Giving to Chesapeake Academy
Chesapeake Academy relies heavily on the time, talents and financial contributions of its past and present community members. This support allows us to offer the standard of excellence for which we are known and helps make the dreams we have for our students and their teachers become a reality. For more information on how you can help, please contact Debbie Cook at 804.438.5575 or email@example.com.
The Development Office is a community of people, both staff and volunteers, dedicated to the advancement of the Academy by communicating its philosophy and mission and shared values of character education. As we seek philanthropic support, we encourage and appreciate all levels of participation whether it is in the form of time, treasure, or the sharing of one’s talents.
Time and Talent
Volunteerism at Chesapeake Academy takes many forms through membership on CAPPA committees, Board of Trustee committees, being a PALS volunteer , volunteering in the Development Office, helping at various events throughout the year, or doing your volunteer work from home. We appreciate every minute you can share with us!
To help with CAPPA or events, please contact Catherine Emry, Development Associate.
NEW! ON-LINE DONATIONS! Donate to Chesapeake Academy's Annual Fund through the convenience of on-line giving. Simple to use, reliable and a quick, easy way for you to get involved. Make your donation today!
Ways to Give
A gift of stocks or bonds that are (or will be) readily available are a win-win opportunity for you and Chesapeake Academy under current tax laws. The deduction for the outright gifts of appreciated long-term publically traded securities (held more than one year) is equal to the fair market value on the date you relinquish control of the assets to the Academy. None of the appreciation is taxable for capital gains purposes.
Gifts of stock of a private corporation receive slightly different treatment. You may avoid capital gains on appreciation of closely held stock while attaining a tax deduction on the stock's fair market value. You may obtain an immediate tax deduction of up to 30% of adjusted gross income. If the gift amount exceeds 30% of adjusted gross income, the remainder of the deduction generally can be carried over for up to five years.
Please contact Debbie Cook by calling 804-438-5575 or emailing firstname.lastname@example.org to learn how to make a gift of securities.
Many companies will match the contributions that employees (sometimes even retired employees) make to nonprofit organizations such as Chesapeake Academy. Under a corporate matching gift program, gifts made by a company's eligible employee or employee's spouse are matched with company or corporate foundation funds—sometimes doubling or tripling the initial gift. To initiate a matching gift, ask your personnel office for the company's matching gift form and send it along with your donation to the Academy. Please note that matching gifts do not increase your charitable deduction.
The Faye Society
Making provisions to include the permanent endowment, managed by the Chesapeake Academy Foundation, is an excellent way to receive tax credit now while investing in the future of children from the Northern Neck and Middle Peninsula.
Retained income gifts
New rules for charitable giving (from the USAA website)
Don’t let the name of the 2006 Pension Protection Act, passed last August, confuse you. Part of the legislation outlines important new tax implications for charitable giving.
Even that $5 you drop in the Salvation Army kettle will require proof of payment if you want to add it to your deductions. In the past, you only needed to obtain a written acknowledgement for a single cash contribution of $250 or more.
Give away good stuff
To claim a deduction on anything worth more than $500, like furniture or electronics, you’ll need to include a qualified appraisal with your tax return.
Taking it from your IRA
To learn more about these and other related changes brought by the new act, consult the IRS website or your financial advisor.
Use Your IRA as Never Before
Under the law, you can make a lifetime gift using funds from your individual retirement account (IRA) without undesirable tax effects. Previously you would have had to report any amount taken from your IRA as taxable income, then take a charitable deduction for the gift, but only up to 50 percent of your adjusted gross income. In effect, this caused some donors to pay more in income taxes than if they didn’t make a gift at all.
Fortunately, now these IRA gifts can be accomplished simply and without tax complications. Plus, you can make the gift now—while you are living and able to witness the benefits of your generosity.
You may contribute funds this way if:
(*The extension of this deadline to Dec. 31, 2008 is in a bill in the Energy & Tax Extenders Act of 2008 but has not yet been passed as of this printing.)
Endowment and Major Gifts
Over and above supporting operations through the Annual Fund, Chesapeake Academy has been strengthened by gifts supporting the Endowment. Rather than being spent immediately, these funds are directed to the school’s endowment or to specific facilities projects that will serve students for generations. Endowment gifts may be unrestricted or designated for specific purposes such as scholarship assistance, faculty enrichment, technology, campus renewal or other recurring costs.
The $748,658 Endowment is managed by the Chesapeake Academy Foundation.
To learn more about charitable tax-wise ways of giving to Chesapeake Academy, please contact Debbie Cook in the development office at 804.438.5575 or email@example.com.