Charitable gifts may be established in a variety of ways. Generally speaking, in consultation with family members, attorneys and/or accountants, private donors decide what avenues to explore. Each donor has the prerogative of setting criteria and conditions for his or her gift.
The most common educational gift types include the following:
- Annual Gifts: Consistently sustaining educational goals, these gifts are bestowed by December 31 so as to receive a gift acknowledgement letter for income tax purposes
- Pledges: Promises or contracts for a gift or a series of gifts (payments) over time, these gifts are designated for a specific purpose; acknowledgement letter for income tax purposes provided to donor
- Major Gifts: Most often this type of gift is in the amount of $ 50,000 or more to the institution; acknowledgement letter for income tax purposes provided to the donor
- Planned Gifts: Include life income gifts, or assets other than cash such as stocks, art, or charitable bequests; acknowledgement letter for income tax purposes provided to the donor
- Endowment Funds: Endowment funds are established in the name of the donor or a loved one. This fund is managed by Laredo College in perpetuity and the interest accrued from the principle is distributed to support the donor’s wishes. Typically, endowment funds are established to support endowed scholarship awards in the donor's name or to fund special projects; acknowledgement letters for income tax purposes provided to the donor
- Bequests: Fairly common today, bequests are used by private donors who wish to make a major gift upon their deaths.
Any of the above gifts may be used to fund scholarships, capital improvements, buildings, programs, special interests, such as historic restoration, and sustainability of projects.