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WAYS TO GIVE
CashYour personal gift of cash is greatly appreciated and is often tax deductible. Gifts may be made in honor or in memory of friends and loved ones.
Restricted Gifts
Restricted gifts are directed to a specific project or program at John Milledge Academy such as scholarships, fine arts, athletics, the library, computer software and many others. These gifts will only be used for those areas designated by the donor.
Gifts of Stocks or Bonds
The gift of stock to John Milledge Academy is an ideal way for you to make a donation without paying any capital gains tax. Gifts of appreciated stocks or bonds have the same positive benefit to JMA as gifts of cash. However, a gift of securities can be more beneficial to the donor than a gift of cash. For full tax benefit, your broker can electronically transfer securities to a John Milledge Academy broker. Contact the Development Office to begin the process.
Bequests
While many people choose to provide financial support during their lifetime, some will choose to also support the school at their death. Bequests are gifts made through your will. A gift of funds (a dollar amount or a percentage of your estate) or real estate may be specified. The donor leaves a specific amount of money, a specific asset, or a specific percentage of his/her estate to John Milledge Academy. Residual bequests are given only after all debts, expenses, taxes, and other bequests have been paid. Contingent bequests are also an option. Contingent bequests take effect only when all other bequests fail.
Life Insurance
Designating John Milledge Academy as a beneficiary of a policy is an ideal way to show your support and at the same time provide you with a tax deduction.
Matching Gifts
Double your gift to John Milledge Academy! Many companies show their support of educational institutions by matching, dollar for dollar (or more), the gifts their employees make to John Milledge Academy. Please check with your company’s personnel office for matching gift instructions.
Real EstateSubject to acceptance by John Milledge Academy, any real estate may be donated. On real estate owned longer than one year, you receive a charitable deduction for the full fair market value of the real estate. Real Estate such as undeveloped land, farms, commercial buildings, vacation homes or current residences may be donated.
Charitable Lead Trusts
A donor creates a Charitable Lead Trust by transferring ownership of an asset to a trust. The trust gives the income or a percentage of the income to John Milledge Academy for a period of years (usually 15 to 20). At the end of the period of years, the trust assets are given back to the donor or other beneficiaries. A lead trust typically is used with assets with a potential for continued high appreciation. The trust permits the assets to be transferred to the other family members in the future with a low transfer cost.
Paid Up Life Insurance
Paid up whole and universal life insurance policies can be used as current gifts to John Milledge Academy.
Deferred Gifts
Deferred gifts are often called planned gifts because they are integrally connected to a donor's financial or estate plans. Deferred gifts are those that are given today, but John Milledge Academy will not realize their benefit until some years in the future. Deferred gifts include bequests, life insurance, trusts, and gifts of stock or real estate. If you would like more information, the Development Office can assist with arrangements on an individual basis.
Charitable Gift Annuities
A Charitable Gift Annuity is a simple agreement between the donor and John Milledge Academy. In exchange for your gift of cash, securities, or certain types of other assets (real estate, timber rights), JMA will agree to make fixed, periodic payments to the donor and/or another beneficiary for life. A portion of the payment to you may be tax free or taxed at a more favorable rate for taxes on capital gains. The donor may be entitled to an immediate federal income tax deduction for a portion of the gift. The amount of the payment from the Charitable Gift Annuity is provided for life and backed by the assets of JMA.
Charitable Remainder TrustsCharitable Trusts offer an opportunity to make a substantial gift without giving up annual income produced by the assets placed in the trust. Annuity Trusts and Unitrusts are CRT's that allow the donor to receive a charitable contribution income tax deduction based on life expectancy. The donor may avoid taxes on capital gains on the sale of appreciated securities or real estate and potentially reduce estate taxes. The main difference between the two different CRT's is the way annual income from the trust is determined.
Gifts in KindDonations of equipment, materials, or other valuable items for John Milledge Academy’s classrooms, libraries, offices or facilities are considered gifts in kind. Acceptance of items is subject to usage and space constraints. Individuals may contact the Development Office to donate a gift in kind.
Memorial and Named Gifts
A family member, faculty member, student, alumnus, friend or loved one may be honored through a special named or memorial gift to John Milledge Academy. The Development Office can assist with arrangements on an individual basis.
Scholarship Funds
Establishing an endowed scholarship is a wonderful way to honor someone with special ties to John Milledge Academy. Scholarship funds help open doors to worthy students and recognize outstanding achievement.
Charitable giving can provide important funds to the school and significant tax benefits to the donor. The tax information provided is general in nature. Tax law is complex. For specific tax and legal information, please contact your tax advisor or attorney. |
