Gifts that provide scholarships and student financial aid are the most important contributions that an Alumnus or friend can make to Brooklyn Prep.
Gifts for Scholarships and financial aid mean important educational opportunities for students who have earned the privilege of attending a Jesuit High School but lack the resources to accept offers of admission.
Gifts for Scholarship and financial aid help families who can muster a portion of the costs, but cannot manage the full burden of even a modest tuition charge.
Gifts for Scholarship and financial aid allow these Jesuit High Schools to recruit the best and the brightest students regardless of economic capabilities.
Gifts for Scholarship and financial aid preserve the tradition of ethnic and economic diversity in the student communities - a keystone of Jesuit education.
Please contact BPAA Board member Michael Comerford '72 who specializes in Trusts & Estates for assistance in any of these matters.
Comerford & Dougherty, LLP 516-248-4817
Whenever making important decisions regarding charitable giving or estate planning it is always best to consult your attorney and tax consultant.
Using securities to make a gift provides the flexibility that may make giving easier and more to your advantage.
A gift of marketable low-yield securities has little or no impact on your current income.
Financial securities can be used to fund both outright and deferred gifts.
BPPA gives you gift credit for the full current value of the gift.
When you make a gift of long-term appreciated securities, you maximize the gift to the Brooklyn Prep Alumni Association and enhance your tax advantages at the same time. When making a gift of long-term appreciated securities, be sure to transfer ownership of the securities to BPAA and not sell the securities on your own. This protects you from the capital gains tax on any appreciation.
For example, if you were to sell long-term appreciated securities, you would be liable for the federal capital gains tax, currently as much as 15% of the difference between the current value of the security and your cost (and possibly state capital gains tax as well). However, by transferring ownership of long-term appreciated securities to BPAA, you avoid capital gains tax on the appreciation. On outright gifts of securities, you will owe no capital gains tax.
When you transfer long-term appreciated securities to BPAA, you receive credit for the full current value of the gift.
For outright gifts, you receive a current income tax charitable deduction of 100% of the current value of the gift, subject to certain limitations, assuming you have held the securities for at least one year and a day. For deferred gifts, the deduction is the present value of the future gift, calculated according to IRS formulas.
Securities can be transferred to BPAA three ways: electronically, by mail, and by re-registration in BPAA's name. Your date of the gift is the date of transfer: the date your broker transfers shares, the date you mail certificates, or the date re-registration is complete on the corporation's books.
If you have any questions regarding the gifting of securities please contact BPAA Board member Michael Comerford '72 for assistance in any of these matters at:
Comerford & Dougherty, LLP 516-248-4817
Reminder to donors: the IRS may require you to complete form 8283A for a gift of securities. Please consult your tax advisor regarding your personal situation.
Whenever making important decisions regarding charitable giving or estate planning it is always best to consult your attorney and tax consultant.
Bequests
Leaving a Bequest to the Brooklyn Prep Alumni Association
Below are some suggested ways to provide for the BPAA in your Will:
Unrestricted Bequest of Specific Assets to BPAA. The standard legal wording for this type of bequest is as follows:
"I give, devise and bequeath to Brooklyn Prep Alumni Association, c/o Xavier High School, 30 West 16th Street, New York 10011 - attn: Father Dan Fitzpatrick SJ, the sum of $________ (or property described) for the Rev. John D. Alexander SJ Endowment Fund."
In case your legal advisor should ask for it, Brooklyn Prep Alumni Associations Federal tax identification number is 13-3691657.
Unrestricted Bequest of a Percentage of Your Estate.
This is a good technique for ensuring that the BPAA will receive the desired portion of your eventual estate, no matter how the nature and disposition of your assets might change and grow over the years. If you wish, the residue of your estate can be directed to BPAA after bequests of specific amounts to family members and friends. The appropriate wording would be as follows:
"I give, devise and bequeath (percent) of the rest, residue and remainder of my estate to Brooklyn Prep Alumni Association, c/o Xavier High School, 30 West 16th Street, New York 10011 - attn: Father Dan Fitzpatrick SJ, for the Rev. John D. Alexander SJ Endowment Fund.
The Pension Protection Act of 2006 has recently been extended. The Act allows individuals of 70 1/2 and older to make charitable contributions by drawing funds from their traditional or Roth IRAs entirely tax-free. The charitable gift from your IRA will satisfy all or part of your required IRA distribution requirements.
If this option appears to make sense for your personal tax situation we would advise that you consult your tax consultant before moving ahead.
If you have any questions please contact BPAA Board member Michael Comerford '72 who specializes in Trusts & Estates for assistance in any of these matters. Comerford & Dougherty, LLP 516-248-4817 mcomerford @mcmdlaw.com
Whenever making important decisions regarding charitable giving or estate planning it is always best to consult your attorney and tax consultant.
Life insurance
Thank you for your interest in gifts of life insurance to benefit the Brooklyn Prep Alumni Association.
If you have made BPAA the beneficiary of a life insurance policy, please make us aware of your generous decision. Be aware that a life insurance policy can have several beneficiaries. The insurance company can send you a "Change of Beneficiary" form so that adding beneficiaries, including charitable beneficiaries, is not complicated. Please know that a life insurance policy that provides benefits upon your demise cannot be considered a current gift to the Brooklyn Prep Alumni Association.
Wealth Replacement, where the donor uses payments from a Charitable Gift Annuity or Charitable Remainder Trust to pay premiums on a life insurance policy that will benefit the donor’s heirs, is an interesting tool that helps Alumni make a gift to BPAA while protecting their heirs at the same time.
If you have any questions please contact BPAA Board member Michael Comerford '72 who specializes in Trusts & Estates for assistance in any of these matters.
Comerford & Dougherty LLP
516-248-4817
Whenever making important decisions regarding charitable giving or estate planning it is always best to consult your attorney and tax consultant.
Matching gifts
Many employers offer a matching gift program to eligible employees. If you or your spouse work for a matching gift company, your gift to The Brooklyn Prep Alumni Association may be doubled or tripled simply by completing a form that will be available from your employer.
Some common questions about giving:
How does the matching gift program work?
When you make a gift to Brooklyn Prep, your employer makes a gift in your name as well. For example, if you make a gift of $250 to The Brooklyn Prep Alumni Association, your employer may contribute a corresponding gift ranging from $250 - $500, depending on your companys matching policy.
What are the advantages?
As a donor, you will be credited with the total contribution, including the corporate contribution.
How do I know if my employer matches gifts?
Check with your Human Resources department for advice on this matter.
Whenever making important decisions regarding charitable giving or estate planning it is always best to consult your attorney and tax consultant.
