BTSR :: FAQ



		Prospective Students : How many students are enrolled at BTSR? Who are the faculty members? How much is tuition? How does BTSR cooperate across denominational lines? Who supports BTSR? Is BTSR accredited? Can I visit BTSR? How our respondents learned about BTSR? Why they enrolled at BTSR? Their goal in enrolling? Ages of respondents? Gifts to the Seminary: What are the three kinds of gifts I can give to BTSR? What sort of assets can I use to make a gift? What tax deduction will I receive for my gift? Can BTSR serve as the Executor of my estate? I want to set up a life insurance policy, name BTSR as beneficiary, but retain ownership of the policy. Can I deduct the premium payments I make? Can I transfer my IRA to BTSR to set up a life-income gift, and avoid income tax on the transfer? I'd like to donate a painting. Will you determine its value for my income tax deduction? I'm interested in establishing a charitable gift annuity. What financial provisions will you make for the income payments to me and my husband? If I create a bequest or life-income gift, will BTSR continue to ask me for annual contributions ?

		Question: How many students are enrolled at BTSR? Answer: There were approximately 300 students enrolled at BTSR in the 2003-2004 academic year. This year BTSR graduated 35 students, 27 M.Divs and 8 D.Mins, representing several states as well as the countries of Japan, Colombia, India, Slovakia, China, and Nigeria. top

		Question: Who are the faculty members? Answer: The faculty is made up of fifteen elected faculty members and several adjunctive professors. They hold degrees from such places as Oxford, Duke, Yale, Princeton, Baptist Theological Seminary at Richmond, and the Southern Baptist seminaries. top

		Question: How much is tuition? Answer: For the basic Master of Divinity degree, tuition is $6000 per year. With available financial aid, most students who qualify for aid are paying just over $1300 per term out of pocket. top

		Question: How does BTSR cooperate across denominational lines? Answer: BTSR is part of the Richmond Theological Consortium, along with two other theological schools: Union Theological Seminary in Virginia-Presbyterian School of Christian Education and the School of Theology of Virginia Union University (American Baptist). BTSR is also a member of the Washington Theological Consortium. Students at each school may cross-register for electives at the others. top

		Question: Who supports BTSR? Answer: The seminary has strong ties with a number of larger Baptist entities: the Baptist General Association of Virginia, the Cooperative Baptist Fellowship and the Baptist conventions of North Carolina and the District of Columbia. top

		Question: Is BTSR accredited? Answer: Yes, BTSR is fully accredited by the Association of Theological Schools. top

		Question: Can I visit BTSR? Answer: Yes! The seminary welcomes visits from interested students and provides lodging and help with meals. Let us know if you would like to arrange a visit, or if you want to ask for any additional information. top

		Question: How our respondents learned about BTSR? Answer: 35% Friends 32% Church or pastor 9% College or university top

		Question: Why they enrolled at BTSR? Answer: 54% Denomination 50% Faculty 31% Reputation top

		Question: Their goal in enrolling? Answer: 65% Sought a degree 35% For enrichment or continuing education top

		Question: Ages of respondents? Answer: 35% Are ages 22 to 34 32% Are 35 to 54 years of age 18% Are 55 and above 92% Have access to a computer 47% Of respondents were male and 51% were female (2% did not designate) top

		Gifts to the Seminary

		Question: What are the three kinds of gifts I can give to BTSR? Answer: Generally speaking, during your lifetime you can make an outright gift of cash , securities or other property (e.g., real estate , personal property ). Upon your death you can make a gift through your will or with a distribution from a retirement plan or life insurance policy. You also have the option of making a gift that returns lifetime income to you, your spouse, or other individuals, such as a charitable gift annuity , or charitable remainder unitrust or annuity trust . top
		Question: What sort of assets can I use to make a gift? Answer: Almost anything: cash , publicly traded securities , life insurance , the balance of your retirement account. Other assets can be very valuable but are more complicated to administer and must be reviewed by us before we can accept them as gifts: real estate, closely held stock, artwork and collectibles. top
		Question: What tax deduction will I receive for my gift? Answer: It depends on the form your gift takes: Outright gifts to BTSR generate a full income-tax charitable deduction. Outright gifts of appreciated securities are deductible at fair market value, with no recognition of capital gains -- a great tax benefit! Gifts of personal property, like art, books and collectibles , are fully deductible so long as they are relevant to our mission. We can advise you on this point. Bequests do not generate a lifetime income tax deduction. They are exempt from estate tax, however. Similarly, life insurance distributions to BTSR are not income-tax deductible, but are exempt from estate tax. If you have made us the irrevocable owner and beneficiary of a policy during your lifetime, you may deduct annual gifts that offset premium payments (for more details on this point, see Question 5 below). The charitable deduction for a gift that returns income to you, such as a charitable gift annuity or a charitable remainder trust is the fair market value of the gift asset minus the present value of the income interest you retain. top
		Question: Can BTSR serve as the Executor of my estate? Answer: No. State law, the limitations of our corporate powers, and our internal policies prevent us from taking such a role in your affairs. top
		Question: I want to set up a life insurance policy, name BTSR as beneficiary, but retain ownership of the policy. Can I deduct the premium payments I make? Answer: No. The IRS would not consider that a "completed gift" – they'd say that, as the owner of the policy, you could change the beneficiary designation to a friend or family member. BTSR must be made the irrevocable owner of the policy for gifts offsetting premium payments to be deductible. top
		Question: Can I transfer my IRA to BTSR to set up a life-income gift, and avoid income tax on the transfer? Answer: Under present law, any lifetime distributions from an IRA are included in your taxable income, even if these funds are transferred to us. You do, however, receive a current charitable deduction when you establish a life income gift, which would partially offset the amount included in your taxable income. Proposed legislation would make the transfer tax-free, however. Watch our Website for updates. top
		Question: I'd like to donate a painting. Will you determine its value for my income tax deduction? Answer: No, we can't. The IRS requires that donors of artwork and collectibles secure an independent appraisal of the items to establish fair market value. The appraisal has to be related to the gift – an insurance appraisal won't suffice. We can assist you on this point. top
		Question: I'm interested in establishing a charitable gift annuity. What financial provisions will you make for the income payments to me and my husband? Answer: Your charitable gift annuity will be treated as a general obligation of BTSR, backed by all of our assets. We have an unbroken record in making timely payments to our annuitants, and that ongoing responsibility is a key element in our financial policies. top
		Question: If I create a bequest or life-income gift, will BTSR continue to ask me for annual contributions? Answer: We will, because the commitments address two different needs. Your planned gift is a significant addition to our long-term financial strength -- our ability to meet the challenges and opportunities the future will bring. Today's teaching, however, is supported through your annual gift. top