Planned Giving
A planned gift is any major gift, made in lifetime or at death as part of a donor’s overall financial and/or estate planning. These include gifts of equity, life insurance, real estate, personal property, or cash.
The Catholic Schools Foundation provides financial support to low-income students to attend Catholic elementary and high school in the Archdiocese of Boston. Our scholarship and non-scholarship support totals $14.7M and provides the opportunity for a high-quality Catholic school education to 3,624 students from kindergarten to 12th grade.
The majority of students who benefit from these scholarships come from and attend school in some of the most underserved communities in greater Boston (Roxbury, Dorchester, Brockton, Everett, Lawrence, Lynn, Revere, and Malden). 68% come from single-parent homes and approximately 80% are from diverse ethnic backgrounds. With an astounding 100% high school graduation rate and 97% of CSF Scholars matriculating to college. These scholarships are truly changing lives.
In addition to providing scholarships, CSF supports the educational programs and resources necessary for every child to succeed, designed to enhance academic performance and operational vitality to ensure students reach their highest potential.
Planned Giving is essential to the work of CSF because it ensures all kids receive opportunity and access to high-quality education for years to come, and it allows our team to strategically plan for the future. We believe that a strong education is the foundation for breaking the cycle of poverty and leading a happy, successful life. Your planned gift makes an immeasurable impact on the lives of these students.
Types of Planned Giving
Make a Bequest
A legacy gift in the form of a bequest is a gift you make from your will or trust and is one of the most common and simple ways to leave a lasting legacy. They can be gifts of cash, stock, real estate or other assets. Bequests allow you to support the Catholic School’s Foundation (CSF) without affecting your current lifestyle.
How to Make a Bequest:
To start, decide how you would like to divide your assets. Consider your heirs first; charity second. Once you’ve decided to name CSF as a beneficiary of your will or trust, you’ll need to:
Provide a specific dollar amount or percentage of your estate
Leave a particular asset like stocks, bonds, mutual funds, real estate, artwork or other property to CSF
Name Catholic Schools Foundation, Inc as a residual beneficiary, so that CSF receives the remainder of your estate after all other bequests have been satisfied and final taxes paid
Age 70 ½ Distributions
If you are over 70 ½, you are required to take distributions from an IRA. Instead of creating a taxable event for yourself, make the distribution a charitable gift using all or a portion of your mandatory withdrawal amount (up to $100,000 total, per person).
As long as the distribution is paid directly to the Catholic Schools Foundation from your IRA administrator, the amount will not be counted in your taxable income for the year, which may result in tax savings for you!
How to Make a Contribution through your IRA:
Contact your financial adviser today and request that a “Qualified Charitable Distribution” be made directly to: Catholic Schools Foundation, Inc., 67 Batterymarch Street, 6th floor, Boston MA 02110. The Catholic Schools Foundation is an independent 501(c)(3), our EIN number is: 22-2485502
Make sure that your gift is identified with your name, address, and intention to use it as a 2019 IRA Qualified Charitable Distribution.
Speak to your tax or financial advisor today for more information!
Life Insurance Donation
If you have a life insurance policy that you no longer need, donating it to the Catholic Schools Foundation may allow you to take advantage of a charitable tax deduction.
For a paid-up policy, you’ll benefit from an income tax deduction equal to the replacement value of the policy or the tax basis (premiums paid on the policy up until the date of the gift), whichever is less.
If premiums remain to be paid, future annual premiums (paid to the Catholic Schools Foundation) will qualify as tax-deductible charitable gifts.
