The Chadbourne-Thompson Society
Contact Kathryn Strand in the Alumni/Development Office for more information (207.384.6307) or email@example.com.
The Chadbourne-Thompson Society recognizes donors who make planned estate gifts. Today, Berwick has 26 members of the Chadbourne-Thompson Society. Planned gifts are an essential part of the Academy's long-term financial future and over time have helped to shape the Berwick of today.
In addition to the personal benefits, including valuable tax reductions, augmented income, investment diversification, and the possibility of making a larger gift than would otherwise be possible, you can create a legacy for the future. Your planned gift is a way to support the areas and interests that appeal most to you – it could be a gift earmarked for a particular academic or extra-curricular program, or a gift to honor a beloved faculty or staff member, or a gift to create or support a scholarship.
Benefits to you and your family
Avoidance of capital gains taxes
Income tax savings and deferral
Ability to defer income until you need itBenefits To Berwick Academy
A more secure future
Ability to offer more financial aid
Ability to attract and retain our high quality faculty
Ability to maintain our already low faculty–student ratio
Planned GiftsBequests or gifts by Will
To include Berwick Academy in your Will, the following language is appropriate:
Charitable Remainder Trust
I give, devise, and bequeath to The Trustees of Berwick Academy, a nonprofit, tax exempt organization located at 31 Academy Street, South Berwick, ME, or its lawful successor, the sum of $_________ (or you may describe the gift or the percent of your remaining assets at death) to be used to promote the goals of the Academy as determined by the Board of Trustees.
– an irrevocable gift to establish a Trust that in turn provides the donor income for life or a period of years. Upon the death of the donor and/or the secondary beneficiary, the assets in the Trust become a gift to Berwick.Charitable Lead Trust
- an irrevocable gift to establish a Trust that in turn provides income to Berwick for a defined period and then the Trust allows the assets to be transferred to family beneficiaries at a low transfer cost.
Retained Life Estate - allows you the donor to use the property during your life and then upon your death the property is transferred to Berwick. You the donor receive a charitable deduction during your lifetime.
The Charitable Gift Annuity is a simple contract between the donor and Berwick Academy Trustees. In exchange for the irrevocable gift of cash or securities, the Academy agrees to pay up to two annuitants a fixed sum each year for life. Gift Annuity payments are based on the American Council on Gift Annuities. The payments are guaranteed by the Academy.
Retirement and Life Insurance Plans
- Minimum amount is $25,000
- Payout is quarterly - March, June, October, and December
- Donors must be at least 70 years of age
- Gifts of cash or appreciated securities are accepted
- Administration of the Fund will be by HM Payson, Portland, ME
- Management fees will be net of the investment income
- If corpus is to a newly named fund, amount must be equal to $50,000 upon death of the donor
- Only gifts in support of the Unrestricted Endowment Fund are accepted unless otherwise approved by the Board of Trustees.
– consider naming Berwick Academy as a beneficiary of your plan.Congress Approves Permanent IRA Charitable Rollover Extension
On Thursday, July 17, 2014, the House of Representatives passed by 277-130 the America Gives More Act (H.R. 4719), a package of five charitable provisions that includes making permanent three expired tax extenders including the IRA charitable rollover enabling tax-free distributions from individual retirement accounts (IRAs) for charitable purposes.
Click here for a sample IRA Transfer Letter.