FAQs Regarding Gifts to Asheville Catholic School

Is my donation tax deductible?

As a non-profit organization, any gift to the Asheville Catholic School and its endowments may be tax deductible.

How can I leave a legacy for the children of ACS?

By leaving a legacy through a gift in your will, pre-tax retirement plan or life insurance policy, you can help Asheville Catholic School provide quality academic and spiritual learning, recruit and retain a premier faculty, and promote ongoing growth and enrichment for the school.

What type of donation(s) can I give?

There are several ways to leave a gift to one of the Asheville Catholic School endowments. Many individuals set aside a certain dollar amount through their will; others leave a percentage of their estate or any asset that may be remaining after their family has been provided for. Some people give something they own, such as a car or their home. Others leave a paid-up life insurance policy.

Cash: A gift of cash is simple to make, immediately effective and easily designated for our current needs. Individuals can also choose to give through a pledge payable over a 1-5 year period.

Securities and Real Estate: Stocks, bonds and other securities may be donated at today’s market value as can Real Estate and other personal property. This includes residences, farms, vacant land and vacation homes. Collectibles, such as coins, stamps, antiques and paintings, are also welcome gifts.

Give a gift of stock or real property and benefit in two ways. First, such a gift, if held longer than twelve months, can be deducted at its full fair-market value. Excess donations can be carried into as many as five additional tax years if necessary. Secondly, the sale of appreciated property generates a capital gain upon which you are taxed. However, if you make a gift of it, you pay no capital gains tax.

Bequests: Donors may find it convenient to designate a gift through their estate planning. A bequest in your will is a written instruction that disposes of some or all of the property controlled by the will. You may designate a specific cash amount, percentage of your estate, real estate or other property as a gift to the Endowment Fund.

Beneficiaries: Donors may make one or both of the Asheville Catholic School endowments the beneficiary of existing or new life insurance policies. In such cases, insurance premiums may be tax deductible.

Trusts: A trust arrangement allows the donor to retain a lifetime income from cash or property transferred to the Endowment Fund as well as realizing current tax benefits.

How are the Asheville Catholic School endowments managed?

The School’s endowment funds – the Asheville Catholic School Educational Foundation and the Sheridan-Mangan Fund – are managed by the Diocese of Charlotte, which ensures that the endowment funds grow and fulfill the goals for which they were established.

Whom do I contact to learn more, or to make donation arrangements?

For more information, please contact Bob Martin, Finance Manager at 828-252-7896 or rmartin@ashevillecatholic.org