Frequently Asked Questions

Why should I consider a gift to Western?
Gifts are made for many different reasons. Often gifts are made:

• To express gratitude for the education you received
• To honor a loved one or a professor who was important to your education
• To ensure Western will remain a vibrant and strong place for today’s students and for future students
• To help Western provide the very best in education to students, regardless of their finances
• To celebrate a special occasion—such as your reunion

What sort of assets can I use to make a gift?
Almost anything: cash, publicly traded securities, part of the balance in your retirement account, a life insurance policy. Other assets can be very valuable but are more complicated to administer and must be reviewed by us before we can accept them as gifts: real estate, closely held stock, and artwork/collectibles.

I am unable to make a current gift, but I would still like to support Western. What can I do?
If you wish to support our mission, you can plan now for a future gift through a bequest under your will. We would be pleased to provide suggested language to you or your attorney to ensure you can create your legacy.

Can I create an income stream for myself with my gift?
Yes! Western offers several options that can pay you income. That income can increase cash flow now and/or during retirement, provide income for aging parents, or perhaps assist a loved one with special needs.

How will Western recognize my gift?
If you make a planned gift, you will become a permanent member of The Clock Tower Society. We will honor requests for anonymity.

Can I transfer my IRA to Western to set up a life-income gift and avoid income tax on the transfer?
Recent legislation gives donors aged 70½ and older an opportunity to direct lifetime distributions from their IRAs to us without incurring income-tax liability on the withdrawal. The provision will be in effect for the remainder of 2009. Distributions can total $100,000 and must be made outright—they cannot fund a life-income gift (charitable gift annuity or charitable remainder trust).

Donors younger than 70½ can make a withdrawal from their IRA or other type of retirement plan, pay income tax on the withdrawal, and donate the proceeds to us. These gifts can be made outright or can fund a life-income gift, and will generate a charitable deduction for the donor.