More Ways to Give
Discover the many ways you can support the Boyce Thompson Institute through your estate plans and leave a legacy of scientific advancement.
Many gift options have special advantages such as increased tax benefits or an income stream. At the same time, you can enjoy the satisfaction of knowing your gift will provide vital future support for researchers, facilities, and programs throughout the Boyce Thompson Institute. Click the links below or contact us for more information.
Including a gift to BTI in your will is a simple way to leave an enduring legacy.
Life income gifts
Earn income for yourself or a beneficiary through assets gifted to BTI.
Name BTI as Beneficiary
Avoid tax penalties by designating BTI as a beneficiary of your IRA, 401(k), or 403(b) plan.
Gifts of real estate
Make a unique, lasting, and convenient gift of real estate based on current market value.
Gifts of Stock
A gift of appreciated securities entitles you to a charitable deduction equal to the fair market value of the securities without paying tax on the securities’ appreciation.
To discuss other giving options or for further information, please contact the Development Department or 607-288-3554.
Note for Restricted Gifts (effective 10/1/2017): Restricted endowment and program gifts are subject to an indirect cost recovery policy which require that 20% of gift funds be retained by the institute, to be applied to the costs associated with the specific restricted gift purpose. Restricted gifts below $5,000 will be subject to a reduced 10% IDC rate.
The Boyce Thompson Institute is profoundly grateful for bequests, which leave an enduring impact on education and research. You can include the Institute in your legacy by providing for a gift of cash, securities, real estate, or other assets in your will. Bequests can take the form of a designated sum or asset, or alternatively, a percentage or remainder of your estate.
Benefits of a Bequest
The value of your bequest to the Institute is fully deductible for tax purposes. You may also establish an income-producing planned gift for the benefit of others through your will, thereby reducing your taxable estate. A bequest, whether outright or to fund a planned gift, can be a useful and advantageous addition to your estate plan.
Sample bequest language is available to help you, your legal adviser, or your financial planner communicate your wishes. A basic example of bequest language is:
I give, devise and bequeath to the Boyce Thompson Institute for Plant Research, Inc., 533 Tower Rd., Ithaca, NY 14853 the sum of $_________ (amount, percentage, or remainder of estate) to provide funding for the ongoing activities of the Institute as determined by the board of directors (or for the purpose of _________________). Tax ID 13-1739923
Communicating your Wishes
If you have provided for the Institute in your estate plans, but have not previously notified us of your intentions, please contact:
Sharing your plans with us allows us to express our gratitude to you during your lifetime, ensures that your wishes will be met, and also assists the Institute’s long-term planning efforts.
Life Income Gifts
With life income gifts, the Boyce Thompson Institute invests the proceeds of your donated assets—whether in the form of cash, securities, or other appreciated property—and pays you, or designated beneficiaries, an income for life or for a specified term of years.
Income-producing planned gifts can enhance your estate by enabling you to increase your income, diversify your holdings, reduce your taxes, and avoid the cost of probate. When appreciated property is used, planned gifts can also relieve you of capital gains tax.
Your financial and charitable objectives will determine the structure of your gift. Gift planning tools are available to assist you, your legal adviser, or your financial planner in finding the best fit for your situation.
Charitable Gift Annuities
Plan for the future with a gift that returns fixed annual payments for life.
Choose your preferred income structure from a charitable remainder trust.
Naming BTI as Beneficiary
Naming BTI as a beneficiary of your IRA or other retirement plan is simple. Many people hold significant assets in tax-deferred IRAs or 401(k) plans. You can include charities as beneficiaries of these plans and your heirs will be glad you did!
If you plan to leave money and property to your surviving family members and to your favorite charities, the wisest plan is to leave income-taxable assets like IRAs and 401(k) plans to the charitable beneficiary, and non-taxable items such as cash, investment portfolios or real property to the individual beneficiaries.
When you contributed to your retirement plan, no tax was paid on those contributions. Whenever the money is withdrawn — either by you during your lifetime or by your heirs after your death – the income tax becomes due. Naturally, the charitable beneficiary is income tax-exempt, so IRA and 401(k) funds left to a charity are not subject to the income tax. In contrast, a child inheriting $100,000 from an IRA must pay income tax on that amount and is only able to spend the net amount after taxes – around $72,000 if the child is in the 28 percent tax bracket.
