Ways to Give
Barat Academy relies upon the generosity of individuals and corporations to support the operation of our school. Some give their time, some give their money, and some do both. These people have chosen to invest themselves in Barat Academy. Their contributions are critical to the success of our school and greatly appreciated.
Please contact Barat Academy for more information:
**Please note: you should consult with your financial and/or tax advisor regarding current tax laws as they relate to your personal situation. **
Gifts of Cash
Gifts of Cash Gifts of cash are the most popular form of gifting due to its simplicity. Cash gifts may be made by currency, check, money order, bank draft, or credit card. Credit card donations can also be made online. The applicable income tax deduction reduces the actual cost of the gift.
Many employers sponsor matching gift programs and will match charitable contributions made by their employees. Contact your company to see if your gift to Barat Academy will be matched. With matching gifts you can sometimes double or even triple your gift!
Gifts of Personal Property
Gifts of personal property require an independent appraisal of fair market value before the gift is made. Restrictions by donor regarding the sale, maintenance, administration and display of such gifts are possible but subject to review and approval by the Barat Academy Board of Directors. Additionally, to get a tax deduction that is at the fair market value, the personal property must be used by the school in its exempt purpose.
Gifts of Real Estate
Gifts of land or other real estate can offer many advantages to a donor and Barat Academy. A gift of real estate can be an attractive way to make a substantial commitment and to realize important tax and income benefits at the same time. You may be able to significantly reduce the amount of income, capital gain, and estate taxes you otherwise would have to pay. Finally, the disposal of your property can relieve you of maintenance responsibilities.
There are several strategies for gifts of real estate. For example, transfer of property can occur through a will or trust, receiving income for life after transferring property to a trust, retaining the right to use the gifted real estate, and engaging in a "bargain sale" of real estate.
Gifts of Securities
There are benefits to donating gifts of securities as well. Donors can avoid capital gains taxes on the amount of the appreciation. Also, donors can still deduct the full amount of the current value of the stock as a charitable income tax donation. Deductions can be carried over for an additional five years if you cannot use all of the deduction in the year you make the gift. Gifted securities need to have been held for a year prior to donation.
Gifts of Retirement Plan Assets
Retirement plans grow tax-free, that is, the earnings are not taxed annually but continue to grow. However, they are taxed as they are withdrawn. This allows for more dollars to be invested for more growth. Currently, legislation has been passed with regard to seniors (age 70 1/2 or older) those that meet the age requirement can direct the IRA to go to the non-profit of choice. It does have to be directed to the non-profit, with a limit of $100,000 annually. There are advantages for those that are not 70 1/2 as well.
Gifts of Life Insurance
Gifts of life insurance can offer an attractive benefit to the school at a relatively low cost. Life insurance may be a great way for younger alumni to give due to low premium expenses. For those that have associations with the school but are older, perhaps the reason for having the policy in place may no longer apply. For example, your home may be paid off, or your children may now be independent. These policies would make an excellent gift to Barat Academy. Please talk to the Finance office, 636-300-5553, or a trusted advisor to discuss how to receive income tax benefits.
A bequest in a will or trust is the most common form of a planned gift because it is a way to make a substantial contribution to support Barat Academy without diminishing the assets available to the donor during one's lifetime. Important estate tax savings can result from this type of gift, as a bequest to our school could be deducted entirely, without limit, from the taxable estate for estate tax purposes.
Charitable Lead Trust
With a Charitable Lead Trust, Barat Academy would receive income in support of the school from a trust as a gift for a specified period of time. The assets are later returned to the donor or to the donor's heirs when the trust terminates. The main advantage of this type of gift is to reduce federal estate taxes when transferring property to heirs.