|    |    |    |    |    |    |  

Every day, the Indianapolis Notre Dame ACE Academies serve more than 1,100 students in the five Catholic, inner-city elementary schools of Central Catholic, Holy Angels, Holy Cross, St. Anthony, and St. Philip Neri. There are a variety of ways individuals and organizations can support students’ spiritual, academic, social, and emotional growth through enhanced instructional and extracurricular programming.

If you are interested in discussing further how you or your organization can partner with Notre Dame ACE Academies, please contact Gina Kuntz Fleming, Superintendent of Catholic Schools/Director of NDAA, at 317-592-4051 or or Kimberly Pohovey, Director of Mission Advancement for Catholic Education Initiatives, at 317-236-1568 or . 

Ways to Give 

Leave a Lasting Gift through Your Estate

Continue your legacy planning with a lasting gift to Notre Dame ACE Academies schools that will impact lives for years to come. Including Notre Dame ACE Academies in your planned giving continues your ability to serve the schools’ mission of providing a quality, Christ-centered education and helping our children realize college and heaven.

The Catholic Community Foundation (CCF) has helped set up more than 450 endowment funds to help others with their legacy planning. To learn more about how you can plan a lasting gift through legacy planning, contact Elisa Smith, at or 317-236-1482 or .

Consider the Charitable IRA Rollover

If you are 70 ½ or older, you can give up to $100,000 tax-free directly from your IRA. A husband and wife can each give up to $100,000. As of 2015, this provision became permanent. Your rollover gift must be made directly to the Catholic Community Foundation (CCF) from your IRA but can be designated to benefit Notre Dame ACE Academies schools.

For more information on how you can take advantage of this tax savings benefit and impact the educational future of Notre Dame ACE Academies students, contact Elisa Smith, at 317-236-1482 or .

Take Advantage of the Indiana Tax Credit Scholarship Program

More than 1,000 families have been able to send their child(ren) to Notre Dame ACE Academies through the generous gifts we have received through the Tax Credit Scholarship Program. In 2017-18, $12.5 million in tax credits were set aside for Indiana donors. Plan now to make your gift in July and take advantage of the 50% tax credit. It’s easy to do!

Donations must be directed to the Institute for Quality Education (IQE) in order to receive the tax credit. Donations may be made via cash, check, credit/debit cards, the charitable IRA rollover or publicly traded securities (stocks, bonds or mutual funds).

Please visit this link for the donor form (be sure to designate NDAA) and mail it with your check made payable to the Institute for Quality Education or visit www.i4qed.org/donate to conveniently donate online. Download the IQE Brochure to learn more about the amazing advantages of this tax credit opportunity.

For more information about giving through the Tax Credit Scholarship Program, contact Kimberly Pohovey 317-236-1568 or .

NDAA Donor Strategies Under the New Tax Law

 


by Steven Gaylord
Notre Dame ACE Academies Board Member

   With the signing of The Tax Cuts and Jobs Act, which became effective on January 1, 2018, the opportunity to deduct charitable contributions has been somewhat limited for certain individual donors.  The new federal law effectively doubled the standard deduction for both single and married joint filers.  Thus, for donors to deduct charitable contributions on their tax returns, their total itemized deductions (which generally include charitable contributions, state and local taxes up to $10,000, and mortgage interest) must exceed the standard deduction of $12,000 for single filers or $24,000 for married joint filers.  This means that some donors might not get a specific tax benefit for giving to a charity, including NDAA, beginning in 2018.

So, what are some strategies to give to NDAA and still get a specific tax benefit?

1. Give more!  If a donor’s itemized deductions are just below the new standard deduction threshold, giving more to NDAA could be an efficient way to get a specific tax deduction for the contributions and, by doing so, lower the amount of their federal and state tax liabilities. The new law raises the adjusted gross income limitation on charitable contributions to 60% (previously 50% on cash contributions), so more of a donor’s contributions may be deductible.

2. Make an Indiana Tax Credit Scholarship donation to The Indiana Institute for Quality Education for the benefit of NDAA students.  Even if the donation doesn’t put the donor’s total itemized deductions above the new standard deduction threshold, the donor will still receive a credit against their Indiana income tax equal to 50% of the amount donated!  Even better, donors should consider donating appreciated stocks and mutual funds under the Tax Credit Scholarship program, thus avoiding future capital gains taxes on those stocks and mutual funds.  Note: Tax credits under this program are subject to annual appropriation by the State Legislature.

3. “Bunch” donations every few years to surmount the higher standard deduction, especially in years when the donor’s income is higher. 

4. Consider establishing a donor-advised fund with The Catholic Community Foundation. With minimal paper work and little or no fees, donors can make large deductible contributions in one year to exceed the standard deduction, and then direct the Foundation to distribute these funds to NDAA (and other Catholic charities) in future years.  Meanwhile, the assets in the donor-advised fund are invested and grow tax-free.

5. If a donor is 70 ½ years or older and is required to make “required minimum distributions” out of their traditional individual retirement accounts, they will avoid taxation on up to $100,000 of these distributions each year by making a direct IRA charitable rollover to NDAA (and other qualifying charities).  The key is that the check from the IRA administrator must be made out to NDAA.  By lowering the donor’s adjusted gross income in this way, the donor may keep other income from being subject to the 3.8% net investment income tax, and could also eliminate high-income premium surcharges for Medicare. 

This article is general in nature and is not to be taken as legal or tax advice to any particular person. Please consult your tax adviser for specific advice for your circumstance. For more information about donating to NDAA, please contact Kimberly Pohovey at or 317-236-1568.