What is Annual Fund Giving?
The purpose of Annual Fund giving is to encourage yearly gifts to Lake Superior State University from alumni, friends, faculty and staff. Annual contributions enhance scholarships, programs and initiatives that provide the education opportunities unique to the Lake Superior State University experience.
Annual Fund gifts have an immediate and direct impact on academic and other resources for our students. Because State funding continues to decline, tuition and fees alone do not cover the full cost of a LSSU education. These yearly gifts help to keep the LSSU education experience within reach for our students.
The Annual Fund contribution giving calendar runs on a fiscal year from July 1 to June 30. Gifts to the Annual Fund are recognized through the LSSU annual giving societies.
What is the Fund for LSSU?
Every year alumni and friends support Lake Superior State University by making contributions to the Fund for LSSU. With Michigan’s current economic challenges and the ever rising cost of higher education, private support from alumni and friends is vital. By supporting the Fund for LSSU, you play an important role in the University’s efforts to provide a high quality educational experience. These gifts support student financial aid assistance, academic and athletic program initiatives, and the University infrastructure in a variety of ways each year. Gifts made to the Fund for LSSU, no matter what the amount, greatly impacts the lives of our students and the future of Lake Superior State University.
If I can only afford a small gift, is it worth it to the University?
YES, IT IS! Every gift counts and every gift makes an impact to the University through the Annual Fund. YOUR GIFT provides support for essential programs and initiatives. Alumni and donor giving participation is one of the main criteria for college rankings such as the US News & World Report of America’s Best Colleges. In addition, many corporations and foundations use alumni giving participation as a factor in deciding whether or not to fund grant requests. Every gift, large or small, makes an impact!
How can I support LSSU?
There are over 300 funds designations.
- “The Fund for LSSU provides funding for the university’s areas of greatest need. Unrestricted contributions offer resources that benefit all LSSU students and assists in providing top-notch classrooms, labs, study spaces and facilities. Your gift helps our students take full advantage of the educational opportunities that LSSU has to offer.
- Laker Athletics – support student-athletes participating in varsity sports at LSSU through Laker Club which gives scholarship aid to student-athletes and provides operational support to the Laker Athletics program. Gifts can be designated to the Laker Athletics general fund or to a specific athletic team(s) including – hockey, volleyball, men & women’s basketball, golf, tennis, cross country, and track and field.
- Completion of the LSSU Center for Freshwater Research and Education (CFRE) will enable LSSU to increase partnerships within the university, local community, and upper Great Lakes region. The renovated facility will integrate student training, research opportunities, and community awareness by partnering with local and international agencies to establish a year-round center of education and research on the upper Great Lakes ecosystems.
- Give back to your academic program or major – by joining like-minded alumni, students, parents, faculty and friends. Your gift makes an impact that will enhance the educational experience that made a difference in your life by supporting the next generation LSSU students in your chosen career path.
- Provide funding for critical research through the Undergraduate Research Grant program. The competitive awards help fund a wide variety of rigorous senior research projects that are required for graduation.
- Give to the LSSU Arts Center in support of the theatre and dance programs or be a sponsor of Arts Center performances held throughout the year. Gifts can be designated to a cultural program such as theatre, dance, art, or music. You may also purchase a naming opportunity by supporting the LSSU Arts Center Have A Seat Campaign.
- Giving to a Scholarship is one of the most enduring ways to make a difference in the lives of LSSU students.
- Gifts to the Greater Lake State Fund provide dollars for financial aid programs. More than 85% of our students receive some type of financial assistance, and gifts to the fund help provide opportunities for students who would otherwise be unable to afford a college education.
- You might be surprised by the number of opportunities for you to leave your mark or that of a loved one at LSSU. From placing a name plate on the Sault/Loretto High Scholarship Wall of Honor plaque; to endowing a scholarship, YOU can be a part of LSSU’s future by supporting the programs that mean the most to you. To learn more about a specific naming opportunity, contact the LSSU Foundation at 635-2665 or email [email protected]
What is a matching gift?
Some employers may double or triple the amount of your original gift through their employer’s matching gift program. Spouses of employees, retired employees and board members are often eligible for the match as well. Contact your Human Resources office or their website to inquire about their matching gift program or to obtain a matching gift form. It is as easy as 1, 2, 3 and your company’s match will further enhance the University’s mission. If you have questions visit our matching gift site or contact Sharon Dorrity, director of Constituent Relations, at 906-635-2665.
Does LSSU accept donations of stocks and securities?
A unique way to give to Lake Superior State University is through the transfer of appreciated stocks and securities. Whether in a “bull” or a “bear” market, stocks are a good way of giving. How can you donate your stock and securities?
What is the LSSU Foundation?
The LSSU Foundation was established in 1983 as a not-for-profit corporation separate from Lake Superior State University. The LSSU Foundation is a 501 (c) (3) organization created for the sole purpose of promoting, receiving, managing and disbursing certain private donations and contributions for the benefit of Lake Superior State University. A copy of the Foundation’s current financial statement is available online or on request by calling the LSSU Foundation office at 906-635-2665.
