Franklin Fund - FAQ
- What is the Franklin Fund?
The Franklin Fund is the lifeblood of Franklin College. It is used to bridge the gap between what tuition revenue provides and the cost of operating the College. Gifts to the Franklin Fund help make the Franklin College experience unique.
- How are gifts to the Franklin Fund spent?
All contributions to the Franklin Fund are part of the College’s yearly operating budget. These monies are used to support student financial aid.
- Why is it important to give to the Franklin Fund every year?
The money from the Franklin Fund is spent every year. Consistent support from donors makes it easier for the College to improve its services, while holding down costs for students as much as possible. The Franklin Fund, as well as the College as a whole, operates on a fiscal year, which commences July 1 and ends June 30.
- Does the Franklin Fund raise money for buildings?
No. Money to construct new buildings and renovate existing structures comes from strategic reserves and from donations specifically for those purposes.
- Can I donate directly to a department?
Yes. We offer directed giving to the College, but it will not count towards the Franklin Fund. This means you can “earmark” your contribution for academic programs; faculty development; technology; athletics; or to the area where you see the greatest need.
- What is the President’s Circle?
The President’s Circle is an annual gift club recognizing donors who contribute a gift or combination of gifts to the Franklin Fund during a fiscal year totaling $1,000 or more. Of course, we welcome gifts of any size. The other annual giving club levels are:
Gold Key Circle
$10,000 or more
$5,000 to $9,999
Ben Franklin Circle
$2,500 to $4,999
All of the above amounts may also include contributions made through corporate gifts, matches and private foundations. Click here to learn more about Giving Clubs.
- Can I honor someone with my gift?
Yes. You are welcome to donate in memory or in honor of someone you care about or admire.
- Will my donation be matched by my employer?
Each year, hundreds of corporations match gifts to Franklin College through employee matching gifts programs. Donors should obtain the appropriate forms from their employers and send them to the College along with their gifts. Retirees, spouses of employees and directors of companies are often eligible for corporate matching gifts, which can double or triple a donor’s giving to the College, thereby making you eligible to join one of the annual giving clubs. Click here to find out if your company will match your gift to Franklin College.
- Will Franklin College accept securities and stock transfers?
FC welcomes gifts in the form of securities, assuming they have been held for more than one year. Gifts of long-term appreciated securities, stock, bonds and mutual fund shares receive an income tax deduction equal to the fair market value of the security at the time they are contributed. These gifts are immediately accessible to the Franklin operations budget. Click here to learn more about giving securities to Franklin College.
- Is my gift tax deductible?
Yes, outright gifts to Franklin College entitle you to a charitable tax deduction for the full fair market value of your gift.
NOTE: The charitable deduction can never exceed 50% of your adjusted gross income (AGI) in a given year. For example, a donor with an AGI of $90,000 this year can deduct cash gifts of up to $45,000 on this year’s tax return. However, gifts in excess of this 50% limitation can be carried over and deducted for up to five subsequent years.
- Does my gift qualify for the Indiana State Income Tax Credit?
Yes. Residents of the state of Indiana qualify for a direct tax credit of 50% on gifts made to Indiana colleges and universities, up to $200 per person or $400 for couples filing jointly. In other words, an individual can make a gift of $200 at an actual cost of $100, or a couple could give $400 for an after-tax cost of only $200. To file for this credit, Indiana residents need an Indiana Schedule CC-40 available through local Internal Revenue Service offices, public libraries, or the Indiana Department of Revenue.
- How many people contribute to the Franklin Fund?
During the 2008 fiscal year, 1,976 people donated to the Franklin Fund. They believed in helping the more than 1,000 students from every background who chose to make Franklin College their home, literally for several years, and emotionally for the rest of their lives.