Giving Opportunities
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 margin 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 support Chesapeake, please contact Jeff Curtis, Director of Development, at 804-438-6490 or jcurtis@chesapeakeacademy.org.
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 sharing of one’s talents.
There are many ways to contribute to Chesapeake Academy: time, talent and treasure!
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.
To help with the Clerical Committee please contact Susan Judd, Development Assistant to sign up to help!
To nominate a potential candidate for the Board of Trustees or Foundation Board or volunteer for the PALS program, please contact Debbie Cook, Head of School or John Paul Hanbury, Chair of Nominating and Governance Committee.
Treasure
Annual Fund
As tuition only covers 70% of the full cost of educating each student, the Annual Fund helps meet our ongoing academic and co-curricular programmatic costs by supplementing our operating budget. Your support for annual giving helps us meet our goal of providing the best opportunities for each and every child by contributing 27% of the operating budget each year. By contributing, each gift increases our participation which is important to show the strong commitment our constituency has for the Academy. Each individual gift, no matter the size, has a positive impact on the school in many ways. Your gift combined with other gifts truly makes a difference! Our fiscal year closes on June 30.
Ways to Give
Cash
Cash gifts are an easy way to give. Cash gifts of any size can have an immediate impact on the Academy. The limit on fully deductible cash gifts is a maximum of 50% of your adjusted gross income. Anything more can usually be carried forward and deducted over a maximum of five subsequent years.
Appreciated Securities
Gifts of stock, bonds, treasuries, and mutual funds that have increased in value are a win-win opportunity for you and the Academy under current tax laws. You avoid paying capital gains on the increased value of the stock and you receive a charitable deduction for the full fair market value of the stock when the gift is made. In order to do this, your stock generally must have been held long-term (more than one year). Gifts of appreciated securities are fully deductible up to a maximum of 30% of your adjusted gross income. Anything more can usually be carried forward and deducted over a maximum of five subsequent years.
How to Give Stock
If your securities are held by a broker or bank:
Notify your broker or bank in writing to transfer the securities as follows:
Wachovia Securities, Attn: Jack Neal
PO Box 1688
Kilmarnock, VA 22482
DTC # is 0141, Chesapeake Academy’s account # is 22068862
Phone: 804.435.1636, Fax: 804.435.2474
Chesapeake Academy’s Federal Tax Identification Number – 54-0793534.
You should notify Jeff Curtis at Chesapeake Academy by phone 804.438.6490, fax 804.438.6146, or by e-mail, jcurtis@chesapeakeacademy.org before the transaction occurs.
If you hold a security:
Send or deliver the unendorsed certificates by First Class mail with a letter of transmittal giving name and address to: Development Office, Attn: Jeff Curtis, Chesapeake Academy, PO Box 8, Irvington, VA 22480. Phone: 804.438.6490; Fax: 804.438.6146.
In a separate envelope, mail to the same address a stock power signed exactly as the certificate is registered - do not fill in any other information - and a copy of your transmittal. Do not re-register the shares into the name of Chesapeake Academy. If you need a stock power, call your broker or the Chesapeake Academy Development Office.
Chesapeake Academy’s Federal Tax Identification Number – 54-0793534.
SAMPLE LETTER TO BROKER
Date
XYZ Brokerage Services
Address
RE: <Your Account#>, <Your Name/s> as it/they appear/s on the account.
It is my wish to contribute ___ shares of ____ XXXX Company common stock currently in my referenced account to Chesapeake Academy for the (Annual Fund/Capital Project/Endowment). Please send the ___shares of XXXX Company via DTC to:
Wachovia Securities, Attn: Jack Neal
PO Box 1688
Kilmarnock, VA 22482
DTC # is 0141, Chesapeake Academy’s account # is 22068862
Phone: 804.435.1636
Fax: 804.435.2474
Please complete this transfer as soon as possible, but no later than _____. Thank you for your assistance.
Sincerely,
<Your Name/s>
cc: Jeff Curtis
Matching gifts
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.
Planned Giving
The Faye Society
To recognize invaluable contributions to the long-term growth of the Academy through bequests and other planned gifts, The Faye Society was established by the Board of Trustees in the Spring of 2001 in memory of Captain and Mrs. James Faye who named Chesapeake Academy as a beneficiary of their estate in 1987. Their foresight and generosity made a tremendous impact on the Academy’s fiscal stability and future and on generations of families. Membership in the Faye Society recognizes patrons of Chesapeake Academy whose philanthropy extends beyond life. 46 members have made estate plans which we have already received through their bequest or include building the Academy's endowment through charitable remainder trusts, transfer of owned life insurance, real estate intentions, and bequests through their Last Will and Testament.
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.
Bequests
A bequest is a gift made through a donor’s will and is the simplest and most common planned gift. The advantages of making a gift through a bequest are that the donor does not have to part with any property until after death. Gift and estate taxes are avoided. Distributions can be made either as a specific dollar amount or as a percentage of the estate.
Retained income gifts
An easily established trust can provide a current charitable deduction for you in addition to income to you and/or the Academy during your lifetime. This meaningful gift can be especially appealing by increasing the income you receive from low-yielding stocks. The income can be distributed to you, your spouse or other designee, after which the assets would be distributed to the Academy.
Real Estate with Retained Life Tenancy
You can give your house, summer house, or farm to the Academy while retaining the right for yourself (and a surviving spouse) to live there. You receive an immediate income tax deduction and avoid many of the cares and expenses of ownership.
Tangible Personal Property
You may give appreciated items such as art, coins, or other valuable items for the Academy to sell, the proceeds designated for the educational programs.
Life Insurance Gifts
The contribution of a life insurance policy can provide a significant gift in a manner that can be especially attractive to younger donors. Chesapeake Academy offers recognition for the amount of the annual premium. By designating Chesapeake Academy as both the owner and beneficiary of a life insurance policy, the premiums are tax-deductible to the donor.
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.
Get receipts
Beginning with the 2007 tax year, if you want to claim monetary gifts to charities as a deduction, you’ll need detailed receipts, canceled checks, or bank records, regardless of the amount.
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
Rules for noncash donations, such as old clothing and certain household items, also got more strict. Now you can only claim value for things designated in “good used condition or better” (though the act doesn’t define “good”).
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
For anyone over 70 ½ , you can withdraw up to $100,000 per year from a Roth or Traditional Individual Retirement Account by having your IRA custodian or trustee give it directly to a qualified charity – without having to count the withdrawal as taxable income. Keep in mind that no tax deduction for the charitable contribution would be allowed.
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
On Aug. 17, 2006, President Bush signed into law new tax incentives for charitable gifts from donors who are 70½ or older. The Pension Protection Act of 2006 encourages financial support of charitable organizations across the United States.
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:
- You are age 70½ or older
- The gift is $100,000 or less each year
- You make the gift on or before Dec. 31, 2007
- You transfer funds directly from an IRA or Rollover IRA
- You transfer the gift outright to one or more public charities, but not supporting organizations or donor advised funds
- You cannot receive benefits from us in exchange for the gift
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.
As of 1/1/07 the market value of the Endowment which is managed by the Chesapeake Academy Foundation, was just under $1,000,000.
To learn more about charitable tax-wise ways of giving to Chesapeake Academy, please contact Jeff Curtis in the development office at 804.438.6490 or jcurtis@chesapeakeacademy.org.
