The Work of The Education Foundation
The Education Foundation of the CCIM Institute has been granting scholarships to deserving students and real estate professionals since 1988. The scholarship programs are designed to encourage and assist professionals pursuing the CCIM designation and to promote high educational standards. The foundation offers the following scholarships:
Push for the Pin. A full-tuition voucher for either CI 103 or CI 104. Awards are made through CCIM chapters.
Chapter 101 Scholarships. Awarded through CCIM chapters, this schol-arship applies to tuition for CI 101.
University Scholarships. For juniors, seniors, or graduates studying in a university real estate program, a $1,000 cash award and a voucher is given toward tuition for either the CI 101 or CI 103 course.
Susan J. Groeneveld CCIM Scholarship. Awarded to two CCIMs accepted into the Jay W. Levine Leadership Development Academy, this scholarship includes $2,000 toward tuition and a $500 travel stipend.
Fully Funded Named Endowed. Awarded through CCIM chapters and other scholarship sponsors, most awards are $1,000.
Research
The Education Foundation also provides valuable research assistance to CCIM members. Through an Education Foundation grant, the CCIM Institute has partnered with the American Real Estate Society to provide CCIM members with access to ARES’ timely and relevant real estate research. Completely accessible online, this exciting benefit will be available to CCIM members this summer. For more information visit www.ccimef.org.
Charitable Giving Options
Individuals who want to provide for their favorite charities have several options. This brief account highlights the major charitable giving options. Donors should always engage legal, tax, and financial planning advisers for assistance.
Wills
A bequest in a will allows you to keep all of your assets available during your lifetime in the event your circumstances and needs change. Your beneficiaries can be changed during your lifetime so this revocable gift provides flexibility. A bequest to a charitable organization would allow certain asset values to be removed from the estate for estate tax purposes. Consider the following types of bequests.
Specific bequests are the most common. You leave a specific amount of money, asset, or percentage of your estate to a charitable organization. If a specific asset is named and it’s disposed of before death, the bequest fails. If a specific amount of money or percentage of the estate is named, it will not fail even if there is not enough cash to fulfill the bequest.
Residual bequests are for the remainder of an estate and would be made to charities only after all debts, expenses, taxes, and other bequests have been paid out of the estate.
Contingent bequests allow you to name the charity as a contingent beneficiary. A contingent bequest takes effect only when all other bequests fail (for example, “If my only child should predecease me, then I leave my entire estate to the Education Foundation of the CCIM Institute.”).
A will also can be used in combination with charitable trusts, life insurance trusts, or other estate planning vehicles.
Life Insurance
Life insurance often is overlooked as a gifting option but it can be a simple and effective way to provide funds for future work. Two forms of life insurance are typically donated: a paid up whole-life policy or a universal life policy. There is a charitable income tax deduction for insurance policies.
Donor-Advised Funds
With donor-advised funds such as Fidelity Charitable Gift Fund, Vanguard Charitable Endowment Program, and Schwab Fund for Charitable Giving, you can give cash or marketable securities when it is advantageous for you from a tax standpoint and then decide later which charities you want to support. Thus, you get an immediate tax deduction for the entire contribution regardless of the timing of the distribution to your designated charity/charities. Since the Education Foundation is an IRS-approved charitable foundation, it can be designated as a recipient of donor-advised funds.
Charitable Trusts
Individuals often fund charitable trusts with stocks or property with a low cost basis but high appreciated value because it eliminates capital gains taxes. In addition, donors can use their property or receive income from it during their lifetime. There are many different types of trusts that you can use depending on your estate and tax situation.
For an in-depth look at charitable giving, visit the Education Foundation Web site at www.ccimef.org and read my full presentation, “Charitable Giving: What Are My Options?”
Mary Stark-Hood, JD, CFP, is president of the Hood Group and a consultant for the
Education Foundation of the CCIM Institute. Contact her at maryshood@comcast.net.
Properties for Donations
Primary homes
Investment properties — offices, medical, retail, apartments
Farms and ranches
Resort condo rentals
Vacant land
Industrial warehouses