We believe that all children deserve a quality, academically rigorous education in a safe caring environment. Covenant Preparatory School endeavors to provide this to middle school boys from underserved communities, in a tuition-free preparatory school environment. This education includes an extended school day, a mandatory Summer Academy, and Graduate Support to ensure that our scholars have the foundation for academic and social success. We work to instill five integral Core Values: Integrity, Respect, Gratitude, Motivation, and Community to help these young men achieve their greatest individual potential for a long legacy of positive impact. We hope to continue this work for many years into the future.
Planned gifts may take the form of bequests, gifts of retirement plan assets, life insurance, life income gifts and more. These are the invaluable resources that help preserve and ensure a successful future for Covenant Preparatory School with financial strength, growth, and independence. Unlike gifts to our Annual Fund, which often support current operating expenses, planned gifts secure a rigorous, holistic, safe education for middle school boys for years to come.
If you have made, or plan to make, a planned gift to Covenant Preparatory School, please let us know. You can also inform us of your planned gift and remain anonymous should you wish to do so. We appreciate your consideration in supporting the Covenant Preparatory School in this special way. Please consult your estate attorney or financial advisor prior to making a planned gift. Should you or your advisor have additional questions, please contact Tracy Wu Fastenberg.
Ways to Give
You may leave a bequest to Covenant Preparatory School under your will or living trust. Your bequest may be of a specific dollar amount, a percentage of your total estate, or the remainder of your estate, after other commitments have been met. Gifts can be of cash, securities and/or real or personal property and can be unrestricted, which provides the most flexibility for Covenant Preparatory School or restricted to an area of use.
You may designate Covenant Preparatory School as a full or partial primary or contingent beneficiary of an individual retirement account or a qualified retirement plan. This type of plan is simple to implement, often requiring only the filing of a new beneficiary designation form. Naming Covenant Preparatory School as beneficiary of a qualifying retirement plan or account, especially if there is no surviving spouse, is advantageous. Otherwise, the assets can be subject to income tax and may also be subject to estate tax and generation-skipping transfer tax. Consult your advisor for full tax benefits or implications.
You can give a gift of life insurance by naming Covenant Preparatory School as owner and beneficiary of a new or existing policy and receive potential income and/ or estate tax benefits. You may also name the School as a primary or contingent beneficiary of your policy without relinquishing ownership. Consult your advisor prior to donating a life insurance policy to Covenant Preparatory School.
LIFE INCOME GIFTS
Through these types of gifts, it is possible to transfer assets to Covenant Preparatory School now and, in return, you or your heirs can receive income back for life. These life income gifts are attractive if you have assets (such as stocks or real estate) that produce little or no income but have increased in value, and would incur substantial capital gains tax if sold. Such a gift can have many advantages:
• Provides immediate income tax reduction
• Avoids capital gains taxes
• Removes the asset from the taxable estate
• Provides a secure source of income back to you (or your designees)
Please contact your advisor for more information on life income gifts.