GIFTS OF CASH
Cash gifts are the most common form of contributions. The donor can deduct cash gifts to Brother Rice High School in the year they are donated, generally up to 50% of adjusted gross income. In succeeding years, donors may claim any deductions exceeding the maximum permitted deductions in the year of the gift. Gifts may be made by cash, check, or credit card. Click below to use our on-line donation system:
TRANSFER OF STOCK
A gift of stock offers the donor a tax deducation for the value of the gift, plus no capital gains tax on appreciated stock or property. Click here to download a stock transfer form.
PLANNED GIVING The following are Planned Giving alternatives that are often used as vehicles for charitable donations. Gifts of Appreciated Securities Securities are especially advantageous because a donor can avoid capital gains tax. If a donor contributes appreciated securities to Brother Rice, capital gains tax can be avoided (on the difference between the price paid and the market value). The donor generally would be required to pay this tax if he/she sold them. A donor may deduct the current market value of a securities gift, generally up to 30% of his/her adjusted gross income. In the succeeding five years, he/she may claim any deductions exceeding the maximum permitted deductions in the year of the gift. Wills A will is a legal document that specifies, after death, when and to whom a donor's assets will be distributed. A statement in a donor's will specifying his or her financial commitment to the mission and vision of Brother Rice can be arranged to ensure long-term support of the school. Insurance Life insurance is a convenient method of contributing to Brother Rice. To qualify, Brother Rice High School would become the owner and beneficiary of a donor's policy. If the policy is paid up, a charitable contribution is generally the replacement value or cost basis of the policy, whichever is less. Premiums paid on a gift of a life insurance policy also qualify for deductions. Charitable Gift Annuities A charitable gift annuity occurs when a donor transfers to Brother Rice a specific sum of cash, securities, or other property. In consideration of this gift, Brother Rice High School would pay to the donor, to the donor's spouse, or to others a guaranteed fixed annual income for life. The annual income that the school would pay (rate of return) is based upon the rates established and accepted in the formation of the charitable gift annuity. Charitable Remainder Annuity Trust A donor during his/her lifetime irrevocably transfers money or securities to a trustee (a bank, an individual, or a charitable organization), who pays the donor for life a fixed dollar amount annually. The trust also can provide income for a donor's survivor (a spouse) for life or for the lifetime of others. Then the trust assets become the sole property of Brother Rice High School. The donor determines the annual fixed dollar amount which must be at least 5% of the initial value of the assets used to create the trust Charitable Remainder Annuity Unitrust A donor during his/her lifetime irrevocably transfers money, securities, or both to a trustee (a bank, an individual, or a charitable organization), who pays the donor income for life or for a period determined at the donor's option, of up to 20 years. The trust can also provide income for a donor's survivor, a spouse, or others for life. The donor receives payments based on a fixed percentage of the fair market value of the trust assets valued each year (usually Jan. 1). The fixed percentage to be paid must be 5% or greater. The donor may claim a charitable deduction in the year the unitrust is created. If you are interested in receiving more information about how to utilize Estate Planning strategies to give to Brother Rice, please send a request, with your address, here.
VOLUNTEERS There are opportunities to donate to Brother Rice and advance the Mission of Blessed Edmund Rice that do not involve money. With our Annual Fund, Major Events (Raffle and Auction) and other Activities, the Office of Advancement will always find good use for the time and talent of those in our community. If you are interested in getting involved in our activities, please contact Renee Lynch at (248) 647-2531.
Brother Rice High School is not engaged in rendering legal, accounting, or other professional financial services. If legal advice or other expert assistance is needed, please seek the professional services of an attorney or certified public accountant. If you have any specific questions about the Planned Giving program at Brother Rice, please contact Ed Shaffer at (248) 647-2531.
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