MAKE A PLANNED GIFT
Donors have an opportunity to leave a legacy that will change the lives of Hill students forever. Planned giving is a meaningful way to support present and future Hill students, while providing a way for your legacy to live on through their achievements. If you have previously provided for St. Joseph Hill Academy in your will or trust, we would like to know of your generosity. Please take a moment to call us at 718-447-1374 Ext. 9163 or email firstname.lastname@example.org and we will enroll you as a member of The Summum Bonum Society.
The Summum Bonum Society
The Summum Bonum Society is a special group of alumni, parents, faculty and friends of St. Joseph Hill Academy who have recognized the importance of philanthropic planning, and who have provided for St. Joseph Hill Academy in their wills and through other planned giving arrangements.
Ways to Join:
- Include a bequest in your will to St. Joseph Hill Academy
- Name St. Joseph Hill Academy as beneficiary of a life insurance policy or IRA
- Include St. Joseph Hill Academy as a beneficiary of your Minimum Required Distribution (MRD)
- Provide for St. Joseph Hill Academy in your Estate Planning
Benefits of Membership:
The most important benefit you will receive from joining the Summum Bonum Society is the satisfaction derived from making a lasting contribution to St. Joseph Hill Academy’s long-term prosperity. Your membership does not involve dues, obligations or solicitations, but it allows us to thank you and recognize the plans you have made, while possibly inspiring generosity in others.
Benefits of membership in the Summum Bonum Society also include:
- Recognition as a Summum Bonum Society member in school publications and on our website (with your permission)
- Invitation to an Annual Mass and Luncheon
- Exclusive invitations to special school events
- Presentation of a Summum Bonum Society certificate
To find out how you can support St. Joseph Hill Academy and join the Summum Bonum Society, please contact:
Elizabeth Basile, Ed.D. Director of Development
718-447-1374 Ext. 9163
MINIMUM REQUIRED DISTRIBUTION
IMPORTANT INFORMATION ABOUT YOUR MINIMUM REQUIRED DISTRIBUTION
You can contribute to charities directly from your Traditional or Roth IRA—without paying federal income tax on the amount you give. If you are 70½ years old or older, you may take advantage of a simple way to benefit St. Joseph Hill Academy and receive tax benefits in return. You can give any amount up to $100,000 per year from your IRA directly to a qualified charity such as ours without having to pay federal income tax on the money. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short. If you are age 72 or older, IRS rules require you to take your Required Minimum Distribution (RMD each year from your tax-deferred retirement accounts. Although the CARES Act temporarily waived required minimum distributions for calendar year 2020, the annual RMD will once again be required for 2021.
Here is how it works:
- The amount that you wish to send to St. Joseph Hill Academy WILL count toward your RMD but WILL NOT be subject to federal income tax. (Please check with your individual circumstances with your tax advisor.)
- The funds must go directly from your IRA to St. Joseph Hill Academy so you should inform your IRA administrator that you wish to make a “qualified charitable contribution”.
- Call your IRA Administrator and let them know how much you’d like to provide for the students at Hill. Your administrator will ask for information about us – Please contact me directly at 718.447.1374 Ext. 9163 or email email@example.com.
- Some IRA Administrators will send a check made out to the school directly to you which you can forward to us. That works fine!
Gifts from your IRA can be as small as a few hundred dollars up to $100,000 per person. If your spouse also has a Traditional or Roth IRA, a gift can be made to SJHA in the same way. No matter the size of your gift, you will be making a direct and meaningful impact on our students’ lives!
As a longtime and generous supporter of St. Joseph Hill Academy, you stand to benefit greatly from this policy with your next gift! I hope you will consider this opportunity.
SAMPLE GIFT LANGUAGE FOR YOUR WILL OR TRUST
A gift to St. Joseph Hill Academy in your will or trust enables you to support our mission and make a difference in the lives of future generations.
- is easy to arrange.
- will not alter your current lifestyle in any way
- can be easily modified to address your changing needs.
Residual Gift Language:
A residual bequest comes to us after your estate expenses and specific bequests are paid:
I give and devise to St. Joseph Hill Academy located in Staten Island, NY, all (or state a percentage) of the rest, residue, and remainder of my estate, both real and personal, to be used for its general support (or for the support of a specific fund or program).
Specific Gift Language:
Naming St. Joseph Hill Academy as a beneficiary of a specific amount from your estate may be stated as follows:
I give and devise to St. Joseph Hill Academy located in Staten Island, NY, the sum of $___________ (or asset) to be used for its general support (or for the support of a specific fund or program).
Contingent Gift Language:
St. Joseph Hill Academy can be named as a contingent beneficiary in your will or personal trust if one or more of your specific bequests cannot be fulfilled:
If (insert name) is not living at the time of my demise, I give and devise to St. Joseph Hill Academy located in Staten Island, NY, the sum of $_______ (or all or a percentage of the residue of my estate) to be used for its general support (or for the support of a specific fund or program)
Retirement Plan Beneficiary Language:
You may name St. Joseph Hill Academy as a beneficiary of your IRA or other qualified retirement benefits. Donors should consult with their tax advisor regarding the tax benefits of such gifts.
Naming St. Joseph Hill Academy as the beneficiary of a qualified retirement plan asset such as a 401(k), 403(b), IRA, Roth, Keogh or profit-sharing pension plan will accomplish a charitable goal while realizing significant tax savings. It can be costly to pass such assets on to heirs because of heavy tax consequences. By naming St. Joseph Hill Academy as a beneficiary of a retirement plan, the donor maintains complete control over the asset while living, but at the donor's death the plan passes to support St. Joseph Hill Academy. Donors should consult with their tax advisor regarding the potential tax benefits of such gifts.
Making a charitable gift from your retirement plan is easy and should not cost you any attorney fees. Simply request a change-of-beneficiary form from your plan administrator. When you have finished, please return the form to your plan administrator and notify St. Joseph Hill Academy. We can assist you with the proper language for your beneficiary designation to St. Joseph Hill Academy.
If you or your attorney would like St. Joseph Hill Academy to provide you with customized beneficiary language that is specific to your goals and interests, please contact Dr. Elizabeth Basile, Director of Development at firstname.lastname@example.org, or call 718-447-1374 Ext. 9163.
Don't Delay - contact us today to leave a lasting Legacy at St. Joseph Hill Academy.