Choosing the
Right Charitable Gift
Download the gift making form here.
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There are many charitable gift-giving solutions just right for you. This information provides details on ways an individual or group may support the activities and programs of Kennedy Catholic High School through charitable giving. There are several places a donor may wish to direct his/her contribution - such as the Alumni Campaign, the Endowment Fund, Student and Faculty Scholarships, Special Programs, or through an Unrestricted Gift. All are dedicated to raising gift support for Kennedy Catholic High School. |
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Be sure to review all our information to get a complete picture of what we do. And thank you for your consideration.
Some want to make a charitable gift now, but concerns about personal and family financial security may make these gifts seem impossible. Is there a charitable gift that can help you meet all of your goals? Some of the most popular gift-giving ideas are listed below.
Gifts of CASH
Gifts of CASH represent the most fundamental and important source of funding for Kennedy Catholic High School. It is the easiest and most popular form of gift, and offers a tax deduction equal to the full value of the gift.
Gifts of STOCK
In many cases a gift of stock may provide even greater tax benefits than a gift of equal value in cash. Why? A stock (held more than 1 year) that has appreciated in value will generate capital gains tax if it is cashed in. By gifting the appreciated securities directly to Kennedy Catholic High School you can avoid paying capital gains tax and take a charitable deduction for the full market value of the securities.
Oftentimes a stock will ‘split’ over the years and provide additional shares for the donor. Gifting part of a stock certificate is also a great way to make a gift to Kennedy Catholic High School.
Gift ANNUITIES
Through a charitable gift annuity, you can make a gift to Kennedy Catholic High School and receive guaranteed lifetime payments for yourself or designated beneficiaries. The payments are a fixed amount and generally depend on the number (up to 2) and ages of the beneficiaries.
LIFE INSURANCE
This gift-giving vehicle allows a donor to make a sizable gift at the time of death that wasn’t possible during a lifetime. Three ways to benefit Kennedy Catholic High School with life insurance are:
1. Name Kennedy Catholic High School as primary or secondary beneficiary of an existing policy.
2. Name Kennedy Catholic High School as the owner and beneficiary of an existing policy.
3. Buy a new policy and contribute it to Kennedy Catholic High School.
RETIREMENT PLANS & IRA’s
Both are great examples of deferred gifts (those committed in the present, but received by a charity in the future).
Thanks to great tax advantages, now is the time to consider using IRAs and retirement funds to fund a charitable gift. If these assets are left to heirs, most of the gift will be lost to taxes. The funds from an IRA or retirement plan that you leave to Kennedy Catholic High School qualify for an estate-tax deduction and are not subject to income taxes because the School is tax-exempt.
To do this, you will need to name Kennedy Catholic High School as beneficiary of a portion of your IRA or qualified retirement fund. It could be a percentage or even the entire amount if you have no heirs to consider. Upon your death, the portion (mentioned above) will be paid to the School in a lump sum, totally tax fee.
NEW TAX INCENTIVES FOR CHARITABLE GIFTS FROM YOUR IRA
The Pension Protection Act allows taxpayers over 70.5 years old to donate money to charity directly from their IRA account. The distributions will be tax-free and avoid the penalty on early withdrawals. Taxpayers are allowed to donate up to $100,000 per year from their IRA. Since the distribution will not be included in taxable income, individuals will not be able to claim a tax deduction for the charitable contribution. This provision will be effective for the years 2006 and 2007 only.
You are eligible for this new tax savings opportunity if:
- You are age 70 ½ or older
- Your gift to Kennedy Catholic is made on or before December 31, 2007
- You transfer funds directly from an IRA or Rollover IRA to Kennedy Catholic High School
MAKE A GIFT NOW
Contact your IRA custodian for the forms necessary to transfer your desired gift amount to Kennedy Catholic High School.
