Become a Member of the Heritage Society
The Heritage Society recognizes the men and women who have provided for the future of Ursuline by arranging gifts that endure beyond their own lifetime. Members receive an invitation to the President’s dinner in addition to various specialized stewardship, including notation in the Annual Report.
Ursuline Academy has an excellent and comprehensive Planned Giving Program for alumnae, families and friends who want to help secure the long term future of our school by utilizing gifting strategies that will benefit both the school and themselves. Planned gifts often consist of gifts of assets rather than checks or cash.
- The donor may gain a charitable tax deduction now – even for future gifts.
- It can help a donor reduce or avoid capital gains tax.
- It can lower estate taxes.
- It can protect and potentially increase the size of one’s estate for one’s heirs
- It could increase one’s existing income.
- It continues the generosity one has shown through life.
- Finally, it can help one recognize the dream of making the largest contribution of a lifetime, giving a gift that has major impact on the success of Ursuline Academy.
Types of Planned Giving
Gifts of Cash
A gift of cash can be one of the most convenient ways to make a planned gift. Cash contributions are deductible as an itemized tax deduction in the year you make the donation, up to 50 percent of your adjusted gross income. Any excess contribution may be carried forward for up to 5 additional years.
Gifts of Securities
Establish a planned gift with stocks, mutual funds or bonds that have increased greatly in value, especially those securities producing a low yield. Using gifts of securities can help you avoid capital gains taxes, but it is critical that you transfer the physical securities to Ursuline Academy rather the proceeds from a sale.
A charitable bequest is made through a will or trust. This gift can include cash, securities, real estate, and tangible personal property such as jewelry or art, or a percentage of your estate.
Charitable Gift Annuities
An Ursuline charitable gift annuity is an irrevocable gift arrangement between you and Ursuline Academy in which you receive a guaranteed fixed income for life, and/or the life of another beneficiary. Gift annuities can be established with either cash or securities. The guaranteed interest rate is based entirely upon your age and/or the age of an additional beneficiary.
Deferred Gift Annuity
This gift arrangement allows you to defer your annuity income payment for one or more years. An older donor may establish a deferred gift annuity for a younger beneficiary, but the payments must be deferred until the beneficiary reaches age 60. Donors less than 60 years of age may establish a deferred gift annuity. If the donor is to be the recipient of the income payments, those payments may not begin until age 60.
You can simply name Ursuline as the beneficiary of a policy you already own or you can establish a new policy and name Ursuline as the owner and beneficiary. Or, you can donate an existing fully paid life insurance policy to Ursuline.
Charitable Remainder Trust
This deferred gift enables you to simultaneously make a generous charitable gift, generate income for yourself or your family, receive a tax deduction and remove taxable assets from your estate. The two types of this trust are the Charitable Remainder Annuity Trust and the Charitable Remainder Unitrust.
Charitable Lead Trust
A Charitable Lead Trust is often described as the opposite of a Charitable Remainder Trust. This gift provides income to Ursuline for a number of years or for a lifetime. At the end of the trust’s term, the remaining principal of the trust is returned to your estate to or other beneficiaries.
Retained Life Estate
A retained Life Estate contract is when you make a gift of a personal residence to Ursuline and you retain the right to live in the home for life. Making a gift of property while retaining a life estate provides you with a charitable income tax deduction based on the value of your property, your age and your life expectancy.