The Essex Catholic High School Foundation awards annual scholarships to descendants of Essex Catholic alumni, and supports other educational and charitable causes. Net proceeds from all Foundation events and merchandise sales fund these programs and also help build an endowment fund. The Foundation gratefully accepts individual donations. The Foundation is a nonprofit corporation organized and existing under Title 15A of the New Jersey Revised Statutes. All contributions, including event tickets, merchandise sales, and individual donations, are tax-deductible to the fullest extent of the law and can be matched by your employer, if applicable.
There are many ways to maximize your donation to the Foundation while doing so in a tax-efficient manner. One way is a direct contribution through this website. It’s easy through the form at the bottom of this page.
Many people are not aware that there are other means. The following comes from Michael Petracca CFP, a Partner with EP Wealth Management LLC who has been guiding and managing the assets of the Essex Catholic High School Foundation for many years:
“First and foremost, when making a charitable donation, know that you are making a meaningful contribution to peoples’ lives for the better. Our nation has built a culture of giving to people in need more than any other country. That is absolutely something to be proud of!
“Once you have made the decision that you would like to “give back” or “pay it forward,” you should then focus on the best way to give the maximum amount. Here are a few strategies that allow you to do that while being tax efficient as possible.
“1. Give long-term appreciated securities, rather than cash.
“Donations made by cash or check are, by far, the most common methods of charitable giving. However, contributing stocks, bonds or mutual funds that have appreciated over time has become increasingly popular in recent years, and for good reason.
“Most publicly traded securities may be donated to a public charity. When the donation is made, the donor can claim the fair market value as an itemized deduction on their federal income tax return. The amount deducted can be up to 30% of the donor’s Adjusted Gross Income (AGI). Other types of securities, such as restricted or privately traded securities, may also be deductible, but additional requirements and limitations may apply. No capital gains taxes are owed when the securities are donated instead of sold.
“2. Consider establishing a Donor-Advised Fund.
“A Donor-Advised Fund (DAF) is a giving vehicle sponsored by a public charity. It allows donors to make a charitable contribution to the public charity, receive an immediate tax deduction, and then recommend grants from the fund over time. Donors can contribute to the charity as frequently as they like and then recommend grants to their favorite charities whenever it makes sense for them.
“Establishing a DAF allows you to make a gift and qualify for a charitable deduction immediately without needing to decide, until you’re ready, on the charities to support with grant recommendations. It can also be a great way for charitably inclined individuals to offset a year with unexpectedly high earnings, or to address the tax implications of year‐end bonuses or stock option exercises.
“3. Are you 72 or older? Consider a Qualified Charitable Distribution from an IRA.
“If you are at least age 72, have an IRA, and plan to donate to charity this year, consider making a Qualified Charitable Distribution (QCD )from your IRA. This action can satisfy charitable goals and allows funds to be withdrawn from an IRA without any tax consequences. A QCD can also be appealing because it can be used to satisfy your required minimum distribution (RMD)—up to $100,000.
“QCDs may be appealing if you have few other deductions, or if you are already close to your charitable deduction limitations. Because the tax-free QCD is never reported as a deduction, it is not counted against the charitable limits and does not require itemization to be effective. The CARES act temporarily waives required minimum distributions (RMDs) for all types of retirement plans (including IRAs, 401(k)s, 403(b)s, 457(b)s, and inherited IRA plans) for calendar year 2020.”
Contact your personal financial advisor, or Michael Petracca at (973) 882-1937; email firstname.lastname@example.org.
Making an individual donation is simple. Just complete the form below: