Ways to Give

Many corporations offer matching gift programs that can double or triple the value of your gift to The Summit Country Day School. What’s more, many employers will also match contributions by spouses, retirees, and trustees.

Find out if your employer participates in matching gift. 

A charitable gift annuity is a contract between a donor and Summit with the following terms: As a donor, you make a sizable gift to charity using cash, securities or possibly other assets. In return, you become eligible to take a partial tax deduction for your donation, plus you receive a fixed stream of income from the charity for the rest of your life.

How does a charitable gift annuity work?

First, you make a donation to Summit. Then, the gift is set aside in a reserve account and invested. Based on your age(s) at the time of the gift, you receive a fixed monthly or quarterly payout (typically supported by the investment account) for the rest of your life. At the end of your life (as well as your spouse’s, if you’re giving as a couple), Summit receives the remainder of the gift.

In addition to the income stream, you may also be eligible to take a tax deduction at the time of the original gift, based on the estimated amount that will eventually go to Summit after all the annuity payments have been made. A portion of the payments you receive may also be tax-free for a period of time based on your statistical life expectancy.

Please note: The Summit Country Day School is not in the business of offering legal or tax advice. It is strongly recommended that you speak with your own financial/legal advisor prior to making a planned gift.

Securities such as stocks, bonds, and mutual funds make a wonderful gift. The tax savings to the donor can be significant. Your broker can transfer your securities shares electronically to The Summit Country Day School.

To transfer stock electronically:
UBS
Diane Fehrenbach, Account Manager
513-579-5980
Account Number: CE11871
DTC: 0221

Send a copy of the instructions you submitted to your broker, stating your name, number of shares, name of stock and date of transfer to:
The Summit Country Day School
Development Office
2161 Grandin Road
Cincinnati, OH 45208
Fax: (513) 533-5430

The following are a few ideas regarding philanthropic planning with retirement funds:

Beneficiary designation. Name a charitable institution such as The Summit Country Day School as a beneficiary of unused retirement assets after your lifetime. Charitable organizations are generally exempt from income tax – therefore a charity receiving qualified retirement funds will receive the funds free of income and estate tax. Consider leaving heirs less heavily taxed assets rather than traditional retirement funds.

Life income gifts for your heirs. You may direct part or all of your retirement assets be used to establish a life income gift vehicle for individual heirs. This could involve the creation of a charitable remainder trust to be established upon your passing which will pay income to one or more of your heirs for a term of years or for their lives. The ultimate remainder in the trust will go to the charity of your choice. Such a designation will avoid any income taxes on the retirement assets but may involve estate taxes. Consult with an estate planning attorney to further investigate this option.

Outright gift. Individuals may also consider outright gifts to charity with IRA or other retirement funds. This can be done by either of the two following methods:

IRA rollover gifts. For traditional IRA accounts, individuals age 70 ½ and older may direct funds from an IRA to a qualified charitable institution for up to $100,000, without any recognition of taxable income by the donor. The funds must be transferred directly from the IRA account to the charitable recipient, and there is no charitable deduction for this gift since the avoidance of taxable income is the equivalent of a full deduction. An added benefit of the IRA rollover option is that the funds directed to a charity may also discharge a donor of his or her IRA Required Minimum Distribution (RMD), which is an added tax savings if the donor does not wish to incur taxable income from his or her RMDs. Consult your IRA custodian for the required paperwork to make an IRA rollover gift to charity and information on RMDs.

Withdrawal and gift. For individuals age 59 ½ and older, it may also be possible to withdraw funds from a qualified retirement account and subsequently contribute those funds to a charitable institution without negative tax consequences. In many cases, the income tax on the funds withdrawn is offset by the charitable income tax deduction. Consult with your CPA or financial advisor to further investigate this option.

Many individuals may feel they can’t afford to be charitable during their lives. However, with the creative use of excess retirement assets, they are able provide for their heirs while making a philanthropic contribution. Additionally, with careful planning, such gifts may help preserve or perhaps even increase the amount of remaining assets available for heirs.

Please note: The Summit Country Day School is not in the business of offering legal or tax advice.
It is strongly recommended that you speak with your own financial/legal advisor prior to making a planned gift.