BEQUESTS
One of the most precious legal rights is the opportunity to dispose of property the way you want. Only through a valid will can you ensure that your wishes will be carried out. For example, a will allows you to make a gift for charitable purposes in the form of a specific amount, a particular property, a percentage of your estate, or a portion of the residue, or “what’s left over” after providing for other heirs.
Sample Language:
“I bequeath to Kennedy Catholic High School, Hermitage, PA (insert dollar amount, percentage of estate or description of property), to be used for its general purposes.”
A thoughtfully prepared and carefully drafted will can provide peace of mind for both you and your beneficiaries.
What’s more, you can maintain complete control over assets during your lifetime, while enjoying estate tax savings for amounts transferred at death.
Download the gift making form here.
Endowment
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Kennedy Catholic High School’s Endowment is its financial foundation – its security. Endowment is the school’s invested capital that generates funds to be used, in perpetuity, to support its mission.
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Endowments may be named for donors, loved ones as a memorial, favorite faculty, or program, etc. Endowments may be established for scholarships*, program support, building costs, etc. Donors may be matched to purpose(s).
*N.B.: Minimum levels of support have been established for scholarships to guarantee that income will be adequate to achieve the benefactor’s intent – now and in the future.
The following objectives shall be considered and met when investing the school’s endowment funds: safety of principal; maximum appreciation consistent with safety of principal; yield on investments; need for liquidity.
Funds shall be invested in companies that promote values of Catholic moral and social teachings.
Gift to the Endowment
All gifts less than $10,000 will be recognized in the School Newsletter, (with donor’s permission.)
All gifts greater than $10,000 will be given permanent recognition (upon receipt of gift) plaque at Kennedy Catholic High School
Download the gift making form here.
Student and Faculty Scholarships
About the Scholarships
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Every year more and more students benefit from donors who support the school’s SCHOLARSHIP PROGRAM. This year 106 scholarships have been awarded to students in grades 9 – 12. Most of these scholarships are based on financial need, some on academic performance, and some given to students who meet other special criteria. We are grateful that scholarships are being created continuously. |
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Individuals who are committed to providing a quality, faith-based education to our children have created these scholarships. However, our work is not finished. We continue to seek support from those wishing to change lives, build futures and give the gift of education.
A Scholarship Can Be Created in 4 Easy Steps:
1) Name your Fund
In memory of a loved one
In your name
In honor of a special person
(2) Set the Criteria
Tuition Assistance
Students maintaining a 3.5 average
For children from your Parish
Other
(3) Determine the Type of Scholarship
Endowed Scholarship - A long- lasting opportunity to honor or memorialize someone special. Your gift is invested, and a percentage of the interest earned is used for the purpose of the scholarship. * Minimum amount of $10,000.
Pass-through Scholarship - An annual or one-time gift to Kennedy Catholic High School Scholarship Fund that passes through to the recipient(s).
Give a one time gift of $10,000 (required amount for endowed scholarship)
Give an initial donation and add to it from time to time until the fund reaches $10,000
Have others donate to your scholarship (i.e. in honor of your birthday)
Establish a scholarship in your will
Give a gift of cash $250 (recommended amount) and establish a pass-through scholarship
Scholarship Fund Recipients in 2005-2006
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Tuition Assistance Program Star Foundation (Pa. Business Tax Program) |
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Thomas A. Casey Memorial Fund |
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Margaret Svetina Memorial Scholarship |
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Hoban Scholarship |
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Jennifer Waters Memorial Scholarship |
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Patterson Memorial Scholarship |
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Connelly Scholarship |
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Grasso Scholarship |
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Alumni Grant Program |
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Parish Grant Programs |
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Kerins Scholarship |
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James Fammartino Scholarship |
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Hunter Family Scholarhsip |
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Louis J. Rossi Memorial Scholarship |
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Mike Brooks Memorial |
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Download the gift making form here.
Alumni Campaign
What is the Alumni Drive?
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The Annual Alumni Drive has a long-standing tradition in Kennedy Catholic High School. The Fund encourages and recognizes loyalty and support of alumni, parents of alumni and general friends. |
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The “Alumni mail campaign” generates gifts that are primarily unrestricted (meaning the donor allows the school to determine how the money is used.)
