TIAA Charitable to help Penn State donors enhance their overall philanthropy while supporting the University.
New York, July 30, 2018 – Penn State has partnered with TIAA Charitable to provide alumni and friends with a leading-edge donor-advised fund, the Penn State Giving Fund, which they can use to enhance their overall philanthropy while supporting the University. Donors can open a Penn State Giving Fund beginning today.
“The University is enthused to partner with TIAA Charitable to make their new donor-advised fund available to Penn State supporters,” said O. Richard Bundy III, vice president for development and alumni relations. “The Penn State Giving Fund will provide Penn State donors with a simple, versatile, and cost-effective way to give to Penn State and the other non-profit institutions they care about.”
Contributions to the Penn State Giving Fund can be invested in a wide range of investment options, including a suite of funds that explicitly incorporate environmental, social and governance (ESG) criteria in their investment decision-making. All growth in the Giving Fund is tax-free, which may allow for a larger gift over time. In addition, all contributions may be eligible for an immediate tax benefit. Further, when donors contribute long-term appreciated securities or real estate, no capital gains taxes are triggered and the full fair market value of the securities will be available for giving.
“Donors in many circumstances and stages of life can benefit from the Penn State Giving Fund,” said Michael Degenhart, Penn State’s assistant vice president for gift planning. “The minimum is $5,000 to start, and donors can add to their giving fund in amounts of $250 or more at any time. When they are ready, they can use their fund to support the causes they care about in amounts of $50 or more.”
Degenhart continued, “The Penn State Giving Fund is a convenient alternative to commercial charitable gift funds or the legal complexities and expense of establishing and operating a private foundation. It’s an easy way for us to help Penn State alumni, family and friends to enhance their philanthropy and gain tax benefits.”
Donors who would like to learn more about the Penn State Giving Fund or make a contribution may contact Penn State’s Office of Gift Planning toll-free at 888-800-9170 or email firstname.lastname@example.org.
About TIAA Charitable
TIAA Charitable (https://www.tiaacharitable.org ) was established by TIAA, a trusted partner to academic and non-profit institutions for a century. TIAA Charitable is an independent public charity dedicated to encouraging philanthropy by helping donors make the most of their generosity.
About “A Greater Penn State for 21st Century Excellence”
Gifts to the Penn State Giving Fund will advance "A Greater Penn State for 21st Century Excellence," a focused campaign that seeks to elevate Penn State’s position as a leading public university in a world defined by rapid change and global connections. With the support of alumni and friends, “A Greater Penn State” seeks to fulfill the three key imperatives of a twenty-first-century public university: keeping the doors to higher education open to hardworking students regardless of financial well-being; creating transformative experiences that go beyond the classroom; and impacting the world by fueling discovery, innovation and entrepreneurship. To learn more, visit greaterpennstate.psu.edu.