The annual fund is vitally important, as tuition alone is not enough to cover all of Montfort's costs of educating our students. One hundred percent of the annual fund supports faculty and staff in the classroom. Many of our students are economically disadvantaged, and we off them tuition credits that are funded through our annual fund. Our annual goal is $650,000, and no gift is too small. For large gifts, we are pleased to offer the opportunity to name in perpetuity our building, classrooms, and special programs in honor of you or someone you love, living or deceased.
This program provides you with an opportunity to endow a perpetual or annual scholarship in your name or the name of someone dear to you. The perpetual scholarship is awarded every four years, while the annual scholarship is a one-time four-year grant. Half and full annual scholarships are funded at $7,500 and $15,000. Perpetual Scholarships are funded at $250,000.
The Columbus Citizens Foundation is a not-for-profit foundation that provides scholarships to need students of Italian-American descent. The Columbus Citizens Foundation and The Montfort Academy have agreed to match your gift 2:1 in cash and tuition credits. A gift of $5,0000 annually for four years will provide a full scholarship of $15,000 to one of our Italian-American students under this program.
We can also provide you with information about life income plans that will benefit you, as well as the academy. For example:
You irrevocably transfer cash or securities to the academy in exchange for our promise to pay you a fixed amount annually for the rest of your life. The annual amount is determined by the amount of your gift and your age. Once established, your income remains constant. Part of your income is tax-free and you may claim a charitable contribution for a part of the amount transferred.
Charitable Remainder Trusts
In exchange for your gift of cash, securities, or other property, you can receive income for yourself and/or anyone you select for life, or for a specified term, not to exceed 20 years. You can claim a charitable contribution for the present value of your future gift to The Montfort Academy.
Charitable Lead Trusts
Your transfer of cash or securities to a lead trust pays a percentage of the value of the trust assets to Montfort, usually for a term of years. At the end of the term, the remaining assets and any growth are passed to your named beneficiary. Although there is no income tax deduction upon creation, your gift or estate tax is greatly discounted and any growth is passed on to your beneficiary gift and estate tax free.
For more information on Giving to The Montfort Academy,including establishing charitable bequests, please call Marla Greco, at (914) 699-7090 ext. 108. We will be happy to work with you and your financial planner to design the optimum program for you and your family. Please know that our students and faculty pray every day for their benefactors and are joined by several orders of nuns and priests in the United States and Italy.