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Scholarship and Endowment |
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MEMORIAL GIFTS: If you wish to make a gift in memory of a loved one or friend, teacher, or classmate, Saint Mary’s High School will send a card to the family of the deceased acknowledging receipt of your thoughtful gift. You also will receive a thank you note confirming receipt of your gift and that an acknowledgment card has been sent. We will ask you for your name and address, the deceased’s name, and to whom you wish to send the card.
HONOR GIFTS: If you wish to make a gift in honor of a Saint Mary’s graduate, teacher, alumnus/a, or classmate, for her/his birthday, anniversary, college graduation, etc., Saint Mary’s High School will send a card to the honoree recognizing your thoughtful gift. You also will receive a thank you note as a receipt for your gift and that an acknowledgment card has been sent to the honoree.
WILLS, BEQUESTS AND ESTATE PLANNING: The Mission of Saint Mary’s High School is to educate students within the Catholic tradition to learn, to serve, and to flourish. We encourage you to support the mission of Saint Mary’s High School by making an outright or deferred gift.
BEQUESTS: A bequest through your will comes directly to Saint Mary’s High School and can be
· A specific dollar amount
· A specific asset such as marketable securities or real estate
· All or a percentage of your total estate
· All or a percentage of your “residuary estate.” The residuary estate is what remains after payment of specific bequests, taxes, expenses, and debts
· A contingent bequest, which comes to Saint Mary’s High School if the primary heirs do not survive the donor.
Language for a bequest provision is simple and can be incorporated into a new will, or can be added by a codicil, or amendment, to your existing will. Following is some suggested language:
I give (describe dollar amount, property, or portion of residuary estate) to Saint Mary’s High School, a nonprofit corporation, for its general purpose (or for a specific purpose so designated in this will).
Other Kinds of Estate Gifts:
Retirement plans, such as IRAs, 401Ks, and KEOGHs are highly taxed to the surviving heirs, since these assets are subject to both income and estate tax. Hence, these plans make excellent giving opportunities to Saint Mary’s High School, which is not required to pay taxes and therefore benefits from the full value of the funds. A tax-wise giving strategy is to leave appreciated property to heir and retirement proceeds to charity.
Life insurance offers an easy way to make an important gift. Saint Mary’s High School can be named the beneficiary, for all or part of the proceeds; or Saint Mary’s can be made the owner of an existing policy which the donor no longer needs.
Estate Taxes: You can save considerable federal estate taxes by donating estate assets directly to Saint Mary’s High School and have the satisfaction of supporting the traditions and principles of Catholic education about which you care so much. These gifts are fully deductible for tax purposes. Add up the value of your real estate, life insurance, savings, pension benefits, and other assets to estimate your taxable estate.
LIFE INCOME PLANS:
Charitable Gift Annuity: A charitable gift annuity represents a contract between a donor and a charity such as Saint Mary’s High School. An irrevocable contribution to Saint Mary’s High School will generate quarterly payments for life for the donor. The annual income is a percentage of the original gift and is based on the age of the donor at the time of the contribution. At the end of the annuitant’s life, the remaining principal benefits Saint Mary’s High School.
The minimum contribution for all donors aged 50 and older is $10,000. The donor also benefits from a charitable tax deduction for a portion of the gift.
Charitable Remainder Trust: A charitable remainder trust is an irrevocable trust. The trust income is paid to beneficiaries, or donors, for their lifetime or a term of up to 20 years. After that time, the principal is paid to a charity such as Saint Mary’s High School. You may tailor the annual income from the trust to be a fixed amount or a percentage of the principal’s value. You may also decide the payout rate you want to receive as long as there is an actuarial probability that at least 10% of the principal will be left for charity at the time of your death.
The trust may be funded with cash or other property. Appreciated property – securities and real estate, which you have owned for over a year – is an excellent source of funding. Capital gains taxes are not paid by the donor at the time the property is transferred to the trust or when the trust later sells the property to diversify the assets.
Life income gift tax benefits are generous and are based on the projected value of the property which will ultimately be transferred to the charity (Saint Mary’s High School). Capital gains taxes on appreciated property used to make the life-income gift are deferred in the case of charitable remainder trusts and charitable gift annuities.
Rather than distribute lifetime income to the donor, the charitable lead trust provides income to Saint Mary’s High School for a specified period. After that time, the principal passes to the donor or the donor’s beneficiaries, such as grandchildren. A charitable lead trust can provide income to Saint Mary’s High School and also save estate or gift taxes as well as generation-skipping transfer taxes. It is an excellent way for a donor to transfer substantial assets to younger generations at a fraction of their present estate-taxable value.
The services of an attorney whose practice is devoted exclusively or largely to estate and charitable gift planning are essential in drawing up or revising a will, in establishing a charitable remainder trust, or advising you in the best estate planning strategies. Your wishes pertaining to your heirs, charitable contributions, minimization of estate taxes, personal income needs, and other estate-planning issues are best addressed by professionals who are well versed in estate and tax law.
