WAYS TO GIVE
For over 120 years, the generosity of our loyal donors and the generosity of our ancestors has allowed St. Mary of Gostyn to be a welcoming community rich in faith, education, service and community. Each gift received is most appreciated because it ensures St. Mary of Gostyn to continue support to our parish, our school and ministries to share the message of Christ. We enrich our faith through liturgy, prayer and scripture. Our school and religious education programs strive to offer the most comprehensive curriculum, retain the best teachers and offer the latest technology to nurture and educate our children. We serve our parishioners, neighbors, and world through over 100 ministries and services. Your generosity helps us continue to help you personally enrich your faith, help you learn all that you wish, share your service, and strengthen this magnificient community we call home! Thank you for your generous support to St. Mary of Gostyn. Your gifts will be used in a way that will best benefit the Parish and School Programs.
The table below lists of all the opportunities at SMG to share your gifts. To discuss any of these opportunities, our current needs or for questions at any time, contact our Parish Offices by completing the Information Form below, via email firstname.lastname@example.org or by phone (630) 969-1063.
Thank you for considering sharing your gifts with St. Mary of Gostyn!
|Building & Grounds
||Bequest to |
||Annual Endowment Fund Appeal
||Charitable Gift Annuities|
|Goods & Services
||Charitable Remainder Trusts|
||Goods & Services
||Preserving Retirement Assets|
||Retained Life Estates|
|Restricted Donations (You Choose)
||Restricted Donations (You Choose)
|Sunday Collections - Parish Pay
||Stock Sale Transfer Donations |
|| Unrestricted Donations
|Will & Trust Gifts|
||Italian Fest (September)
|Annual Golf Outing (August)
||Entertainment Coupon Books (August)
|Annual 5K Run Walk (August)
||Box Tops For Education (All Year)
|Annual Parish Picnic (August)
||MANNA Prepaid Gift Cards (All Year)
||Events / Fundraisers|
|Italian Fest (September)
||Parish Directory (All Year)
|| Golf Outing (Aug)|
|Endowment Event (November)
||Restaurants Give Back (All Year)
|| 5K Run / Walk (Aug)|
|Trivia Night (February)
||Target - Red Card (All Year)
|| Parish Picnic (Aug)|
|Candlelight Bowling (April)
||Ultra Receipts (All Year)
|| Italian Fest (Sept)|
|Spring Musical Production (May)
|| Endowment Event (Nov)|
|| Trivia Night (Feb)|
|| Spring Musical Production (May)|
The following gift opportunities are tax deductible as allowed by the Internal Revenue Service. Since each individual's financial picture is unique, we recommend that donors seek the advice of their tax advisor and legal counsel as needed.
Outright Gifts can include:
Those made by cash, check or credit card
Tangible personal property (such as cars/jewelry/equipment)
Publicly Traded Securities
Closely Held Securities (considered on a case-by-case basis)
Limited Partnership Interests (considered on a case-by-case basis)
Real Estate (considered on a case-by-case basis)
Matching Gift Programs
Specific Bequests made through your estate plan are an easy way to make a gift to St. Mary of Gostyn, and reduce the size of your taxable estate. Using your Will or Revocable Living Trust, you may state the size, intentions, and the restrictions of your gift.
Here is a sample of language that you may use to name St. Mary of Gostyn in your estate plan:
PARISH: I give ___________ (describe dollar amount, property to be given, or proportion of residuary estate) to St. Mary of Gostyn Catholic Parish an Illinois not-for-profit organization, located at 444 Wilson Street, Downers Grove, Illinois 60515, for its general charitable purposes.
SCHOOL: I give ___________ (describe dollar amount, property to be given, or proportion of residuary estate) to St. Mary of Gostyn Catholic School an Illinois not-for-profit education institution, located at 440 Prairie Avenue, Downers Grove, Illinois 60515, for its general charitable purposes.
BEQUEST TO ENDOWMENT
I give ___________ (describe dollar amount, property to be given, or proportion of residuary estate) to St. Mary of Gostyn School Endowment Fund, an Illinois not-for-profit organization, located at 440 Prairie Avenue in Downers Grove, Illinois 60515, to contribute to the existing Endowment Fund, to be held as and administered in accordance with the terms and conditions of the Endowment Fund.
