Ways of Giving to Holy Family Academy of Bayonne
Annual Fund: Gifts to the Annual Fund are an important
part of the school's development program. The fund helps to balance the budget, defray
the cost of needed renovations and secure the growth of Holy Family Academy of Bayonne.
Matching Gifts: Donors employed by companies with matching gift
programs can double or triple their contributions by designating Holy Family
Academy of Bayonne as a recipient of matching funds.
Tribute Gifts: Donors can further educational
opportunities by honoring or memorializing a special person or event. A letter
advising the designated person or family of the gift will be sent.
Gifts in Kind: Holy Family Academy of Bayonne gratefully
accepts gifts of supplies, books, services and equipment which are appropriate
for use by the school. Special tax deductions are available for firms or
individuals contributing gifts in kind to educational institutions.
|| You can also make a donation by mailing a check
made payable to Holy Family Academy of Bayonne to:
|| Holy Family Academy of Bayonne
239 Avenue A
Bayonne, NJ 07002
For further information on giving to Holy Family Academy contact:
Holy Family Academy of Bayonne at 201-339-7341, or
Bequests, charitable gift annuities,
pooled income funds, trusts and other means of planned gifts are ways of including
Holy Family Academy of Bayonne in estate plans and adding to the support given by Alumni/ae
and friends. Individuals who include HFA in their estate plans become members
of The Mother Marcelline Society and will be noted in future reports.
The Mother Marcelline Society
The Mother Marcelline
Society gratefully recognizes alumni, parents, faculty and friends
of the Holy Family who have made provisions for Holy Family through
a bequest, a life income gift, or have named HFA as beneficiary of a
life insurance policy or retirement account.
The Mother Marcelline
Society links Holy Family's current benefactors to her founder, and
their foresight and generosity will provide the resources Holy
Family needs to pursue its mission in the years ahead.
The goal of the Society is to acknowledge the generosity of the
benefactors who have made such provisions and, by their example,
encourage others to consider the same.
Holy Family Academy of Bayonne Offers Various Planned Giving Strategies
There are many ways
you can include Holy Family in your long range plans, and our
planned giving staff is available to work with our donors and
advisors simultaneously to help develop the gift plans that best fit
in with an individual's or family's overall financial and estate
plans. We are available to help our donors reach their
philanthropic goals and to review with advisors on all of the
consequences of charitable gift planning in order to better serve
their clients who have charitable interests.
For many friends and alumni of Holy Family Academy, the
best way to make a gift to the High School is in the
form of a bequest. Bequests can be made through gifts of cash, securities,
real estate, and tangible personal property.
- Cash Bequest
HFA receives a specific dollar amount.
- Bequest of Property
HFA receives specific assets, such as securities, an
interest in real estate (such as a residence), or
tangible personal property (e.g., works of art,
- Residuary Bequest
HFA receives all or a percentage of the remainder of
the estate after the payment of any specific bequests
and all estate-related expenses.
- Testamentary Trust
The trust provides one or more heirs with income for
life, after which the assets pass to HFOB.
- Retirement Plan
HFA is designated as a beneficiary of the remainder or
a percentage of the remainder of your IRA, Keogh,
tax-sheltered annuity, qualified pension, or
- Testamentary QTIP Trust
The trust provides income, and principal if needed, to
your spouse for life, after which the assets pass to
- Contingent Bequest
HFA is given a bequest only in the event of the death
of other beneficiaries.
name Holy Family Academy of Bayonne, the
501(c)(3) organization as an affiliate, you can include
the following language in your Estate Planning
documentation or will:
give ( $________ dollars / ______ percentage or all of the residue
of my estate) to the Holy Family Academy of Bayonne
501(c)(3) organization of Holy Family Academy, a New
Jersey educational, charitable corporation, for the
benefit of _________ .
To make a specific bequest, please contact Holy Family Academy of Bayonne at 201-339-7341 for further details and
language. If you have specific questions about your
existing planned gift(s).
LIFE INCOME GIFT
With a Life Income Gift, a donor receives an income stream for life or a term
of years. While ultimately supporting the operation and
teaching at Holy Family Academy, these life income gifts
can offer you and your heirs other benefits in addition
to income, including:
1. Ability to convert low- or non-income producing
assets into a gift with an attractive income stream;
2. Professional management and investment
3. Savings on income, capital gains, gift, and/or
Under current tax law, the recipient generally must
report distributions from qualified retirement
plans, such as IRAs, Keoghs, qualified pension or
profit-sharing plans, tax-deferred annuities, and
some TIAA-CREF plans, as taxable income.
In addition, distributions from these retirement plans at the
death of the account-holder can be subject to estate
taxes. In a large estate, these income and estate
taxes can leave less than 30 cents on the dollar of
the plan’s balance for your heirs (excluding your
naming Holy Family Academy of Bayonne as the beneficiary of the remainder of your
retirement plan after the death of you or your
spouse, 100 percent of the plan’s balance would be
available for Holy Family Academy of Bayonne’s use,
since the distribution would avoid both income and
make this gift, you can simply notify your plan’s
administrator of your wish to change the
beneficiary. A "change of beneficiary" form will be
required. Should you designate that your qualified
retirement plan come directly to Holy Family Academy
of Bayonne at your death, your spouse will need to
sign consent to the designation. A consent is not
necessary for an IRA unless you reside in a
community property state.
your spouse and children are currently the
beneficiaries of your retirement plan, you can
continue to keep them as beneficiaries, and also
include Holy Family Academy of Bayonne as the
beneficiary of a portion of the plan. Upon your
death, the plan administrator can "cash out" Holy
Family Academy of Bayonne’s share of the account
without affecting your family’s portion of the
account, so that Holy Family Academy of Bayonne, and
your heirs, benefit from your retirement savings.
Below is a sample of the beneficiary designation
language for spouse and charity:
The beneficiary is my spouse as long as he/she
survives me. The beneficiary of any amount(s)
remaining in the plan after the death of my
spouse, or of the entire amount in the plan upon
my death if my spouse does not survive me, or of
any portion thereof which my spouse may
disclaim, is for the benefit of Holy Family
Academy of Bayonne.
OTHER CREATIVE OPTIONS
For many people, a combination of gift techniques help
meet all philanthropic, family, and financial
objectives. The Charitable Lead Trust and Retained Life Estate all offer benefits
that work well on their own, but also can be coupled
with a life income plan to create an individualized gift
package that meets all needs.