Legacy Newsletter

A Charitable and Gift Planning Guide of The 1827 Society

Fall/Winter 2021

Season’s greetings from Hanover!

It has been wonderful to have all of our students back on campus this fall term. We have been so fortunate to have face-to-face classes throughout the term, in addition to a wide array of campus events. We were even able to have a memorable Homecoming weekend! The close of the fall term signals the coming end of the 2021 calendar year. At this time of year, I find myself encouraging our generous supporters to be prepared to take advantage of numerous giving opportunities. Some of the key items to consider include:

 Indiana residents who made gifts this year may qualify for the Indiana College Credit tax form (CC40).  Individuals who have a retirement account that has a required minimum distribution and make charitable gifts should take advantage of the gifting options using these qualified accounts.  Those looking to make a gift and receive an income might consider a charitable gift annuity from Hanover College.  Donors should be sure to consider some of the tax laws set to expire Dec. 31 that were part of the stimulus package.  For those who do not have a will, or have a will and need to make updates, Hanover provides a free service (givingdocs.com/hanovercollege).  We would love to recognize you in The 1827

Society, so please let me know if Hanover is in your will or a beneficiary of one of your accounts. As the new year begins, keep in mind that I would love to welcome you back to campus in the coming months. Hanover continues to have many interesting and fun things to show you, ranging from athletic and cultural events to student art, fantastic labs, new and newly renovated residence halls and even two dinosaurs (now on permanent display in the Science Center). I also encourage you to explore opportunities to connect with our current and future students, either as a spectator, mentor, internship host or even admission representative. If I can provide additional information on any of the above topics, or perhaps additional estate-planning information, please do not hesitate to contact me. I hope to see you on campus soon!

Sincerely,

Kevin H. Berry ’90 Associate Vice President of Individual Philanthropy 812.866.6813 berry@hanover.edu hanover.edu/plannedgiving

A key stimulus package is set to expire Dec. 31. Here are a few last-minute ways you can make a difference at Hanover. 1. The universal charitable deduction is temporarily upgraded. The new deduction is $300 for single filers and $600 for married couples filing jointly. This is available to taxpayers who take the standard deduction. This tax incentive is available for cash gifts to qualified charities, but not to supporting organizations or donor advised funds. 2. The cap on annual contributions for those who itemize increased from 60 percent to 100 percent of adjusted gross income for 2021. Any excess contributions available can be carried over to the next five years. For corporations, the law raised the annual limit from 10 percent to 25 percent of taxable income.

Strengthen your future with a charitable gift annuity

Receive an income for life and save on taxes! The idea of a charitable gift annuity is nothing new, but its benefits will never grow old. In America, the concept dates back to 1843, when a Boston merchant donated money to the American Bible Society in exchange for a flow of payments. Today, a charitable gift annuity can offer tax benefits. But, perhaps more valuable than the financial advantages is the satisfaction of helping continue the mission and good works of a charitable organization. When you create a charitable gift annuity with the College, your donation is divided into two parts: an amount attributable to the charitable gift portion and the amount attributable to your annuity payments. If you itemize deductions on your tax return, savings from the federal income tax charitable deduction of the gift portion reduce your gift's net cost. If you fund your annuity with appreciated property rather than cash, you benefit even more because you are not responsible for the capital gains tax at the time of your gift. Instead, a portion of your payments will be taxed as capital gain - provided you are the primary annuitant and the annuity interest is assignable only to the charity.

Plan your legacy at Hanover

Join the many Hanover supporters who have planned their legacies through Giving Docs. This online service is safe, secure and free-for-life for the College’s supporters. For information, please visit givingdocs.com/hanovercollege.

Throughout its storied history, Hanover College’s financial stability has been ensured by planned gifts. Estate plans transform campus and define student experiences for generations. Regardless of size - whether a bequest in a will or the designation of Hanover as the beneficiary of a retirement account, life income gift or insurance policy – planned gifts secure the donor’s legacy, even living forever as part of the College’s endowment. The 1827 Society recognizes the vision and benevolence of alumni and friends who shape campus life by including Hanover in their estate plans. Each year, members receive invitations to special donor activities and events, access to the College’s financial-planning specialists, recognition in publications and an exclusive gift. To explore your planned giving vision, create your legacy or learn more about The 1827 Society, contact Kevin Berry ’90, associate vice president of individual philanthropy, at 812.866.6813 or berry@hanover.edu.

hanover.edu/plannedgiving

517 Ball Drive Hanover, IN 47243 hanover.edu

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Influence Counts

Do you know a student who would flourish at Hanover? Some of the College’s best and brightest students have found their way to campus through recommendations from our impassioned alumni.

Your referral could also provide substantial financial benefits! All admitted students are considered for a renewable merit scholarship worth up to $25,000. In addition, legacy students - including those whose parents, grandparents, siblings, aunts or uncles attend(ed) Hanover - automatically receive a $2,000 renewable Legacy Scholarship. To refer a student, or to start a conversation with the College’s admission staff, visit hanover.edu/refer