BISHOP WARD ENDOWMENT FUND
WHY CHARITABLE GIVING?
There are a number of reasons to give. Your gifts can go toward scholarships. A $10,000 gift would result in a scholarship fund in the name of your choice. Charitable giving can also result in savings on your income, estate, and gift taxes as well as avoidance of capital gains taxes. It will also make you feel good! There are a number of ways to give and charitable planning techniques allow you to give now or at the time of death. Consider the options below.
The Permanent Endowment at Bishop Ward
“I’m afraid that when I die, nobody is going to remember me” are the words shared by an older member of our Catholic community. A planned gift to the endowment can become the vehicle by which she can make a lasting mark on our Catholic Church and Bishop Ward High School. Others choose to give a gift to the permanent endowment in honor of someone they have lost, or someone that has inspired them.
Gifts given to Bishop Ward’s Endowment Fund will provide income to the school for years to come. The endowment fund is a permanent Trust separate from Bishop Ward's day-to-day operating fund that is invested and used to provide student scholarship funds for student Cyclones now and for many Cyclones to come.
Qualified Retirement Plans / IRA rollover
Qualified retirement plans and IRAs offer many convenient charitable gift opportunities. During your lifetime, once you have reached the age of 70.5 you may directly transfer money from your IRA to Bishop Ward. The IRA owner, donor, does not have to pay income tax on the transfer. The transfer is made with before tax dollars. You also may designate the school as the beneficiary of any remaining funds you do not use upon death, which may be deducted from your estate taxes. During your life you would retain complete access to the funds and could take an income tax deduction.
Life Insurance Gift
You can name Bishop Ward as the beneficiary of all or a portion of the death benefit on your life insurance policy. The school would then receive the full face value of the policy upon the death of the donor. This would allow you to make a substantial future gift to the school while also deducting your premium payments as gifts from your income taxes.
Testamentary Gifts (Wills and Living Trusts)
Testamentary gifts are those that are provided for in a Will or Living Trust, that take effect at death. Bequests can be made by designating a portion of your estate, as a percentage, a dollar amount, or certain assets, such as real estate or personal property. An outright bequest to Bishop Ward would be fully deductible from and Federal Estate Taxes and can also be used to establish a memorial to someone you wish to honor.
Charitable Gift Annuities
Under this type of arrangement, you would give an asset, such as cash, stocks and securities, or real estate, to Bishop Ward, and, in return, you and/or the beneficiary would receive annual payments of income for life. In addition to guaranteed fixed income for life, the advantages include an initial tax deduction, partially nontaxable payments as you receive them, and possible realized capital gains that are reported over your life expectancy.
Meet the Endowment Committee:
Dr. Mike Bartkoski ’63
Denise McCoy Beaman ’71
Greg Duggins ’83
Tim Evans ’61
Diane Gorup Hentges ’64
Fr. Michael Hermes
Ron Miller ’63
Bill Moon ’69, Chairman
Monsignor Michael Mullen ’54
Gary Pratt, CGPP
Frank Simonich ’61