In order to keep our tuition rates affordable, St. Monica Academy sponsors several types of fund-raisers throughout the year. We expect all families to participate in these. Tuition income only covers about 50% of the operating expenses of the school.
We ask each family to commit, through the medium of these school fundraisers and with the help of their own friends and families, to help raise the amount above tuition that it costs to educate their children. Tuition income only covers about 50% of the operating expenses of the school.
All families that can afford to do more than this are asked to do so in order to help less fortunate families that might not be able to meet this goal.
We hope this will help to provide a specific goal for many families who know they have a responsibility but are unsure of how to accomplish it. This system is also necessary for providing a sound fiscal approach to running the school.
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.
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.
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.
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 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).