Co-authored by Jacqueline Pfeffer Merrill, Executive Director of the Fund for Academic Renewal
Make sure your client and educational institutions are speaking the same language.
Exactly a century ago, Congress ushered a seismic investment in higher education through the transformation of U.S. philanthropy: for the first time, charitable gifts would be tax deductible. Knowing that the financial strains of World War I would make charitable giving more difficult, they found a way to reward individuals and families who chose to donate money for the public good.
College and universities received a whopping $41 billion in private contributions in 2016, and that figure is expected to be yet greater for 2017. Colleges and universities are also the top charitable target for ultra-high-net worth individuals, with 28 of the 2017 "Philanthropy 50" identified by the Chronicle of Philanthropy giving to higher education.
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Originally published by www.wealthmanagement.com.
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