Unrestricted gifts are used for the daily operations of the school system.
All who donate to the annual Alumni Drive are recognized (with donor’s permission) .
What is the Matching Gifts Program?
Arranging a corporate matching gift is an easy way for Kennedy Catholic High School alumni, parents and friends to increase the impact of their personal contributions to the school system. By taking advantage of their company’s matching gift benefit, a donor can generate an additional gift that may double or triple his or her own contribution without any further obligation from the donor.
Download the gift making form here.
Memorial and Tribute Gifts
MEMORIALS Include a note with the following information: Name of the deceased and date of death (copy of obituary if possible). GIFTS THAT HONOR AND COMMEMORATE Include a note with the following information: Name(s) of friend or loved one who is being honored. Gifts that honor and/or commemorate a special friend or loved one are placed in the Scholarship Fund unless otherwise requested. |
Download the gift making form here.
Memorial Books and Special Books |
Memorial Books
The person requesting a memorial may submit the name of a loved one that has passed away and his or her interests or hobbies, and the amount they wish to donate.
A suitable book will be chosen and ordered.
A memorial card will be sent in the mail to the deceased person’s family. A memorial bookplate with the deceased person’s name and the name of the donor will be placed in the front of the book.
The name of the deceased and the book title will appear in the school’s newsletter (unless otherwise advised).
Special Books
Books to honor a special person or memorable event are available.
Some special books that have been donated in the past include ones “In honor of a Fiftieth Wedding Anniversary”, “In honor of Someone’s Retirement”, “In honor of Special Recognition of a Person” etc…
A suitable bookplate is placed in the front of the book honoring the person and/or the event and the donor.
The name of the person, the title of the book and the donor of the book is published in the school newsletter.
Donations of gently used books or magazines are greatly appreciated in the high school library.
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How Does My Donation Help?
How Can I Contribute? The Art Department
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Unrestricted Gifts
What is an Unrestricted Gift
An unrestricted gift is simply a gift to Kennedy Catholic High School with no restrictions from the donor on how it is to be used – although it can be directed to a particular Department or Program and still be considered unrestricted.
How is Unrestricted Giving Beneficial?
Unrestricted gifts to Kennedy Catholic High School allow flexibility in determining how best to use the funds.
Unrestricted giving is a chance for you to do the greatest good. The school directs these funds to where they can have the greatest impact.
Unrestricted giving allows the school to address priorities and bring immediate benefits to the school system as a whole.
For more information, please call or write:Judy L. Mindicino
Development Director
Kennedy Catholic High School
2120 Freeway
Hermitage, Pa. 16148
PHONE (724) 346-5531
FAX (724) 346-3011
Email:
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.
Download the gift making form here.
Charitable Gift Annuities –
The Gift that Keeps on Giving
A Charitable Gift Annuity is a simple contract between a donor and the Kennedy Catholic High School. In exchange for a gift, the School agrees to pay one (or two) annuitants a fixed income for life. Let’s explore this program in more detail.
Is there a minimum suggested amount of cash and/or appreciated securities to create an annuity?Yes. At Kennedy Catholic High School, a minimum of $10,000 is suggested for a charitable gift annuity.
Is there a minimum age to establish a gift annuity?No – but there is a minimum age to begin receiving payments, and at Kennedy Catholic High School , that age is 55. Thus, individuals age 55 and older create a gift annuity where quarterly, semi-annual or annual payments begin immediately. Meanwhile, those under age 55 actually establish a deferred payment gift annuity, where you defer your first payment until the age of 55.
Once I create a gift annuity, are those funds available for withdrawal later?No. To gain significant financial and tax benefits of the annuity vehicle, the transfer of funds from you to Kennedy Catholic High School must be permanent and irrevocable.
