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Giving To Woodland
GIVING TO WOODLAND ACADEMY
Woodland Academy relies heavily on the time, talents and financial contributions of its past and present community patrons and alumni. This support allows us to offer the margin of excellence for which we are known and helps make the dreams we have for our students and their teachers become a reality. For more information on how you can help support Woodland, please contact the at 804-493-8244.
Woodland Academy is a community of people, both staff and volunteers, dedicated to the advancement of the Academy by communicating its philosophy and shared values of sound character development and forward-thinking education. As we seek philanthropic support, we encourage and appreciate all levels of participation, whether it is in the form of time, fortune, or the sharing of one’s talents.
There are many ways to contribute to Woodland Academy: time, talent and fortune!
Time and Talent
Volunteerism at Woodland Academy takes many forms through a membership in the about to be formed Woodland Academy Parents and Patrons Association (WAPPA), serving on the Board of Directors , volunteering to assist as administrative staff, teachers' aides, helping at various events throughout the year, or doing volunteer work from home such as helping to prepare mailings or upkeep databases. We appreciate every minute you can share with us!
To help with establishing WAPPA or events, please contact Bill Brown at 804-493-8244.
Ways to Give Financially
Annual Fund
As tuition only covers 55-60% of the full cost of educating each student, the Annual Fund helps meet our ongoing academic and co-curricular programmatic costs by supplementing our operating budget. Your support for annual giving helps us meet our goal of providing the best opportunities for each and every child by contributing 40-45% of the operating budget each year. Contributing is an important way to show the strong commitment you have for the Academy. Each individual gift, no matter the size, has a positive impact on the school in many ways. Your gift combined with other gifts truly makes a difference! Our fiscal year closes on June 30.
Pledges
Pledges help us forecast our financial future. You may send us your pledge by internet by clicking here and fill out an automated response form, or you print out one here to mail.
Cash
Cash gifts are an easy way to give. Cash gifts of any size can have an immediate impact on the Academy. The limit on fully deductible cash gifts is a maximum of 50% of your adjusted gross income. Anything more can usually be carried forward and deducted over a maximum of five subsequent years. For your convenience, you may give by credit card or check by clicking on the PayPal button.
Stocks
Gifts of stock, bonds, treasuries, and mutual funds that have increased in value are a win-win opportunity for you and the Academy under current tax laws. You avoid paying capital gains on the increased value of the stock and you receive a charitable deduction for the full fair market value of the stock when the gift is made. In order to do this, your stock generally must have been held long-term (more than one year). Gifts of appreciated securities are fully deductible up to a maximum of 30% of your adjusted gross income. Anything more can usually be carried forward and deducted over a maximum of five subsequent years.
How to Give Stock
If your stocks are held by a broker or bank:
Notify your broker or bank in writing to transfer the securities as follows:
SAMPLE LETTER TO BROKER OR BANK - Download an editable copy here.
Date
XYZ Brokerage Services
Address
RE: <Your Account Number> <Your Name/s> as it/they appear/s on the account.
It is my wish to contribute ___ shares of ____ XXXX Company common stock currently in my referenced account to Woodland Academy for the (Annual Fund/Capital Project/Endowment). Please send the ___shares of XXXX Company via DTC to: Edward Jones, Mr. Jack A. Snyder II, P.O. Box 2657, 236-238 Prince Street, Tappahannock, Virginia 22560
Please complete this transfer as soon as possible, but no later than _____. Thank you for your assistance.
Sincerely, <Your Name/s>
cc: Bill Brown, Woodland Academy, 2054 Neenah Road, Montross, Virginia 22520
Note: Please notify Bill Brown at Woodland Academy by phone, 804-493-8244, or by fax 804-493-8110 or by e-mail at hinnom@localnet.com before the transaction occurs.
If you hold a security:
Please send or deliver the unendorsed certificates by First Class mail with a letter of transmittal and a stock power signed exactly as the certificate is registered - do not fill in any other information to Bill Brown, Woodland Academy, 2054 Neenah Rd., Montross, Virginia. Do not re-register the shares into the name of Woodland Academy. If you need a stock power, please call Bill Brown at 804-493-8244.
Woodland Academy’s Federal Tax Identification Number is 54-0882414
Matching Gifts
Many companies will match the contributions that employees (sometimes even retired employees) make to nonprofit organizations such as Woodland Academy. Under a corporate matching gift program, gifts made by a company's eligible employee or employee's spouse are matched with company or corporate foundation funds—sometimes doubling or tripling the initial gift. To initiate a matching gift, ask your personnel office for the company's matching gift form and send it along with your donation to the Academy. Please note that matching gifts do not increase your charitable deduction.
