Holy Family Academy of Bayonne
 

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.

Donate Now by PayPal:
Donate by Mail: 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
E-mail: hfadevelopment@gmail.com

Planned Giving

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.

BEQUESTS

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, antiques).

  • 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 profit-sharing plan.

  • Testamentary QTIP Trust
    The trust provides income, and principal if needed, to your spouse for life, after which the assets pass to HFA.

  • Contingent Bequest
    HFA is given a bequest only in the event of the death of other beneficiaries.

To 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:

I 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 diversification.

     3.  Savings on income, capital gains, gift, and/or estate taxes.

RETIREMENT PLANS 

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 spouse).

By 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 estate taxes.

To 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.

If 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.

 

If you have specific questions about your planned gift(s), please contact

Holy Family Academy of Bayonne at 201-339-7341.