Planned Giving


There are many giving options available to donors of Bayside. By carefully planning your gift, you can enjoy the satisfaction during your lifetime and receive substantial tax savings. Planning your gift to Bayside may also enable you to make a larger gift than you might otherwise be able to provide through a cash or pledged gift.

This material is provided to serve as a guide to some of the many ways in which a donor can invest in the future of Bayside. The information contained herein is not intended as legal, professional, or tax advice.

Please consult your attorney, accountant, or tax advisor to find out what options are most appropriate for your personal, financial, and estate planning situation.

Cash

Gifts of cash are certainly the easiest and most popular. If you are making a year-end gift, make sure the check (and envelope if mailed) are dated or postmarked by December 31 to ensure that the gift is deductible in that year even if it is not received by the school until early the following year.

  • The limit on fully deductible cash gifts is a maximum of 50% of your adjusted gross income.
  • Anything more can usually be carried forward and deducted over a maximum of five subsequent years.

Pledges

Rather than making a cash gift, you may wish to pledge your contribution over a number of years. Please check with the Advancement Office for more information.

The Advancement Office will send pledge reminders unless you specify otherwise.

Matching Gifts

Many companies will match the contributions which employees (sometimes even retired employees) make to IRS-recognized philanthropic and educational groups. You can double - sometimes triple - your gift through a matching gift program. Simply enclose the company's matching gift form along with your check.

Please note that matching gifts do not increase your charitable deduction.

Appreciated Securities

A gift of appreciated securities brings the donor greater tax savings than gifts of cash and also offers the donor two significant advantages: 1. you avoid paying capital gains on the increased value of the stock; 2. you receive a charitable deduction for the full fair market value of the stock when the gift is made. In order to do this, your stock generally must have been held long-term (more than one year).

  • The gift must be postmarked by December 31 or your broker can arrange for a gift of stock from your account by that date.
  • Gifts of appreciated securities are fully deductible up to a maximum of 30% of your adjusted gross income. Anything more can usually be carried forward and deducted over a maximum of five subsequent years.

Gifts in Kind

Independent schools welcome donations such as computers, office furniture, classroom supplies, landscape material, athletic equipment, art work, and many other items related to the educational program. The Advancment Office will be happy to help you ascertain gift acceptability.

  • Gift value is determined by the donor through appraisal or a record of purchase.

Real Estate Gifts

A gift of real estate provides a considerable savings in capital gains tax due upon sale of appreciated property. At the same time, you receive a charitable deduction for the full market value of the property subject to the limitations described above under Appreciated Securities.

  • You can contribute the property but retain the right to reside there for you and/or your spouse's lifetime and you will receive a charitable deduction for the year in which the gift was made.

Life Insurance Gifts

The contribution of a life insurance policy can provide a significant gift in a manner which can be especially attractive to younger donors. Some schools offer annual fund recognition for the amount of the annual premium.

  • By designating Bayside as both the owner and beneficiary of a life insurance policy, the premiums are tax-deductible to the donor.

Retained Income Gifts

An easily-established trust can provide a current charitable deduction for you in addition to income to you and/or the school during your lifetime. This meaningful gift can be especially appealing by increasing the income you receive from low-yielding stocks.

  • The income can be distributed to you, your spouse or other designee, after which the assets would be distributed to the school.

Bequests

A bequest is a gift of property made through a donor's will and is the simplest and most common form of planned gift. The advantages of making a gift through a bequest are that the donor does not have to part with any property until after death. Gift and estate taxes are avoided.

  • Distributions can be made either as a specific dollar amount or as a percentage of the estate.

Questions?
The Advancement Office will be happy to answer any questions and discuss a gift which would provide mutual satisfaction. We certainly appreciate your interest in Bayside Academy.

 

 
Taylor Houser
Advancement  Director
(251) 338-6438
 

For additional information, please contact Taylor Houser.