When people think about giving to a non-profit 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.
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 and not incur income tax. This is referred to as a Qualified Charitable Distribution (QCD).
For donors over age 72, there is a particularly important tax-related benefit. Although owners of qualified retirement plans over age 72 will again have to take a Required Minimum Distribution, any distribution sent directly to Columbus Academy will BOTH avoid income tax and count as a credit against the Required Minimum Distribution, thus reducing the amount on which donors would otherwise pay taxes.
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 two 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