RESTRICTED BEQUEST FOR TUITION ASSISTANCE
I give ___________ (describe dollar amount, property to be given, or proportion of residuary estate) to St. Mary of Gostyn School, an Illinois not-for-profit education institution, located at 440 Prairie Avenue, Downers Grove, Illinois 60515, to contribute to the Tuition Assistance Fund which will be used to assist St. Mary of Gostyn students with financial need.
CHARITABLE REMAINDER TRUSTS
There are two types of Charitable Remainder Trusts. The Charitable Remainder Annuity Trust (CRAT) and the Charitable Remainder Unitrust (CRUT).
The Charitable Remainder Annuity Trust provides for a fixed rate of income usually measured by the life or lives of named individuals. Once the rate is set in the trust, it is multiplied by the value of the initial contribution to determine the lifetime annuity payments. These payments never change throughout the term of the trust.
The Charitable Remainder Unitrust also provides for a fixed rate. The difference between the Unitrust and the CRAT is that the fixed rate is multiplied against the value of the CRUT as determined annually on the last day of the calendar year or the first business day of the next year. Assuming the assets in the CRUT increase in value over the prior annual period, the payments to the individuals in the next year also will increase by the fixed rate multiplied against the increase in value. Thus, the CRUT is anticipated to be a hedge against inflation.
Both the CRAT and CRUT provide the following benefits to a contributor:
A fixed rate of return usually greater than earned previously on the contribution.
Avoidance of some or all tax on the long-term capital gain on contributed appreciated property.
A current income tax charitable deduction for the value of the future charitable gift.
Avoidance of estate taxes on the contribution and its appreciation in the trust.
CHARITABLE GIFT ANNUITIES
A Charitable Gift Annuity (CGA) is an annuity with a charitable component that combines a gift with an investment. A gift annuity agreement is a contract between the charity and the annuitant(s) under which the charity is obligated to make fixed, lifetime income payments to the annuitant(s). A CGA can benefit one or two individuals and can be established for a relatively modest sum. This agreement is regulated by the state and is subject to certain reserve investment requirements. The annuity rate is based on life expectancy and can be quite generous.
RETAINED LIFE ESTATES
A Retained Life Estate allows you to donate your residence and still retain uninterrupted use and occupancy of the property for the remainder of your (and your survivors') lifetime. The property is conveyed by deed to the St. Mary of Gostyn Catholic Parish subject to the life estate. By donating this future interest in your home to the charity of your choice, you will generate a current charitable income tax deduction and exclude the property's value from your estate for estate tax purposes. This can be done not only with a primary residence but also with a vacation home. With a vacation home, you need not use a life-estate agreement if you do not use the home for the entire year. For example, if you spend three months of every year there and the home remains unoccupied for the balance of the year, a 75 percent interest (i.e., those nine months) can be transferred to generate an immediate income tax deduction equivalent to 75 percent of the fair market value of the property. You can still enjoy the property for your customary three months each year.
St. Mary of Gostyn encourages donors to name the parish or school as the beneficiary and irrevocable owner of their paid-up life insurance policies. The charitable deduction for a paid-up policy of this nature is generally equivalent to the value of the policy's cash surrender value. As an alternative, a donor can name the Parish or School as a benificiary in a life insurance policy.
PRESERVING RETIREMENT ASSETS
Most people are surprised to learn that if retirement assets (e.g., an IRA, 401K or any other qualified plan) are left to a non-spousal beneficiary and others, the tax obligations can reduce the amount passing to your heirs. This often in excess of 75 percent of their value. This could mean that for every dollar you anticipate leaving to your loved ones, they would actually receive 25 cents. Clearly, this is not what you intended to happen to your retirement plan.
After taking into account the amount in your plan and minimum withdrawal requirements and determining what is needed to support your current lifestyle, a charitable gift might provide a solution. For example, if you intend to include charitable bequests as part of your estate, naming a charity or your foundation as beneficiary of the qualified plan will avoid all income and estate taxes. The charitable beneficiary will qualify to receive the intended amount in its entirety, at no tax cost.
Creating a named endowment fund is an attractive way to perpetuate the memory of a loved one or a family name, or to support a specific program or area of interest such as scholarship, athletics, or the arts. The income from the fund is used in accordance with the desires stated in the fund agreement, and the majority of the principal is invested for growth.
If you have questions, need more information or would like to make a donation or give a gift, please complete this form, and we will be in touch with you soon. Thank you for considering sharing your gifts with St. Mary of Gostyn!