St. Monica Academy is supported entirely by tuition and charitable donations.St. Monica Academy is a 501(c)(3) non-profit educational institution. All donations are gratefully accepted and are 100% tax-deductible.
Please consider the following types of gifts and their tax advantages:
Gifts from Current Income
You can deduct a percentage of your adjusted gross income. The higher your income, the greater the tax savings. Gifts of current income can be spread out over a number of years to take full advantage of tax deductions.
If you’re considering a cash donation to St. Monica Academy, be sure to find out if your employer has a “Matching Funds” program available. A large number of companies offer this benefit to employees. For every dollar you donate to the school, the employer will match that donation up to a certain limit. This is a great way to stretch your gift.
Gifts in the Form of Securities or Real Estate
A gift of securities or real estate that has increased in value can be one of the most advantageous ways of giving. Gifts of this type provide you with the following benefits: 1) of making a significant gift without affecting your standard of living; 2) of avoiding paying capital gains tax on the appreciation of the securities or real estate; and 3) of securing a Federal Income Tax deduction.
Gifts from Bequests
A bequest to St. Monica Academy can result in a greater amount of your estate passing to your heirs, both in terms of current tax savings and the possibility of future estate tax savings – especially when coordinated with a Wealth Replacement Trust or ILIT.
Gifts of Life Insurance
A donor may make St. Monica Academy the beneficiary of a life insurance policy. A new policy may be taken out in the name of St. Monica Academy or an existing policy may be gifted to the school. If a policy is gifted, your donations to the school in lieu of premium payments will be tax deductible.
Gifts of Personal Property
Gifts of personal property are tax deductible. The donor also avoids payment of capital gains tax on any appreciation of the property (examples would include jewelry or collectible coins). Please contact us with any questions concerning immediate or deferred gifting. Also, it is always wise to consult your tax advisor on tax-related issues.