Planned Giving

What is a Planned Gift? 

It is a simple and affordable way to make an impact. You can designate the Putnam City Schools Foundation as a beneficiary of a retirement, investment or bank account, as well as your life insurance policy. With a planned gift, you can support the causes you care about, continue to use your account as long as needed, simplify your planning and avoid expensive legal fees. Examples of planned gifts include: 

Wills
Revocable Living Trusts
Charitable Remainder Unitrust
Charitable Remainder Annuity Trusts
Charitable Gift Annuities

Who can help me set up a Planned Gift? 

To make your gift, contact the financial adviser who helps you with your retirement account or insurance policy. You may also contact the Oklahoma City Community Foundation at 405-235-5603 or visit their website here for additional planned giving information. If you do not have a financial adviser, or have questions about where to find one, you may contact the Putnam City Schools Foundation at 405-495-5200, ext. 1205. 

Questions for Your Financial Adviser

Is there a way to guarantee an income for me and give something to Putnam City Schools Foundation? 

Can I make changes to the gift if my circumstances change? 

What tax advantages can I reap by making a gift during my lifetime? 

Am I too young to consider a planned gift? 

Am I too old to consider a planned gift?

Sample Bequest Language

1. Bequest of a specific dollar amount
"I hereby give, devise and bequeath [dollars] to Putnam City Schools Foundation, a non-profit organization located at 5401 N.W. 40th Street, Oklahoma City, OK 73122, Federal Tax ID: 73-1309115, for Putnam City Schools Foundation's general use and purposes." 

2. Bequest of specific personal property
"I hereby give, devise and bequeath [description of property] to Putnam City Schools Foundation, a non-profit organization located at 5401 N.W. 40th Street, Oklahoma City, OK 73122, Federal Tax ID: 73-1309115, for Putnam City Schools Foundation's general use and purposes."

3. Bequest of specific real estate
"I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at [address or description of property] to Putnam City Schools Foundation, a non-profit organization located at 5401 N.W. 40th Street, Oklahoma City, OK 73122, Federal Tax ID: 73-1309115, for Putnam City Schools Foundation's general use and purposes."

4. Bequest of percentage of an estate
"I hereby give, devise and bequeath [percentage of your estate] to Putnam City Schools Foundation, a non-profit organization located at 5401 N.W. 40th Street, Oklahoma City, OK 73122, Federal Tax ID: 73-1309115, for Putnam City Schools Foundation's general use and purposes."

IRA Charitable Rollover FAQ's

What is an IRA Charitable Rollover Gift?
This is an opportunity for a donor with an IRA who is over 70 ½ years old to make a transfer directly from the IRA to the Putnam City Schools Foundation that meets the Required Minimum Deduction rules of the IRA. 

How does this work?
If you are over 70 ½ years of age, federal law requires that you take the Required Minimum Distribution. If you do not make a charitable gift with this money, it will count as income on your taxes. 

How can I avoid paying taxes on this money?
You may make a Qualified Charitable Deduction directly to a charity to avoid being taxed on that minimum distribution. While this gift does not qualify as a charitable income tax deduction, it does lower your adjusted gross income for the year by not including that IRA income in your taxes. 

What if I don’t have an IRA, but do have a 401(k) or 403(b)?
Should you choose to make a gift to the Putnam City Schools Foundation and avoid any tax penalties, you would first need to move the monies in those other retirement accounts into an IRA. Then you can make a Qualified Charitable Deduction from that IRA. 

Does a gift from my IRA to the Putnam City Schools Foundation count as a Qualified Charitable Distribution?
Yes it does! We are a 501 (c)3 public charity. 

When do I need to start the process?
In order for this gift to qualify for your Required Minimum Distribution, you must make the gift before December 31st. Keep in mind it might take a few weeks to finalize the process, so starting the conversation now is crucial. 

This sounds interesting. What is my next step?
Please contact your IRA’s custodian. They will make the transfer directly to the Putnam City Schools Foundation. If you are designating your gift for anything particular, please let us know so we will put the gift in the appropriate place when it is received.