Ways to Give
You can support the Academy of the Sacred Heart in a number of ways, each of which provides the school financial support while enabling you to realize immediate tax savings. Through careful planning you can identify the method of making a contribution which best fits your situation, while maximizing the impact of your gift to the Academy. We encourage you to consult with your legal and financial advisors to determine which option is most advantageous to you, and we will be pleased to meet confidentially with you and your advisors to assist you as you consider these options.
Gifts of Cash
A cash gift entitles you to a charitable deduction against income. The deduction must be taken in the calendar year in which your gift is made. If the amount of your gift exceeds 50 percent of your adjusted gross income, you may carry over the excess of your contribution for as many as five years. Cash gifts can be made as a one-time contribution or over several years as payments toward a pledge. Checks should be sent with any designated purpose for the gift clearly indicated.
Gifts of Appreciated Securities
A gift of appreciated securities entitles you to a charitable deduction equal to the fair market value of the securities, and none of the appreciation in the security is taxable to the donor. When you give securities, your federal tax deduction is limited to 30 percent of your adjusted gross income for the year in which you make the gift. However, you may carry forward the excess amount as a charitable contribution for up to five years, subject to the 30 percent rule.
Life Income Gifts
A life income gift to the Academy of the Sacred Heart allows you and/or a beneficiary to retain income from the assets donated, take a federal income tax deduction for a portion of the gift’s value (depending on the terms of the gift,) while eliminating capital gains tax on gifts of securities or real estate. Referred to as Charitable Remainder Trusts, life income gifts to the Academy of the Sacred Heart should be arranged between you, the Academy and your financial and legal advisors to ensure a giving arrangement that is tailored to your personal requirements.
Gifts of Income Interest
A Charitable Lead Trust, an assignment of trust income to the Academy of the Sacred Heart, allows you to give an income interest to the school for a designated period of time, after which the property in the trust returns to you or your heirs. In certain cases, this method of giving allows you to reduce the gift and/or estate tax when the assets are passed to your children or grandchildren at the expiration of the trust.
Gifts of Life Insurance
Life insurance is a unique way to give to the Academy of the Sacred Heart. To qualify, the Academy of the Sacred Heart needs to become owner and beneficiary. You may choose to donate a paid-up policy no longer needed, give a policy that is not fully paid-up and take a deduction for the present value of the policy, or make the Academy of the Sacred Heart the owner and beneficiary of a new policy. Ongoing premium payments qualify as charitable deductions.
Gifts of Real Estate
Gifts of appreciated real estate are like gifts of appreciated stock. Any type of property you have owned for more than one year qualifies as a charitable contribution at its fair market value. The asset may be given outright, or may serve as the corpus of a trust arrangement, or in the case of a personal residence, may be given with the right of lifetime tenancy by the donor and/or spouse. An immediate charitable deduction is available to the donor, and the gift is not subject to capital gains taxes.