How frequently will I receive my annuity payments?At Kennedy Catholic High School gift annuity payments can be distributed, quarterly, semi-annually, or annually, the choice is yours.
Is it true that the payment rate of a gift annuity does not fluctuate with the economy, stock market, bond rates, and/or interest rates?Yes, the annuity payment rate is established when you fund the gift annuity, and it does not change.
How are rates for charitable gift annuities determined?Kennedy Catholic High School follows the schedule of recommended maximum rates published by the American Council on Gift Annuities, which is a national organization of charities that has been in existence since 1927.
Can I create multiple gift annuities?Yes. There is no limit on the number of gift annuities that may be established.
How many people can receive payment from a charitable gift annuity?Gift annuities may be created for one or two income beneficiaries.
Are payment rates for a two-life (two person) gift annuity different than a one-person annuity?Yes, as two people will receive payments for life (as opposed to one), two-life gift annuities pay slightly lower rates.
Can I convert a single-life gift annuity into a two person annuity at a later date?No. The number of persons must be set at the time the annuity is created.
Can the funds I contribute for a gift annuity benefit a specific program?Yes, although unrestricted funds are a priority, your wishes are always honored.
Charitable Gift Annuity Rates:
SINGLE LIFE
Effective until June 30, 2006
(Approved by the American Council on Gift Annuities)
SINGLE LIFE
Age |
Rate |
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55 |
5.5 |
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56 |
5.6 |
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57 |
5.6 |
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58 |
5.7 |
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59 |
5.7 |
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60 |
5.7 |
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61 |
5.8 |
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62 |
5.9 |
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63 |
5.9 |
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64 |
6.0 |
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65 |
6.0 |
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66 |
6.1 |
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67 |
6.2 |
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68 |
6.3 |
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69 |
6.4 |
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70 |
6.5 |
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71 |
6.6 |
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72 |
6.7 |
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73 |
6.8 |
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74 |
6.9 |
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75 |
7.1 |
|
76 |
7.2 |
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77 |
7.4 |
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78 |
7.6 |
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79 |
7.8 |
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80 |
8.0 |
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81 |
8.3 |
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82 |
8.5 |
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83 |
8.8 |
