End of Year Giving
Here at Cathedral, we are blessed to serve our mission every day, and are enriched and inspired by the students and families that call Cathedral home. During the Christmas season, we count on the blessings and hope of the Holy Spirit to provide strength to our entire community, but in particular to those who may need it most. Please join us in keeping the Cathedral community in your prayers!
With the new year quickly approaching, there are multiple ways to make a tax-efficient gift to Cathedral High School that provides our students with the priceless gift of a quality Catholic college-prep education.
CARES Act Expires Dec. 31—Give Now!
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides beneficial provisions that directly impact charitable giving for individuals (and corporations) in tax year 2021.
Did you know charitable cash gifts can qualify as additional tax deductions until December 31? The CARES Act allows filers who do not itemize their taxes to deduct cash gifts of up to $300 for single filers and $600 for married couples filing jointly. For those who do itemize their deductions, the CARES Act allows donors to deduct charitable contributions equal to up to 100% of their adjustable gross income.
Other Tax-Efficient Giving Opportunities
Gift of Stock:
Stocks, mutual funds, bonds, or any other publicly traded securities can be transferred as gifts to Cathedral High School.
The advantages of making a gift of stock
- The market value of a gift of stock and securities is tax-deductible, just like any other charitable contribution.
- Giving stock or securities has an additional tax advantage over a cash gift: you avoid capital gains tax on the appreciation of the asset.
- A gift of stock or securities could increase the value of your gift to Cathedral High School at a decreased cost to you.
To arrange a stock transfer, please contact firstname.lastname@example.org
Individual Retirement Account (IRA):
If you are 70½ or older, you can make a charitable gift directly from your IRA to CHS. This gift will not be taxed and can satisfy your required minimum distribution.
Make a Gift Through Your IRA
- The FAQs on the SECURE Act:
The Setting Every Community Up for Retirement Enhancement (SECURE) Act was enacted January 1, 2020. With it came many questions for those who are planning for retirement, retired or who are retiring in the near future.
- Tax benefits: A charitable gift transferred from your IRA directly to Cathedral High School will not be taxed and can satisfy your required minimum distribution, maximizing benefits to both you and Cathedral High School.
- Ease: You do not need an attorney to make this gift; simply contact your financial advisor.
- Flexibility: An IRA gift can be directed to unrestricted support for the mission of Cathedral High School or a specific area.
To arrange an IRA gift, please contact email@example.com
Donor-Advised Fund (DAF):
You can recommend a grant or recurring grants now to make an immediate impact or use your fund as a tool for future charitable gifts.
The advantages of giving through your DAF
- Simplicity: Your sponsoring organization handles all record-keeping, disbursements (including an option for automatic distributions), and tax receipts and provides you with a single document at tax time.
- Timing: You can request that a donation be made at any time or make automatic recurring gifts on a schedule of your choice.
- Open to all: Individuals, families, companies, foundations and other entities can start a DAF.
- Increase your philanthropic capital: With varying investment strategies available, the funds in your DAF have the potential to grow tax-free.
- Flexible funding options: Fund your DAF with the assets of your choice, including cash, stock, securities, and even real estate.
- Join our donor community: Cathedral High School recognition societies are based on gift level.
Thank you for considering a year end gift to ensure Cathedral provides a quality Catholic college-prep education for Cathedral students. Your donation today through these tax saving options will assure the affordability of a Cathedral education for all our students who have financial needs. Make your gift today!
All donations are fully tax deductible.
If you are interested in making a donation through other channels, such as a gift of stock, an annuity, or an electronic transfer, please contact Amy Malkemes, Director of Development, at firstname.lastname@example.org or 617-524-2325 ext. 597.