The Pope John XXIII Endowment Fund, Inc. was founded on February 15, 1985 to provide a vehicle for long-term investment planning. A Title XV corporation under the laws of the state of New Jersey, the Endowment Fund was granted endowment exemption status under Section 501(c)(3), which provided that contributions to the Endowment Fund are fully deductible under the Internal Revenue Service Code.
The Pope John Endowment is separate from Pope John High School. All gifts are essential to ensure that Pope John XXIII High School's future is secure. Contributions to the Endowment Fund have positively and dramatically impacted the school's ability to meet today's financial challenges as well as enduring our future capital growth.
Common Charitable Giving Strategies:
- Cash - Cash gifts are one of the most common forms of charity that benefits the Pope John Endowment Fund. Donors will receive a current year tax deduction for such gifts subject to IRS limitations. To make an online debit or credit card donation, please click here.
- Bequests - A bequest specified in your Will is another means of contributing to the Pope John Endowment Fund. Other strategies, for instance, gifting a specific asset such as land, are also open for discussion.
- IRA's - IRA assets are taxed severely, leaving heirs with a small percentage of such assets after estate settlement costs. Naming the Endowment Fund as the beneficiary of your IRA can reduce the taxable estate, thus leaving a greater portion for your heirs. Techniques exist by which your Required Minimum Distributions (RMD's) can be used to pay for future estate taxes on a tax-favored basis.
- Stocks & Securities - A gift of stocks or securities saves in two ways: (1) you can avoid capital gains tax on the increased value while (2) receiving a deduction for the full market value of the stock/security at the time you made the gift.
- Life Insurance - Perhaps you purchased a life insurance policy years ago that you no longer need - or the intended beneficiary is now deceased - or the beneficiary no longer requires these funds. You could assign the policy to the Endowment Fund, making the Endowment Fund both the owner and the beneficiary of the policy. You would receive a tax deduction for the lesser of net premiums paid or the current cash value for the tax year in which the gift is given. Tax advantages aside, gifts of life insurance to the Pope John Endowment allows donors to define and leverage a significant gift. Furthermore, the purchase of a new life insurance policy, in which the Pope John XXIII Endowment Fund is the owner and the beneficiary of a policy on your life, permits you to make a significant future gift with a relatively small tax deductable donation. Donors would receive a current charitable deduction for the tax year in which they donate the premium to the Pope John XXIII Endowment Fund.
- Charitable Remainder Trusts - Designed to generate income for the donor and a donation to the Pope John Endowment Fund. Use of both Charitable Remainder Trusts (CRT's) and Charitable Lead Trusts (CLT's) can provide both a large gift to the Endowment while providing income and tax advantages to the donor.
For further discussion of these and other strategies, please inquire here or contact Liz Beale at the Pope John XXIII Endowment Fund, Inc. at 973.440.7504 or LizBeale@popejohnendowment.org.