Mount Nittany Society

The condition of an irrevocable commitment may be satisfied through any combination of the following means:

• Outright gifts
  • Cash, securities, real property, or gifts-in-kind.
  • Gifts from an individual's wholly owned company.
  • Gifts from an individual's family foundation.
  • Gifts from a community foundation where the gift is attributable to a donor- advised fund established by the individual
• Matching gifts
• The establishment of a charitable remainder unitrust or charitable remainder annuity trust where Penn State has been named the irrevocable remainder beneficiary. The amount credited will be the amount transferred to the trust. Where Penn State is named as the beneficiary of only a percentage of the remainder interest, that percentage will be used to determine the amount of membership credit.
• Amounts transferred to the University as a charitable gift annuity or to the University's Pooled Income Fund.
• The value of a remainder interest in a home or farm where the donor retains a life estate. This value will be equal to the income tax charitable deduction to which the donor would be entitled.
• The value that the University is to receive under a Contract to Make a Will or an Estate Note. Contracts to Make a Will and Estate Notes must be drafted and/or reviewed by the Office of Planned Giving prior to their acceptance.
• Through a gift of life insurance; provided, however, that the amount credited for membership would be the cash surrender value of the policy and/or premium payments made.
• Through the execution of an irrevocable pledge agreement. An irrevocable pledge agreement is a pledge made by the donor (typically with a five year payment term) that irrevocably binds the individual and his/her spouse and their estates to payment on the debt. If the individual is in arrears in the payment of this pledge commitment at the time membership is to be extended, the Vice President of Development will be notified of that fact prior to the extension of an invitation.