Can I designate where I want my gift to go?
Most definitely! While supporting the Annual Fund is essential, we understand that many donors choose to designate a gift to a specific department, scholarship, or to a program on campus like the Aquatic Research Lab, Kenneth J. Shouldice Library or to your favorite Laker athletic team. With over 300 fund designations, there’s a giving opportunity for everyone!
Is my gift tax-deductible?
Yes, your gift is tax deductible as allowable by law! Once we receive your gift, you will receive a tax receipt verifying that your gift has been designated to the proper fund.
Why do you conduct a telephone campaign?
It is our goal to speak to as many alumni, parents and friends of Lake Superior State University as possible each year through phone calls, mailings, email, and while hosting special events. The LSSU Foundation conducts a student phonathon campaign each year to raise donations for the Fund for LSSU. By staying connected and being informed about LSSU, we are creating a link that enables us to raise awareness about the current happenings at the University and to help raise vital private resources. This in turn, allows the Lake Superior State University to offer the high quality education and college experience.
The Phonathon runs in January February, and March of an academic year.
Who is calling?
The callers are current LSSU students whose majors are as diverse as the alumni they are calling. This is the opportunity to connect and for alumni and friends to share their stories, Laker experience and career advice with the alumni of tomorrow.
Electronic Funds Transfer (EFT)
Your gift can be automatically deducted, on a monthly basis, from your checking or savings account no matter where you bank. Electronic Funds Transfer Form
Stocks & Securities
A gift of appreciated stocks is a unique way to give to Lake Superior State University. If you are considering a donation through a stock or securities sale, there are many tax advantages.
Among the many potential tax advantages, you’re entitled to a federal income-tax charitable deduction when you file an itemized return. When the donated items have been held for 12 months or longer, you may claim a deduction for their full fair-market value, and after appreciated securities are donated, you avoid paying tax on the capital gain.
For depreciated stock and securities, it is generally advisable not to donate them but rather to sell them to establish a tax loss and then donate the proceeds to Lake Superior State University.
Note: Always seek the advice of your tax consultant to maximize your benefits.
How do you donate stock and securities to LSSU?
Contact your broker with the following information:
Edward Jones Investments
2700 Davitt St, Suite 1
Sault Ste. Marie, MI 49783
The DTC number is: 0057
Our account number is: 498-03736-1-9
Our tax identification number is: 38-2576021
Here is a sample of a stock transfer letter: Sample Stock Transfer Form
NOTE: An electronic transfer of stock to the LSSU Foundation will NOT identify the donor at the time of trade. Please help us to give you proper credit and acknowledgment by notifying us of your donation
It is the policy of the LSSU Foundation to sell stock upon receipt.
Gift In-Kind (Non-cash Charitable Contributions)
A gift-in-kind is a voluntary contribution of property other than cash and marketable securities. Gifts-in-kind may include items such as supplies, equipment, books or artwork. A gift-in-kind contribution will be accepted by the LSSU Foundation only if it can be used to advance the mission of Lake Superior State University.
For Faculty and Staff:
Your first step is to contact the director of Risk Management to evaluate if LSSU can accept the gift for educational purposes.
Secondly, if the donor wants to take a Charitable Contribution for their gift-in-kind, contact the LSSU Foundation to verify that the donor has the proper documentation and is eligible to receive a tax deduction as allowed by IRS guidelines.
In order to process the gift-in-kind donation, a Gift In Kind Form must be completed. A University representative and a Foundation representative must sign the paperwork or it is not officially accepted by the University. If not formally signed, the donor will not receive the proper gift receipt and acknowledgment for tax purposes.
The LSSU Foundation requires a donor correspondence or description of the gift-in-kind with an estimated fair market value determined by the donor on all gifts-in-kind. An appraisal is required for gifts valued at $5,000 or more and a completed IRS Form 8283.
IRS Publication 561 is designed to help donors and appraisers determine the value of property that is given to qualified organizations. It also explains what kind of information you must have to support the charitable contribution the donor claims in his or her return.
The donor must have the required paperwork completed within 120 days of the University’s receipt of the gift in order to receive proper credit regardless when they file their taxes.
Gifts of $1 to $4,999: The donor provides a written description and a fair market value of the gift. The value may be based on documentation (i.e sales receipt or valuation based on similar items listed on reputable sites – i.e. Ebay, Amazon) to verify value.
Gifts of more than $5,000: The donor must provide the LSSU Foundation with an appraisal from an independent and qualified source. It is the donor’s responsibility to complete the required forms and provide any related appraisal documentation or costs in order to receive the proper deduction.
The LSSU Foundation will submit Form 8282 to report information to the IRS and donors about dispositions of certain charitable deduction property made within three years after the donor contributed the property. IRS Form 8282 and Instructions
When considering a gift-in-kind donation, please contact the LSSU Foundation and tax advisor before donating the in-kind item.