates are based on the age of the annuitants. A minimum of $10,000 is
required to establish a charitable gift annuity.
CHARITABLE GIFT ANNUITIES
A charitable gift annuity is ideally suited for the person who would like to make a gift to benefit a charitable institution about which he or she cares deeply while also receiving fixed income for life. They may be used by individuals of all ages, and can also be a welcome supplement to retirement income. Charitable gift annuities have been in existence for more than a century and are one of the simplest life income plans available. Payment rates are based on the age of the annuitants. A minimum of $10,000 is required to establish a charitable gift annuity to benefit the U-M Health System.
Your Individual Retirement Account (IRA) or other retirement plans — 401(k)s, 403(b)s, profit-sharing and money purchase plans— make wonderful gifts if you name the U-M Department of Internal Medicine a beneficiary of assets after your lifetime. Retirement accounts are often subject to income taxes and estate taxes at a combined marginal rate that can be 75 percent or higher. With careful planning, many of these taxes can be reduced or even avoided while making a
significant charitable gift.
Contact the Department of Internal Medicine Development Office
University of Michigan
Office of Medical Development and Alumni Relations
1000 Oakbrook Drive, Suite 100
Ann Arbor, MI 48104
Phone: (866) 860-0026 (toll free)
Fax: (734) 998-8821