Midland Lutheran College has received generous financial support from alumni and friends. Most often gifts are made by cash or check, where the College immediately receives the entire amount. Midland also receives deferred or planned gifts, those in which the donor has deferred the College's receipt of the full value of the gift (as in a gift through a will), or where the donor has reserved some benefit from the amount given (for example, a life income). Planned gifts are often designated for the endowment, as in a scholarship fund.

Various tax laws encourage charitable giving. Among the tax benefits are: a current income tax charitable deduction; avoidance of capital gain tax for transfer of long-term, appreciated assets; and avoidance of estate taxes on assets transferred for the planned gift. Each type of planned gift has its own tax consequences, but each of them helps the donor pass more of his or her assets to charity and family members, instead of to the federal government.

Planned gifts vary greatly in complexity. Some are simple, one-page agreements, while others fill hundreds of pages. The Advancement pages provide examples of commonly used planned gift vehicles and a description of how they work.