There are two categories of gifts that may be used in donating to Mount Saint Charles. They are Outright Gifts and Deferred Gifts. Within these two categories, there are many vehicles that are available to fulfill one’s philanthropic inclinations.
OUTRIGHT GIFTS: An outright gift is a donation to Mount Saint Charles Academy that allows the school to use the asset immediately. The most obvious of these being a gift of cash but there are many other forms that are described below.
- Cash and checks
- Publicly Traded Securities
- Closely Held Securities
- Real Property
- Tangible Personal Property
- Other Property
DEFERRED GIFTS provide an opportunity to make arrangements now for support of Mount Saint Charles Academy at a later date. Saving on income taxes, avoiding capital gains tax, enjoying higher rates of return than currently provided by an asset, reducing estate costs – are all possible benefits of making a planned gift. The most basic of all planned gifts is a bequest.
1. Bequests are gifts made through your will or codicil. The majority of all planned gifts are made this way. This type of gift to Mount Saint Charles Academy can be written as a specific bequest, a percentage of an estate, or a residue of an estate. Unless otherwise restricted by the wording in the bequest the funds received will be used for financial aid and placed in the Brother Michael Scholarship Fund.
2. Charitable Gift Annuities allow you to make a gift to Mount and receive an income for the rest of your life. Mount utilizes the rates as set forth by the American Council on Gift Annuities. However, no immediate payment gift annuity can be accepted which names an income beneficiary under fifty-five (55) years of age. Deferred payment gift annuities can be accepted for younger beneficiaries but will not payout until the donor reaches the age of fifty-five (55). Mount cannot manage an annuity if there are more than two income beneficiaries for each gift annuity. The minimum initial contribution for a single life gift annuity is $15,000. The minimum initial contribution for a two-life gift annuity is $20,000. The minimum contribution for an additional gift annuity by an individual who has previously entered into a gift annuity agreement shall be $7,500 for single life and $10,000 for two lives.
3. Gifts of Life Insurance are gladly accepted by Mount. The policyholder may name the school to receive all or a portion of the benefits of life insurance policies that they have purchased on their lives. However, Mount will not, as a matter of course accept gifts from donors for the purpose of purchasing life insurance on the donor’s life.
Please take the time to speak with your attorney or financial advisor about these types of gifts and how they may affect your estate planning. If you would like any other information on how you may help Mount Saint Charles please do not hesitate to contact Donald Demers, director of institutional advancement, at 401-769-0310 x122 or firstname.lastname@example.org.