from the Alumni & Development Office
The Annual Fund at Oak Ridge Military Academy solicits contributions that are unrestricted and are used to support Academy objectives such as the New Classroom Building, special educational initiatives such as scuba diving, rappelling, sky diving, drill competitions and athletic programs. We must continue to support our annual initiatives and programs for our Corps of Cadets. The continued growth of our Annual Fund conducted each fall depends solely on you, our alumni, family and friends. Revenue from the Annual Fund will help preserve the financial long-term viability of the Academy, providing important unrestricted funds for Trustees to apply to the areas of greatest need.
Many companies will match contributions made by their employees to charitable organizations. Matching gifts can double and even triple the impact of your gift. If you or a spouse is affiliated with a matching-gift company, please contact your personnel officer to obtain a matching gift form. The Office of Development at Oak Ridge maintains a list of matching gift companies.
When making a significant gift, it is sometimes more appropriate for a donor to consider a gift from assets rather than current income. Your appreciated long-term assets may include a home, farm, land, business, antiques, etc. Certain types of assets can provide even greater tax benefits to you than a gift of equivalent value in cash. We can explore all ways you can make a significant impact on the Academy and also support your long-range estate plans.
Federal estate tax can take up to 55% of your estate at the time of your death, significantly decreasing the amount that your beneficiaries will inherit. When considering your gift, one may revisit the long-term financial needs of your loved ones. By remembering Oak Ridge and including us in your will, your overall estate taxes may be drastically reduced. Unlike income tax limitations, there is no 30% to 50% ceiling on charitable bequests in your will. Generally, 100% of your charitable bequest is tax deductible. As a supporter of Oak Ridge, you are ensuring your gift and your legacy will live beyond your lifetime and maximize the proceeds of your estate that your loved ones will inherit.
We accept cash and check. You may wish to pledge and pay on a specific date to meet tax planning or estate needs. Gifts of cash or checks are generally dedicated up to 50% of your adjusted gross income (AGI). Any excess can be carried over for five years.
Charitable Remainder Trusts
Charitable remainder trusts offer independent features that can be used effectively to achieve financial and estate planning objectives. Introduced in 1969, they have become increasingly popular because of the opportunities that they afford. Funding a charitable remainder trust with appreciated, long-term, capital-gain securities or real estate can augment the available tax benefits because you can avoid the potential capital gain tax that would result from an outright sale of the property. A charitable remainder trust can help you avoid any capital gain tax and offer a current charitable income-tax deduction. Both of these benefits can substantially reduce the cost of transferring the asset.
Credit Card Gifts
An increasingly popular alternative is payment of your gift by credit card. Many alumni and friends hold credit cards that offer rewards such as frequent flyer points, long distance points, etc. Oak Ridge honors Visa, MasterCard and American Express and will gladly bill your card on any date desired.
Individual Retirement Accounts
Is your IRA poised to die when you do? In certain unpleasant circumstances, tax laws dictate that an IRA goes into liquidation within a year of the owner’s death. Between estate and income taxes, there probably will not be much left for a surviving spouse. If your IRA is $1,000,000 plus, you can avoid this dilemma by setting up a charitable remainder trust to receive the IRA. Your heirs will receive the income from the trust during their lifetime. When they die, the remaining principal goes to a charity, such as Oak Ridge Military Academy.
Gifts of life insurance are convenient and inexpensive. You can name Oak Ridge Military Academy the primary beneficiary or owner of the policy. As the primary beneficiary, you maintain access to the policy’s cash value. If you desire immediate tax benefits, you may want to designate Oak Ridge as the owner of your policy.
Through memorial gifts to Oak Ridge, many alumni, friends and supporters find comfort following the passing of a loved one. Memorial gifts are a thoughtful expression of sympathy and remembrance and should be sent directly to the Development Office. Contribution will be acknowledged to the surviving family.
Recognition and Tributes
Gifts may be made in honor of a person, or in recognition of a special achievement. An acknowledgement from Oak Ridge is always sent to the honoree.
Many of you have benefited greatly from the gains the stock market has made in the past decade. If you own appreciated stock, current tax laws make it possible for you to make a charitable gift of stock at remarkably low after-tax cost. You save money two different ways. First, there are no capital gains taxes upon the transfer of stock to us. Second, you receive an income tax deduction for the full market value of the stock on the date of the gift (assuming that you have held the stock over twelve months.)
Example: John and Mary purchased some stock many years ago for $1,000. It is now worth $10,000. An outright gift of stock to Oak Ridge would result in a charitable contribution deduction of $10,000. In addition, there is a no tax on the $9,000 of deduction of appreciation. In John and Mary’s case, the charitable contribution of $10,000 of stock they donated can be utilized as a charitable deduction up to 30% of their adjusted gross income (AGI).
If you choose to make a sizable contribution of stock, you may have to carryover part of your deduction to succeeding years. To the extent necessary, you can use your charitable deduction in the year of the gift and up to five carryover years.
To make gifts of stock to Oak Ridge Military Academy, please see the following options below:
1) Deliver stock by hand. Endorse the back of the stock certificate(s) in our presence or sign a separate stock assignment form, which is often called a stock power. Stock power forms are available through Oak Ridge or your broker.
2) Deliver stock by mail. We recommend that you send the stock certificate(s) and the signed stock power(s) to us in separate envelopes, registered certified mail, with return receipt requested. Please include a separate stock power form for each certificate of stock; sign the stock power(s) exactly as the name reads on the certificate(s). Please do not fill in our name on the stock power(s).
3) Deliver stock to us through a broker. Please instruct your broker to hold the stock(s) for our account. Please do not instruct your broker to sell the stock(s) either in your name or Oak Ridge’s name. Have your broker call us for further instructions.