Planned Giving - You may download a Planned Giving Form here
The Woodland Academy Endowment Fund
The Woodland Academy Endowment Fund was originally started in 1983. The original contributor’s foresight and generosity made a tremendous impact on the Academy’s fiscal stability and future and on generations of families. Donations to the Woodland Academy Endowment Fund can extend beyond life. Donations include building the Academy's endowment through charitable remainder trusts, transfer of owned life insurance, real estate intentions, and bequests through your Last Will and Testament.
Over and above supporting operations through the Annual Fund, Woodland Academy has been strengthened by gifts supporting the Endowment. Rather than being spent immediately, these funds are directed to the school’s endowment or to specific facilities projects that will serve students for generations. Endowment gifts may be unrestricted or designated for specific purposes such as scholarship assistance, faculty enrichment, technology, campus renewal or other recurring costs.
Making provisions to include the permanent endowment, managed by the Woodland Academy Endowment Fund Committee, is an excellent way to receive tax credit now while investing in the future of children from the Northern Neck. For information regarding a contribution to the fund, please contact Chairman of the Board, Bill Brown at 804-493-8258, or e-mail at hinnom@localnet.com
Bequests
A bequest is a gift made through a donor’s will and is the simplest and most common planned gift. The advantages of making a gift through a bequest means the donor does not have to part with any property until after death. Gift and estate taxes are avoided. Distributions can be made either as a specific dollar amount or as a percentage of the estate.
Retained Income Gifts
An easily established trust can provide a current charitable deduction for you during your lifetime. This meaningful gift can be especially appealing by increasing the income you receive from low-yielding stocks. The income can be distributed to you, your spouse or other designee, after which the assets would be distributed to the Academy.
Real Estate with Retained Life Tenancy
You can give your house, summer house, or farm to the Academy while retaining the right for yourself (and a surviving spouse) to live there. You receive an immediate income tax deduction and avoid some of the expenses of ownership.
Tangible Personal Property
You may give appreciated items such as automobiles, trucks, airplanes, boats, art, coins, or other valuable items for the Academy to sell or auction, the proceeds designated for the educational programs or unrestricted use.
Life Insurance Gifts
The contribution of a life insurance policy can provide a significant gift in a manner that can be especially attractive to younger donors. Woodland Academy offers recognition for the amount of the annual premium. By designating Woodland Academy as both the owner and beneficiary of a life insurance policy, the premiums are tax-deductible to the donor.
New rules for charitable giving (from the USAA website):
Don’t let the name of the 2006 Pension Protection Act confuse you. Part of the legislation outlines important new tax implications for charitable giving.
Get receipts. If you want to claim monetary gifts to charities as a deduction, you’ll need detailed receipts, canceled checks, or bank records, regardless of the amount. Even that $5 you drop in the Salvation Army kettle will require proof of payment if you want to add it to your deductions. In the past, you only needed to obtain a written acknowledgement for a single cash contribution of $250 or more. Rules for non-cash donations, such as old clothing and certain household items, also got more strict. Now you can only claim value for things designated in “good used condition or better” (though the act doesn’t define “good”).
To claim a deduction on anything worth more than $500, like furniture or electronics, you’ll need to include a qualified appraisal with your tax return.
Taking it from your IRA
For anyone over 70 ½ , you can withdraw up to $100,000 per year from a Roth or Traditional Individual Retirement Account by having your IRA custodian or trustee give it directly to a qualified charity without having to count the withdrawal as taxable income. Keep in mind that no tax deduction for the charitable contribution would be allowed.
To learn more about these and other related changes brought by the new act, consult the IRS website or your financial advisor.
Use Your IRA as Never Before
On Aug. 17, 2006, President Bush signed into law new tax incentives for charitable gifts from donors who are 70½ or older. The Pension Protection Act of 2006 encourages financial support of charitable organizations across the United States. Under the law, you can make a lifetime gift using funds from your individual retirement account (IRA) without undesirable tax effects. Previously you would have had to report any amount taken from your IRA as taxable income, then take a charitable deduction for the gift, but only up to 50 percent of your adjusted gross income. In effect, this caused some donors to pay more in income taxes than if they didn’t make a gift at all.
Fortunately, now these IRA gifts can be accomplished simply and without tax complications. Plus, you can make the gift now while you are living and able to witness the benefits of your generosity.
You may contribute funds this way if:
* You are age 70½ or older
* The gift is $100,000 or less each year
* You transfer funds directly from an IRA or Rollover IRA
* You transfer the gift outright to one or more public charities, but not supporting organizations or donor advised funds. You cannot receive benefits from us in exchange for the gift.
Please check with your financial advisor for any relevant IRA giving changes.
For more information, please contact the Chairman of the Board, Bill Brown at 804-493-8258, or by e-mail at hinnom@localnet.com