CONTACT US AT SAINT MARY’S HIGH SCHOOL
The development staff of Saint Mary’s High School will be pleased to discuss your estate planning needs and options, including the several kinds of charitable gift plans and their particular suitability to your goals.
For more detailed information about bequests and other planned gifts such as charitable remainder trusts, charitable lead trusts, gifts of real estate to Saint Mary’s High School, and several other kinds of gift arrangements that may suit your needs, please contact:
Development Director Pat Farrell
Saint Mary’s High School
2525 N. 3rd Street
Phoenix, AZ 85004
Telephone: 602-251-2507
e-mail: pfarrell@smknights.org
Scholarship Programs
POSSE Program
The P.O.S.S.E. program at Saint Mary’s High School was established in 1995. The P.O.S.S.E. program was modeled after, but is not related to the P.O.S.S.E. program in New York City. The program’s mission is to help a student with financial need attend a private school or college through the generosity and personal support of a mentor. The P.O.S.S.E. program has been instrumental in preserving the diversity of Saint Mary’s and providing a Saint Mary’s education that is rich in tradition, academics, athletics and Catholic Christian service to students with a demonstrated financial need.
Saint Mary’s currently has 815 students. The campus atmosphere is close knit and family oriented and allows for optimal student success. Currently over 55 students are enrolled in the P.O.S.S.E. program. The role of a sponsor is to help provide financial assistance to a student for a 3 or 4 year period that would otherwise not be able to attend Saint Mary’s. In addition the sponsor may want to provide encouragement and inspiration to the student throughout the school year.
Students are chosen for the program based on the following criteria:
· Desire for a structured, values-based education
· Motivation to take advantage of a superior high school education
· Their inability to meet the financial cost of attending a private high school
Most of our graduating students who were enrolled in the P.O.S.S.E. program have gone on to major universities and colleges, including POSSE recipients who were awarded scholarships to Stanford and Notre Dame University as well as other prestigious universities.
Any person or corporation with an interest in finding out more about the P.O.S.S.E. program or becoming a sponsor should contact Bridget Costello 602-251-2508 or Jeanne Fisher 602-251-2509 for more information. Or, click here to download the POSSE donation form and mail it to Saint Mary’s High School, 2525 North Third Street, Phoenix, Arizona 85004. Thank you in advance for making a difference in the life of a Saint Mary’s student.
State Tax Credits
Once again the State of Arizona will allow Arizona taxpayers to designate up to $825 of your state income taxes to benefit a student at Saint Mary’s High School.
The Arizona Tax Credit Act of 1997 allows any taxpayer with an Arizona income tax liability to contribute up to $825 to qualified School Tuition Organization that assists children in receiving a quality, Catholic education and receive a tax credit against his or her state tax obligation.
Since the CTODP is a non –profit organization they accept contributions in any amount which count as a charitable donation on you Federal tax return. In addition, for 2005 you can claim the dollar-for dollar state tax credit of up to $ 825 now due to an increase in credit amounts. NO matter what tax bracket you are in – it will not cost you a cent. No matter how small your tax liability – every dollar is needed to pay a deserving student’s tuition.
Academics, self-discipline, community service, morals, ethics, fellowship, and family are the hallmarks on which Saint Mary’s was built and continues to thrive. Saint Mary’s is proud to say “We don’t just teach students how to make a living; we teach them how to make a life.” But we can’t do it without your help.
Saint Mary’s is determined to remain a “melting pot” where all students can come together in a “real world” environment. Saint Mary’s High School needs your support of the tuition tax credit program to provide financial assistance to our many deserving families.
Your contribution to the CTODP can make a quality, Catholic education affordable because the CTODP will use your designated contribution to award financial aid to deserving students. You can designate funds to any Diocesan elementary or high school or choose to leave your funds undesignated. But we hope that you will remember the special needs of Saint Mary’s students when you designate your funds.
Simply write a check to CTODP (Catholic Tuition Organization of the Diocese of Phoenix) prior to December 31, 2005. Married couples filing separately are allowed a maximum credit of $825. A husband and wife filing separate returns may each claim only up to one half of the allowable
$825. The maximum credit for single taxpayers is $500. Indicate on the memo line of your check “St. Mary’s High School” and this will designate your funds will be allocated to families with students at Saint Mary’s High School.
Mail your check to:
CTODP, Bank Processing center
P.O. Box 53321
Phoenix, Arizona 85072
Or, click here to download a CTODP donation form. Complete the form and mail it to the above listed address or go to www.ctodp.org to donate online now. CTODP accepts Visa, MasterCard, Discover & American Express.
Thank you in advance for making a difference in the life of a Saint Mary’s student!
Copyright © 2005 by Roman Catholic Diocese of Phoenix. All rights reserved