In 2021, Maritime Christian College’s Board of Directors approved a new way for supporters to contribute to MCC’s mission, called the “Legacy Fund”.
The Legacy Fund is an opportunity for MCC donors to support the concept of “giving in perpetuity”. When a person makes a donation to the Legacy Fund, the interest that is generated from this donation will be used to fund strategic new initiatives at MCC.
One of the key features of our Legacy Fund will be to allow donors to leverage it in their estate planning to enhance “giving in perpetuity”. Here are some examples of innovative uses of the Legacy Fund for estate planning:
A donor can purchase a life insurance policy or assign an existing policy to Maritime Christian College as owner and beneficiary. The Donor would receive a charitable tax receipt from MCC for the amount of the premiums paid each year.
A donor with an existing life insurance policy can name MCC as one of the beneficiaries, and the person’s estate would receive a charitable tax receipt for the amount of payout MCC receives. This charitable receipt can be used to offset taxes that the estate would have to pay prior to making payments to other beneficiaries.
A donor with marketable securities that are carrying sizable unrealized capital gains can transfer the securities in kind to MCC and the donor would receive a taxable receipt for the full market value. The gift in kind exempts realized capital gains income from income tax inclusion.
Of course, MCC would be delighted to receive donations now for our Legacy Fund that are not tied to estate planning, for donors who support the “giving in perpetuity” concept and who want to see more immediate impacts of their contributions.
If you would like to discuss the Legacy Fund, please contact Richard Jones, Chief Operating Officer (RJones@mccpei.com, 506-333-3548) or Penny Ching, Director of Finance and Administration (PChing@mccpei.com, 902-628-8887).
Mary Jones, Legacy Fund donor
Donor Restricted Gift Policy: “Spending of funds is confined to board approved programs and projects. Each contribution directed toward an approved program or project will be used as restricted with the understanding that when the need for such a program or project has been met, or cannot be completed for any reason as determined by the board, the remaining restricted contributions will be used where most needed.”