You may support Woodlands Academy in a number of ways, each of which provides the school financial support while enabling you to realize immediate tax savings. Recent tax legislation may make one gift vehicle more advantageous than another. Through careful planning you can identify the method for making a contribution which best fits your situation, while maximizing the impact of your gift on Woodlands Academy. We encourage you to consult with legal and financial advisors to decide which option is most advantageous to you, and will be pleased to meet with you and your advisors in complete confidentiality to assist you as you consider these options.
A cash gift entitles you to a charitable deduction against income. The deduction must be taken in the 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.
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.
A life income gift to Woodlands Academy 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 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 Woodlands Academy 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.
A charitable Lead Trust, an assignment of trust income to Woodlands Academy, 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.
Life insurance is a unique way to give to Woodlands. To qualify, Woodlands Academy 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 Woodlands the owner and beneficiary of a new policy. Ongoing premium payments qualify as charitable deductions.
When you give gifts of closely held stock to Woodlands Academy, you avoid capital gains on the appreciation of the stock and receive an immediate personal tax deduction for the full market value of your gift limited to the 30 percent five-year rule. Often, the gift is followed by an offer from the corporation to redeem the stock from its retained earnings. How do I make a stock gift?
A cash gift entitles you to a charitable deduction against income. The deduction must be taken in the 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. [ Click here for Letter of Confirmation for Stock Gifts to Woodlands Academy of the Sacred Heart]
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.
This type of gift can take several forms and in most cases provides a charitable deduction equal to the fair market value of the property. If the asset has appreciated in value and the donated asset is used by Woodlands in its educational program, the donor is entitled to a charitable deduction equal to the asset's fair market value. If, however, the asset is not used by the school in its educational programs, the donor's charitable deduction is her or her cost basis in the property.
So often we think of making gifts to the institution that represent causes we care about in immediate terms - by writing a check, or making a cash or stock gift. A bequest to Woodlands Academy is not subject to federal, estate, or local inheritance taxes, and the value of the bequest is deductible in determining the taxable estate. There is no limit on the deduction. See Mater Admirabilis Legacy.
Woodlands Academy accepts and acknowledges gifts, which honor or memorialize individuals. These gifts are often directed toward Woodlands' general unrestricted fund. These gifts can also be a good starting point for a memorial membership, endowed scholarship or for the purchase of a special gift for the campus.
You may be able to double or triple your gift through your company's matching gift program. If your employer makes such contributions, the personnel office will have complete details on how to direct a matching gift to Woodlands Academy. Matching funds, once received, will count toward your yearly
