When people think about giving to a charitable organization they care about-like Columbus Academy-many think about writing a check or making an online credit card gift. There are many other ways to support your favorite charities today, while also addressing important family and financial needs.
Ohio Tax Credit Program: turn your tax liability into tuition assistance
If you are an Ohio taxpayer, you can make a difference in the lives of the more than 200 Columbus Academy students who receive tuition assistance by redirecting dollars you would be paying in state taxes to a Scholarship Granting Organization (SGO).
Following examples set in other states, Ohio has passed a bill that allows individuals who contribute to an SGO to receive a nonrefundable tax credit up to $750 toward the year’s Ohio tax liability. If filing jointly, each spouse can contribute up to $750 for a maximum credit of $1,500 toward the year's Ohio tax liability.
Columbus Academy is a participating school in the SGO set up by the Ohio Association of Independent Schools (OAIS). Simply make your contribution by clicking here, and select Columbus Academy from the drop-down menu! The school will periodically receive disbursements and allocate the funds to tuition assistance families.
The SGO is a separate 501(c)(3) charitable organization, and they will issue your tax receipt (EIN: 87-4616853). Please note: Because of the additional time taken to administer and receive contributions through the SGO process at this time, these are not Annual Fund gifts (which are direct donations to the school and are allocated immediately for use in the current school year). This is a new program, and we will keep our community updated as revisions are made.
Please contact your tax advisor regarding this program to determine if it would be beneficial for you.
Transferring appreciated securities such as stock, bonds, mutual funds, etc directly to Columbus Academy is simple, and there are immediate tax advantages! Click here for transfer instructions and example scenarios.
Donor Advised Funds
Use it as your 'charitable savings account.' A donor advised fund can be opened at a community foundation or brokerage firm, the donor receives a tax deduction upon opening the fund, and the assets grow in value over time, tax-free. Click here to read about donor advised funds at work.
Retirement Plan Distributions
At age 70.5, donors can begin using retirements funds to direct gifts to charity--rather than cash, checks, or credit card--and not incur income tax. This is referred to as a Qualified Charitable Distribution (QCD). According to current IRS regulations, a donor at least 70.5 years old may instruct his/her IRA manager to transfer any amount up to $100,000 per year directly to a qualified charity, like Columbus Academy. Moving forward, this annual limit is slated to be indexed for inflation.
For donors over age 73, there is a particularly important tax-related benefit. Owners of qualified retirement plans must take a Required Minimum Distribution (RMD) each year. Any portion of your distribution sent directly to Columbus Academy will BOTH avoid income tax and count toward your Required Minimum Distribution, thus reducing the amount on which donors would have to pay income tax.
Simply contact your plan administrator and ask to have funds disbursed directly to Columbus Academy. You may need Columbus Academy’s tax ID number: 31-4379445.
I have given some small amount every year to my beloved alma mater. Donating the last four years with some tax advantages from my retirement fund has given me much more latitude, and I feel more a part of the Academy’s family.” Robert Schoene '64
Charitable Gift Annuity (CGA)
We are pleased to partner with The Columbus Foundation to hold, manage and administer these generous gifts! CGA's are simple contracts in which the donor transfers assets (like appreciated stock) in exchange for a fixed and guaranteed payment for the remainder of his or her lifetime. Donors receive a one-time tax deduction and tax advantaged retirement income. Click here for an example.
Having this Charitable Gift Annuity is like having another retirement fund - it's providing me with annual, guaranteed income for the rest of my life. I was able to use appreciated stock to establish it, which was a great tax benefit to me. I also know that down the road the school will have these funds to support faculty children who attend CA, per my wishes. Setting everything up with The Columbus Foundation was easy, too." Tim Hildreth '69, former CA teacher and golf coach