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84 |
9.2 |
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85 |
9.5 |
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86 |
9.9 |
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87 |
10.2 |
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88 |
10.6 |
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89 |
11.0 |
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90 and over |
11.3 |
NOTE: * The rates are for ages at the nearest birthday.
GIFT ANNUITY RATES
TWO LIVES – JOINT & SURVIVOR Effective through June 30, 2006
(Approved by the American Council on Gift Annuities)
Younger
AgeOlder Age
Rate
Younger Age
Older Age
Rate
Younger Age
Older Age
Rate
59
62+
5.5
72
81-84
6.4
60
60
5.4
72
85+
6.5
60
61+
5.5
73
73
6.1
61
61-65
5.5
73
74-75
6.2
61
66+
5.6
73
76-78
6.3
62
62-64
5.5
73
79-81
6.4
62
65-70
5.6
73
82-84
6.5
62
71+
5.7
73
85+
6.6
63
63
5.5
74
74
6.2
63
64-68
5.6
74
75-76
6.3
63
69+
5.7
74
77-79
6.4
64
64-66
5.6
74
80-81
6.5
64
67-72
5.7
74
82-84
6.6
64
73+
5.8
74
85+
6.7
65
65
5.6
75
75
6.3
65
66-70
5.7
75
76-77
6.4
65
71+
5.8
75
78-79
6.5
66
66-68
5.7
75
80-82
6.6
66
69-73
5.8
75
83-85
6.7
66
74+
5.9
75
86-88
6.8
67
67
5.7
75
89+
6.9
67
68-71
5.8
76
76
6.4
67
72-76
5.9
76
77-78
6.5
67
77+
6.0
76
79-80
6.6
68
68-70
5.8
76
81-82
6.7
68
71-74
5.9
76
83-84
6.8
68
75-78
6.0
76
85-87
6.9
68
79+
6.1
76
88+
7.0
69
69
5.8
77
77
6.5
69
70-72
5.9
77
78-79
6.6
69
73-76
6.0
77
80
6.7
69
77-80
6.1
77
81-82
6.8
69
81+
6.2
77
83-84
6.9
70
70-71
5.9
77
85-87
7.0
70
72-74
6.0
77
88-90
7.1
70
75-77
6.1
77
91+
7.2
70
78-82
6.2
78
78-79
6.7
70
83+
6.3
78
80-81
6.8
71
71-73
6.0
78
82
6.9
55
55+
5.0
71
74-76
6.1
78
83-84
7.0
56
56-57
5.1
71
77-79
6.2
78
85-86
7.1
56
58+
5.2
71
80-83
6.3
78
87-89
7.2
57
57-58
5.2
71
84+
6.4
78
90-92
7.3
57
59+
5.3
72
72
6.0
78
93+
7.4
58
58-63
5.3
72
73-74
6.1
79
79
6.8
58
64+
5.4
72
75-77
6.2
79
80-81
6.9
59
59-61
5.4
72
78-80
6.3
79
82
7.0
Younger Age
Older Age
Rate
Younger Age
Older Age
Rate
Younger Age
Older Age
Rate
79
83-84
7.1
83
88
7.9
87
92
9.0
79
85-86
7.2
83
89
8.0
87
93
9.1
79
87-88
7.3
83
90-91
8.1
87
94
9.2
79
89-90
7.4
83
92
8.2
87
95+
9.3
79
91-93
7.5
83
93-94
8.3
88
88
8.7
79
94+
7.6
83
95+
8.4
88
89
8.8
80
80
6.9
84
84
7.6
88
90
8.9
80
81
7.0
84
85
7.8
88
91
9.1
80
82
7.1
84
86
7.9
88
92
9.2
80
83-84
7.2
84
87
8.0
88
93
9.3
80
85
7.3
84
88-89
8.1
88
94
9.4
80
86-87
7.4
84
90
8.2
88
95+
9.5
80
88-89
7.5
84
91
8.3
89
89
9.0
80
90-91
7.6
84
92
8.4
89
90
9.1
80
92-94
7.7
84
93-94
8.5
89
91
9.3
80
95+
7.8
84
95+
8.6
89
92
9.4
81
81
7.1
85
85
7.9
89
93
9.5
81
82-83
7.2
85
86
8.0
89
94
9.7
81
84
7.3
85
87
8.1
89
95+
9.8
81
85
7.4
85
88
8.2
90
90
9.3
81
86-87
7.5
85
89
8.3
90
91
9.5
81
88
7.6
85
90
8.4
90
92
9.6
81
89-90
7.7
85
91
8.5
90
93
9.8
81
91-92
7.8
85
92
8.6
90
94
9.9
81
93-94
7.9
85
93-94
8.7
90
95+
10.1
81
95+
8.0
85
95+
8.8
91
91
9.6
82
82-83
7.3
86
86
8.1
91
92
9.8
82
84
7.4
86
87
8.2
91
93
10.0
82
85
7.5
86
88
8.4
91
94
10.1
82
86
7.6
86
89
8.5
91
95+
10.3
82
87
7.7
86
90
8.6
92
92
10.0
82
88-89
7.8
86
91
8.7
92
93
10.2
82
90
7.9
86
92
8.8
92
94
10.4
82
91-92
8.0
86
93
8.9
92
95+
10.6
82
93-94
8.1
86
94
9.0
93
93
10.4
82
95+
8.2
86
95+
9.1
93
94
10.6
83
83
7.4
87
87
8.4
93
95+
10.8
83
84
7.5
87
88
8.5
94
94
10.8
83
85
7.6
87
89
8.6
94
95+
11.0
83
86
7.7
87
90
8.8
95 & over
95+
11.1
83
87
7.8
87
91
8.9
NOTE:
* The rates are for ages at the nearest birthday.