If you have a life insurance policy and you no longer need to support your spouse or family, you can name Summit as the beneficiary of the policy, meaning that Summit will receive the policy’s death benefit when you die. While there are no current tax benefits to this approach, the value of the policy will be removed from your estate for federal estate tax purposes.

Make Summit the owner and beneficiary of an existing policy

Instead of simply naming Summit as beneficiary of an existing life insurance policy, you transfer full ownership of the policy to Summit. The school receives the policy’s death benefit when you die. In addition to removing the value of the policy from your estate for federal estate tax purposes, this approach also provides you with current federal income-tax deductions.

Help Summit purchase a new life insurance policy on your life

If you wish to make a substantial future gift to Summit at a relatively low cost to you, another alternative is to consider purchasing a new life insurance policy and naming Summit as the policy owner and beneficiary. You then arrange to pay the premiums through gifts to Summit. This approach provides federal income tax deductions and the policy proceeds are not included in your estate for federal estate tax purposes.

Please note: The Summit Country Day School is not in the business of offering legal or tax advice. It is strongly recommended that you speak with your own financial/legal advisor prior to making a planned gift.

While there are many ways to establish a lasting legacy with The Summit Country Day School through your estate plan, the most popular method is to simply name The Summit as a beneficiary in your will. The following provides an overview of the nature of a will and its importance to you and your family.

What is a will?

A will is a legal document expressing your final wishes for all property you own upon your passing. Your will should also include your choice of who will be responsible for ensuring that the wishes expressed in your will are fulfilled. This chosen person is commonly referred to as the executor, executrix or personal representative.

For parents/guardians of minor children, a will allows you to direct the individual (or individuals) who will serve as guardians of your children as well as who will be in charge of funds for the benefit of your children in the event of your passing.

What if you don’t have a will?

Every state has legal provisions which, in the absence of a will, direct the distribution of a person’s property upon their passing. This is termed dying “intestate” or without a will, and requires a state court to appoint an administrator to oversee the distribution of your estate.

While these provisions vary from state to state, they generally call for your closest relatives to receive property owned in your name. For example, a state intestacy law may call for a surviving spouse to inherit 50% of his or her spouse’s assets and the children of the decedent to inherit the remaining 50%.

Sometimes, a state intestacy law may accurately reflect your intentions (such as the equal division of your property among your children). Other times, the state laws may call for a distribution that does not reflect your wishes. Only a valid will, accepted by the courts where you reside, will ensure that your final wishes are followed.

The CARES Act – the Coronavirus Aid, Relief, and Economic Security Act –  includes incentives for enhanced charitable giving. The Association of Fundraising Professionals offers this overview:

• Temporary Universal Charitable Deduction: Taxpayers who do not itemize their deductions can take a one-time deduction of up to $300 for gifts made to charitable organizations. The provision is intended only for the year 2020; however, in the text of the bill, it states taxable years “beginning in 2020 …” and does not include a sunset date, thus it conceivably could extend beyond 2020. The deduction is only for gifts of cash made in calendar year 2020 and does not cover other types of gifts or contributions made to donor-advised funds or private foundations.
• Suspends the 60 percent adjusted gross income limitation for individuals’ charitable contributions for the year 2020. In a typical year, individuals can only take a charitable deduction of up to 60 percent of their adjusted gross income, no matter how much they give. For 2020, there is no limit, making cash contributions fully deductible.
• Increases the cap on how much corporations may deduct for charitable gifts from 10 percent of taxable income to 25 percent. In addition, the limitation on deductions for food donations by corporations increases from 15 percent to 25 percent in 2020.
• Waives for 2020 the required minimum distributions from retirement plans, such as pensions and 457 plans. Any minimum distributions from retirements plans that would have been required in 2020 can be delayed until 2021. This change reduces the incentive for donors to make gifts from their individual retirement account (IRA)—the IRA Rollover Provision.

If you prefer to make your Annual Fund donation with a check, please make checks payable to: The Summit Country Day School Annual Fund.

Payments can be brought into the office or mailed to:
The Development Office | The Summit Country Day School
2161 Grandin Road
Cincinnati, OH 45208

For more information contact:
Michele Duda | Development Director
(513) 871-4700 x 243 

Thank you for your interest in giving to The Summit.

For more information contact:
Jim Jackson | Chief Philanthropy Executive
Development Office
(513) 871-4700 x 242 | Fax: (513) 533-5430