We have set a challenging goal of $10 million for the Cross Currents Campaign.  If we band together as one Holy Cross family, we believe that we can exceed this goal and put our beloved “Cross” on the strongest possible financial footing for a bright future.  It is only through your generosity and sacrificial giving that we will be able to accomplish this!

A Special Commitment

We are inviting every member of the Holy Cross family to make a substantial pledge commitment to the Cross Currents Campaign, payable over a period of three to five years.  As you discern your pledge amount, please keep in mind the following considerations:

  • Your commitment may be paid monthly, quarterly, or annually over 36 to 60 months.
  • We will send you regular payment reminders in accordance with the payment schedule you indicate.
  • Cross Currents is a special project that requires funding over and above our typical annual revenue streams. Pledges to this campaign fund the Knights Fund for the 2020 year only.  As you budget your pledge, please anticipate that we will invite you to participate in the Knights Fund in 2021 and beyond as you continue to make payments toward your Cross Currents pledge  Annual fundraising events such as the Hall of Fame Dinner, Golf Classic, and Walkathon will also continue to run as donors make and pay pledges to the Cross Currents Campaign.

Tax Advantages of Thoughtful Giving

  • Tax Deductions. Annual contributions to this campaign are fully tax-deductible (except in the instance of the IRA charitable rollover, further explained below).
  • IRA Charitable Rollover. If you have a traditional IRA and are aged 70 1/2 or older, you must take a required minimum distribution (RMD) every year.  You are permitted to make a qualified charitable distribution (QCD) to satisfy all or part of your annual RMD.  Through a QCD, you may transfer up to $100,000 per year to Holy Cross High School.  As a charitable gift, this distribution comes straight from your IRA to Holy Cross.  It does not pass through your hands and therefore is not taxed as income, but it does count toward your annual required minimum distribution.  Please note that since the funds are not claimed as income and you do not pay income taxes on the rollover, the rollover amount cannot be deducted on your tax return.
  • Appreciated Stock or Securities. If you have held stock outside a retirement account for one year or more and were to sell it, the proceeds of the sale would be subject to capital gains tax.  However, you can avoid this tax by giving the stock directly to a charitable institution like Holy Cross.  When you do this, you are allowed to take a tax deduction for the full, current market value of the stock.  As a charitable institution, Holy Cross sells the stock immediately and pays no capital gains tax.  This results in both a bigger deduction for you and a larger gift to Holy Cross.  To make a gift of stock, please instruct your financial advisor to contact the Advancement Office at (718) 886-7250, extension 544.

Matching Gifts

Many employers offer matching gift programs that provide employees and retirees the opportunity to multiply their gifts to educational institutions.  We encourage all donors to apply for matching funds directly with their human resources department.  Once your gift is received at Holy Cross, our Advancement Office can provide whatever verification your company requires to approve your application.

Planned Giving

Planned gifts provide alumni, family, and friends with alternate, often tax-advantageous ways to make gifts to Holy Cross High School.  Below we have listed just a few common options.  Please contact Jimmy Conboy, our VP Institutional Advancement, at (718) 886-7250, extension 546, should any of these options appeal to you.

  • Bequests to non-profit institutions are exempt from estate taxation. Gifts may be made in specified dollar amounts or as a percentage of an estate.  It is possible to bequest cash, real estate, stocks, bonds, coins, etc.  Bequests can be recognized towards the Cross Currents Campaign as long as they are formally documented through a letter of intent.
  • Whole or Universal Life Insurance Policies no longer needed for lifestyle protection may be gifted to charitable institutions like Holy Cross for the cash or surrender value of the policy.
  • Retirement Plan Benefits that are not distributed to the plan’s owner during his/her lifetime may be subject to both estate tax and income tax upon the owner’s passing. To avoid this “double jeopardy,” consider gifting these assets to Holy Cross.  Simply list Holy Cross as the beneficiary or contingent beneficiary of all or part of your IRA or retirement plan benefits.
  • Charitable Trusts allow the donor to place funds in trust to benefit both loved ones and Holy Cross. In the case of a charitable remainder annuity trust (CRAT), the donor places funds in trust, and the trust in turn pays a fixed dollar amount every year to a beneficiary (usually the donor) for life or for a set number of years.  When the trust expires, the remainder becomes a gift to Holy Cross.  Charitable remainder unitrusts (CRUTs) operate on the same principle, but instead pay a set percentage of the trust’s corpus each year to the donor/beneficiary.  Charitable lead trusts, on the other hand, provide financial support to one or more charities for a set period of time (such as the lifetime of the donor), with the remaining assets eventually going to family members or other beneficiaries.  Depending on how they are set up, charitable trusts can be powerful tools in retirement and estate planning and often carry significant tax benefits.

Making Your Pledge

A volunteer or a Holy Cross staff member may contact you to invite you to participate in the Cross Currents Campaign.  In December 2019 and January 2020, pledge cards will be mailed to all members of the Holy Cross family.  Our giving webpage will also go live at that time.

If you have any questions, you may contact our Advancement Office at CrossCurrents@myHCHS.org, or at (718) 886-7250, extension 544.

10000000
4725000

E-Mail Sign Up Stay up to date with the Cross Currents Campaign