How to Name BTI as beneficiary of your IRA, 401(k) or 403(b) plan
1. Contact your IRA or retirement plan administrator (e.g. TIAA-CREF, Fidelity Investments, Vanguard Group, Charles Schwab, etc.). Ask for a beneficiary designation form. You should also be able to find the form on the administrator’s website.
2. Print the designation form, complete it, and mail it to the administrator. That’s it!
Or, complete it online, and click on “submit!”
Or, call the administrator or your representative on their 800 toll-free line and ask them to mail you the form.
You can choose any distribution you want. For example, 80% to a child and 20% to Boyce Thompson Institute or any combination you choose.
Your IRA administrator will ask for BTI’s address and taxpayer identification number (TIN), also known as an employer identification number (EIN):
Boyce Thompson Institute
Office for Institutional Advancement
533 Tower Rd.
Ithaca, NY 14853
Phone: (607) 254-6775
Tax ID number: 13-1739923
Don’t forget to tell us about your gift! We would be honored to enroll you in the W. B. Thompson Living Legacy Society. If you’ve already taken steps to name the Institute as a beneficiary of a retirement account, please contact us to let us know!
Important IRA Charitable Rollover Update
H.R. 2029 includes a number of important tax provisions, several of which affect charitable giving, but most notably it retroactively reinstates the IRA Charitable Rollover provision originally enacted into law in 2006 and removes any expiration date on the provision, thereby permanently extending the provision into the future.
The IRA Charitable Rollover allows individuals 70½ or older to make a tax-free rollover using funds transferred directly from your IRA. This means you can donate up to $100,000 from your IRA without having to count the distribution as taxable income and it counts towards your required minimum distribution. Since you will not be taxed on the income, no income tax deduction may be claimed. Consult your plan administrator for more details.
If you have any questions about this situation or other planned giving needs, or if you are preparing to make a direct transfer charitable gift from your IRA, please contact:
We look forward to hearing from you!
Gifts of Real Estate
A gift of real estate to the Boyce Thompson Institute is a unique way to provide a lasting benefit to education and research. It is also a convenient way for you to enjoy a charitable deduction based on the current fair market value of your property and to reduce the size and complexity of your estate.
Benefits of Giving Real Estate
Federal law has special incentives in place to encourage certain forms of private philanthropy, especially gifts of real estate. Giving real estate can result in significant benefits including:
- Reduced income and estate taxes
- Avoidance of capital gains taxes
- Financial security for loved ones
- Increased lifetime income
- Continued use of the contributed property during your life
- Because a gift of real estate will usually be sold as soon as practicable after it is gifted, the real estate must be free of debt and must be readily marketable. An added benefit is that in most cases, all aspects of its sale are handled by the Institute.
Options for Giving Real Estate
Not only can real estate be used to make outright gifts, it can also be used to make future gifts to the Institute. For example, should you wish to give a remainder interest in a piece of real estate now but still desire to live in or continue to vacation in the property for the rest of your life, you may do so. This is known as a retained life estate.
On the other hand, if you have a need for current income, you may wish to use a piece of real estate that you no longer wish to use to fund a trust which will provide valuable financial support to you and your family for years to come.
Making a Gift of Real Estate
Gifts of real estate can be extremely satisfying, but they require careful planning. Any gift of real estate must be reviewed and approved through the Institute’s real estate acceptance procedures, which require a donor to provide detailed and specific information about the property. The Office for Advancement will work with you to facilitate this process.
Making a Stock Gift
In order for a donor to make a donation of appreciated securities, donors should provide their broker or financial advisor the following wiring instructions:
Bank Name: Charles Schwab & Co., Inc., PO Box 982600, El Paso, TX 79998-2600
DTC Clearing #: 0164, Code 40
Account Name: Boyce Thompson Institute for Plant Research, Endowment
Account #: 3698-4905
BTI F-EIN#: 13-1739923
Please include the following information in this confirmation:
- Name of Donor
- Name of Stock
- Number of Stocks Transferred
- Date of Transfer
- High and Low Price
- Total Value of Gift
Thank you for considering the Boyce Thompson Institute when defining your philanthropic priorities. For any questions about making a donation to BTI or for special opportunities, please feel free to contact Aly Evans or call (607) 288-3554.