Educational Endowment

Next Meeting: June 12 @ 7PM in the Cafeteria

Endowment Brochure (pdf)

At this week’s Endowment Board meeting the trustees discussed a great idea for donors to reduce their taxes while building the school endowment in a loved one’s name.

New legislation has been enacted by Congress that allows you to make a charitable gift to the St. Gregory the Great School Endowment if you have an IRA.  The withdrawal is not included in your taxable income.

To qualify for this time-limited tax law (available now through December 2007)

• Individuals must be 70-1/2 years of age or older by the gift date.

• Gifts must be a transfer directly from an IRA to the charitable organization

Who should consider this opportunity?

• If you are required to take minimum distributions from your IRA and don’t need the additional income.  For example, if you are required to withdraw 5% from your IRA this year, you can transfer the entire amount to the School Endowment Fund.

• If you normally don’t itemize your deductions.  You can now enjoy the equivalent of a charitable deduction.

Check with your advisor about the best ways to take advantage of this new giving opportunity.  As always we will be pleased to assist you in any way possible. 

Peter Wilson

(216) 381-0363

Members of the Endowment Board

Fr. Dave Ireland - Pastor
Peter Wilson - Principal
Jamie DiFrancesco
Michelle Farinacci
Richard Geier
Beth Greisl
Anne Hallisy
Tom Mohorcic
George Morris
 

Educational Endowment Facts...