Beneficiary Designations

Make a Gift in Three Easy Steps

Not everyone wants to commit to making a gift in their wills or estates. Some prefer the increased flexibility that a beneficiary designation provides by using: 

  • IRAs and retirement plans
  • Life insurance policies
  • Donor advised funds
  • Commercial annuities

It only takes three simple steps to make this type of gift. Here's how to name Central College as a beneficiary:

  1. Contact the administrator of your retirement plan, insurance policy, bank account or donor advised fund for a change-of-beneficiary form or simply download a form from your provider's website.
  2. Decide what percentage (1 to 100) you would like us to receive and name us, along with the percentage you chose, on the beneficiary form.
  3. Return the completed form to your plan administrator, insurance company, bank or financial institution.

Learn More

Download our FREE guide Beneficiary Designations: The Easiest Ways to Leave Your Legacy.

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An Example of How It Works

Jim and Kathy Vande Berg

For Jim and Kathy Vande Berg, both graduates of the Class of 1960, Central College is all about relationships—with faculty, with family members, with classmates at reunions. But the most important relationship they developed at Central was with each other. "Central was where we met, fell in love and made a lifelong commitment to one another," Jim says.

Now Jim and Kathy are making a commitment to Central-an investment in its future. They look back fondly on their days here 50 years ago. "Central was a laboratory in a small setting providing opportunities to question, explore, succeed and fail (always within the context of a safety net) in many different areas," Kathy says.

But the couple is also excited about what Central has become since they graduated, and about the new avenues of education being explored at the college. As alumni, the Vande Bergs are proud of the great strides Central has made, especially in the past decade. That's why they decided to purchase a life insurance policy, naming Central as owner and beneficiary-because ultimately it will provide a significant gift for Central's future which they believe is rich and bright.

The Vande Bergs are grateful for the education and relationships the Central community has given them. By giving back, the couple is ensuring that more of those connections will be made, that the Central community will grow and thrive as it always has.

Next Steps

  1. Contact Deb Calderwood at 641-628-5138 or calderwoodd@central.edu for additional information on beneficiary designations and how they can help support Central with our mission.
  2. Talk to your financial or legal advisor to learn which assets will or will not trigger taxable income when paid to a beneficiary.
  3. If you name Central in your plans, please use our legal name and federal tax ID.

Legal Name: Central College
Address: 812 University St., Box 5200, Pella, IA 50219
Federal Tax ID Number: Please contact us for our federal tax ID number.

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Gifts That Pay

Your payments depend on your age at the time of the donation. If you are younger than 60, we recommend that you learn more about your options and download this FREE guide Plan for Retirement With a Deferred Gift Annuity.

Planned Giving Disclaimer

800-447-0287 | 641-628-5154 development@central.edu

812 University St., Box 5200, Pella, Iowa 50219
© Central College

A charitable bequest is one or two sentences in your will or living trust that leave to Central College a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to Central College, a nonprofit corporation currently located at 812 University St., Box 5200, Pella, IA 50219, or its successor thereto, ______________ [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Central or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Central as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Central as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Central where you agree to make a gift to Central and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.
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