Support BMA Through Planned Giving
A brief description of several Planned Giving options is listed below. If you are interested in talking to someone about making Blue Mountain Academy part of your planned giving, you can contact the Trust Services Department of the Pennsylvania Conference of Seventh-day Adventists, located in Reading, Pennsylvania at 610.374.8331 x 216. They will work with you on behalf of Blue Mountain Academy in deciding what is the best plan for your greatest tax benefit as well as what you hope to accomplish with your gift.
We urge you to consider a gift to Blue Mountain Academy that will make an impact on the lives of students for years to come. If you have any questions, feel free to contact us at 484.662.7011 or at email@example.com
Outright gifts can be used right away to make an impact on critical areas of need, like new facilities and renovations.
Endowment Fund Gifts
An endowment fund preserves your gift to Blue Mountain Academy. The principal of your gift is left intact, while the generated income provides permanent support for a scholarship or program of your choice. As with outright gifts, endowment funds and the facilities or programs they support may be named after a person whom the donor chooses to honor.
Gifts of Cash
The simplest way to give to Blue Mountain Academy is by check. You may designate a specific area of the school to benefit from your gift. Checks should be made payable to Blue Mountain Academy. If you itemize your deductions, you may deduct gifts of cash up to 50 percent of your adjusted gross income. Gifts are transferred on the date they are mailed or hand-delivered. If you send your check in January but the postmark is December, it will be credited in December.
Gifts of Securities
Giving stocks and bonds provides greater tax benefits than giving cash. If your stocks or bonds have increased in value, you may deduct the full market value of the securities, but you can avoid paying capital gains tax on the appreciation. If your stocks or bonds have depreciated you must first sell the securities, then give the cash gift to Blue Mountain Academy. You can deduct your capital loss to offset any capital gain your realize in the year of your gift.
Gifts of Tangible Personal Property Items
Items such as artwork, rare books, equipment and antique furniture also make valuable gifts to Blue Mountain Academy. If the property is related to Blue Mountain Academy’s educational purposes you may deduct the full value of the property up to 30 percent of your adjusted gross income. If it is not related to educational purposes your deduction equals your cost basis in the property or its fair market value of up to 50 percent of your adjusted gross income. You need to have your gift appraised by an independent appraiser to determine the value of your deduction in either case.
Gifts of Real Estate
As with a gift of personal property, you will have to have your gift appraised by an independent certified appraiser to determine the value of your deduction. Gifts of mortgaged real estate are reduced by the amount of any debt on the property, and have additional tax consequences. You may give a gift of Remainder Interest in Residence or Farm by transferring ownership of the property to Blue Mountain Academy. Though you benefit from the charitable deduction, in most cases you continue to be responsible for maintenance, insurance and property taxes.
Gifts of Life Insurance
You may name Blue Mountain Academy as owner and beneficiary of a paid-up or new policy. A paid policy entitles you to a deduction equal to your cost basis in the policy or its replacement cost-whichever is less. Naming Blue Mountain Academy as owner and beneficiary of a policy that is not paid up allows you to deduct an amount approximately equal to the policy’s cash surrender value. When dealing with a new policy, you donate the money required for the premium payments directly to Blue Mountain Academy. You receive a full tax credit deduction for these annual gifts.
Life Income Gifts
A life income gift allows you to receive income while making a significant gift to Blue Mountain Academy. The benefits of a life income gift include: income payment for your life and the life of your spouse (or someone else) should you choose, a potential increase in income, income tax deduction, potential investment diversification, probable elimination of capital gains tax on appreciated property, reduced estate taxes and probate costs, satisfaction in supporting Blue Mountain Academy during your lifetime and finally, knowing how your gift will be used. Life Income Gifts can be made in the form of Gift annuities – a contract offering fixed payments for life to the school, Pooled Income Funds – your gift to the school is invested with money from other constituents to make the most of your donation, Unitrusts – are invested separately and the proceeds which vary from year to year are distributed to you and your beneficiary, Annuity Trusts – also separately invested but provide a fixed income, and Term-of-Year Trusts – a type of unitrust or annuity trust that pays over a period of years rather than over a lifetime.
Bequests may be made to Blue Mountain Academy in several ways. A bequest for the benefit of the school can be included in the body of your will or added to a codicil or living trust. You may also describe a specific purpose for the use of your bequest. Residuary Bequests leave the remaining portion of your estate to Blue Mountain Academy after specific amounts are distributed to other beneficiaries. Specific Bequests stipulate that a certain percentage of your estate can be given to Blue Mountain Academy. Contingent Bequests direct that your assets be distributed to Blue Mountain Academy only if your primary heirs do not survive you. Finally, Testamentary Charitable Trusts establish that a unitrust or annuity trust for the benefit of specific beneficiaries transfers to Blue Mountain Academy only after the death of the last trust beneficiary.