The Holman Bible Dictionary defines the word covenant as a "pact, treaty, alliance, or agreement between two people." The Greek word Diatheke "primarily signifies a disposition of property by will or otherwise" (Vine's, p. 252). Therefore, the North Greenville University Covenant Society includes people who make a covenant with NGU through a planned gift.
What is a planned gift?
A planned gift is a way you can allocate some or all of your assets while living that ensures the future growth and stability of of NGU. A planned gift may be made during your lifetime or under your will. It might consist of cash, securities, personal property, real estate, trust plans, insurance policies or life estate retained.
Those individuals who include NGU iin their estate plans will automatically qualify for membership in the Covenant Society. The Covenant Society extends the following privileges of membership:
- Attractive recognition award
- Invitation to an annual banquet at NGU
- Use of the Hester Memorial Library
- Tickets to Cultural Events upon request
- NGU Lapel Pin
How You Can Make NGU One of Your Beneficiaries
- In your will, through one of the following methods:
- General Bequests: A sum of money, or a percentage of your estate, for NGU's unrestricted use.
- Designated Bequests: Money to be used for a specific purpose (Please consult with NGU in advance.)
- Residuary Bequests: Money or property left over after specific bequests have been made.
- Contingency Bequests: A gift to an alternate beneficiary in case your designated heirs have predeceased you.
- Memorial Fund: A gift through which you can honor the memory of someone you admire.
- Life Insurance: Purchasing life insurance policy and listing North Greenville University as owner and beneficiary is a simple, economical way to give to NGU. A big advantage of this type of gift is that premiums are tax deductible.
- Testamentary Trust is a trust fund that sets aside part of your estate to be managed for North Greenville University. This type of fund can provide a lifetime income for your beneficiaries. The principal goes to NGU after their deaths.
- Life Income Plans provide income now for you or a beneficiary. This can save on taxes, while providing the university with working capital. There are several types.
- Charitable Remainder Annuity Trust: A fixed dollar amount each year goes to you or your beneficiary. After a stated period, the remainder passes to NGU.
- Charitable Remainder Untrust: Similar to an annuity trust, except a fixed percentage of the trust's assets each year goes to you or your beneficiary.
- Gift Annuity: You give money or securities to NGU; the university then pays you a fixed income for life.
- Deferred Annuity: You make a gift to NGU; the college then pays an annuity to you or a beneficiary after a set period of time.
Who to Contact for More Information
If you would like more information, or to set an appointment to discuss your giving options in greater detail, please contact Mrs. Julie Styles at 864-663-0246.