Planned Giving

Your retirement plan may be worth more when donated to Concord Academy than to your heirs.

The IRA charitable rollover provision of the Trade Facilitation and Trade Enforcement Act of 2015, passed by Congress on December 18, revives the opportunity for individuals age 70½ and older to make direct transfers totaling up to $100,000 per year to 501(c)(3) non-profit organizations, without having to count the transfers as income for federal income tax purposes.

What are the benefits to you?

– You can transfer IRA assets directly to Concord Academy without paying income tax on the withdrawal

– The amount of the charitable transfer will count toward your annual minimum required distribution

– You may contribute up to $100,000.

– The funds must be transferred from a traditional IRA or a rollover IRA directly to Concord Academy

Steps to take to make a Charitable IRA Rollover gift to Concord Academy: 

1. Contact your IRA plan administrator for its specific transmittal form to request a gift transfer from your IRA to Concord Academy.
2. Inform us of the designation of your gift. 
You may do so by noting the designation at the bottom of your direction letter and submitting by mail, fax, or e-mail attachment. You may also send an e-mail to either of the addresses below with your name, contact information, IRA administrator name, gift amount, and designation information.

Give a policy you no longer need to Concord Academy.

If you have more insurance coverage than you need, you may consider giving Concord Academy a paid-up policy. By transferring the ownership of your policy to Concord Academy, you receive a charitable income tax deduction equal to the policy’s cash surrender value or cost basis, whichever is less.

Naming Concord Academy as a beneficiary of a specific amount from your estate is easy:

I give and devise to Concord Academy (Tax ID #04-1200600), located in Concord, MA, the sum of $___ (or asset) to be used for its general support (or for the support of a specific fund or program).

Concord Academy or its affiliates can be named as a contingent beneficiary in your will or personal trust if one or more of your specific bequests cannot be fulfilled:

If (insert name) is not living at the time of my demise, I give and devise to Concord Academy (Tax ID #04-1200600), located in Concord, MA, the sum of $ ___ (or all or a percentage of the residue of my estate) to be used for its general support (or for the support of a specific fund or program).

You may name Concord Academy (Tax ID #04-1200600) as a beneficiary of your IRA or other qualified retirement benefits. Donors should consult with their tax advisor regarding the tax benefits of such gifts.

Naming CA as the beneficiary of a qualified retirement plan asset such as a 401(k), 403(b), IRA, Keogh or profit-sharing pension plan will accomplish a charitable goal while realizing significant tax savings. It can be costly to pass such assets on to heirs because of heavy tax consequences. By naming CA as a beneficiary of a retirement plan, the donor maintains complete control over the asset while living, but at the donor’s death the plan passes to support CA free of both estate and income taxes.

Making a charitable gift from your retirement plan is easy and should not cost you any attorney fees. Simply request a change-of-beneficiary form from your plan administrator. When you have finished, please return the form to your plan administrator and notify Concord Academy. We can also assist you with the proper language for your beneficiary designation to CA.

If you or your attorney would like CA to provide you with customized beneficiary language that is specific to your goal and interest, please contact us.