Development - Ways of Giving
Donations
The mission of Benet Hill Sister's relies on the generosity of our benefactors. Gifts can be made to a specific program, campaign or the general fund in the following methods:
Online giving: Click the Donate button to launch secure giving through Paypal. You can donate online by check or credit card. |
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Donations can be designated for the monastery and ministry programs or to the capital campaign |
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Gifts of Stock
Annual Giving Programs
Wills/Bequests
Charitable Trust
Life Insurance Policies
Gifts of Property/Real Estate
Individual Retirement Accounts (IRA)
Gifts of Cash
A gift of cash is often the simplest way to give. The gift can be made by sending a check or money order directly to the monastery or by using a credit card (Visa or MasterCard) or e-check. Cash gifts are deductible in the year in which the gift is made.
By mail:
Send check, draft or money order in one of the envelopes included in the Benet Hill Review or simply mail to:
Benet Hill Monastery
Development Office
3190 Benet Lane
Colorado Springs, CO 80921-1509
By Phone:
Call 719-633-0655 and ask for Development. Be prepared to share your credit card information, including card type, credit card number, expiration date, amount of gift and date to debit the card. Recurring gifts as well as payments toward a larger gift over a period of 1 to 3 years can be set up this way. The monastery accepts Visa and MasterCard.
Gifts of Stock
An appreciated stock gift is almost always more beneficial to the donor than contributing cash to a charity. This is because a gift of appreciated stock generally offers a twofold tax savings:
- First, you avoid paying any capital gains tax on the increase in value of the stock.
- Second, you receive an income tax charitable for the full fair market value of the stock at the time of the gift.
To transfer stocks held with a broker or certificates held by you:
- Call Benet Hill Monastery Development Office to notify us of your gift, kind of stock, the number of shares and how you wish it to be used. You will be given the name and phone number of the broker working with the Sisters.
- Contact Sister Rose Ann Barmann, OSB, Development Director or Sister Elizabeth Cogan, OSB, donor relations at 719-633-0655.
- Notify the Sisters when you made the transfer.
Annual Giving Programs
Annual Donors
An annual appeal is mailed each in April and November. Gifts that are given to the annual appeal help to support the ongoing ministries of the Sisters.
Monthly Donors
Gifts may be made on a monthly basis by having the monastery debit your credit card monthly for a set dollar amount. You may designate your gift for a specific purpose. Call Mary Kunkel, Development Office at 719-633-0655 to set up the payment schedule.
Tributes or Memorials
A gift in honor of or in memory of a family member or friend is a special way to show your support for the mission and values of Benet Hill Monastery.
A tribute gift honors a special time in someone's life - a birthday, anniversary, an honor or other memorable event.
A memorial gift, given in honor of a deceased loved one or friend, remembers the deceased person.
A card acknowledging the tribute or the memorial gift will be sent to the person or family being honored or remembered when you designate the person you wish to honor at the time of your gift. The amount of your gift will not be disclosed.
Wills/Bequests
Wills/Bequests are among the simplest and most popular planned gift vehicles for supporting the Sisters of Benet Hill Monastery. The will simply lists Benet Hill Monastery as a beneficiary of the assets. You retain maximum flexibility and use of your assets during your lifetime. Bequests are generally deductable for estate and gift tax purposes.
A will/bequest can take any of the following forms:
- Specific bequest of a percentage or an exact dollar amount of the assets, or of particular designated securities or other property.
- Residuary bequest of all or a percentage or portion of your estate, after the payments of specific amounts to other beneficiaries have been made.
- Contingent bequest to take effect only in the event that your primary beneficiaries as designated in your will have died before you.
Often a bequest can be arranged simply with the addition of a codicil to amend your existing will. The wording of the bequest can be very simple:
I give the Sisters of Benet Hill Monastery in Colorado Springs,Colorado, ______ percentage of the residue of my estate, to be used by the Sisters wherever the needs are greatest. or
I give, devise and bequeath to the SIsters of Benet Hill Monastery, Colorado Springs, Colorado (X dollars) or (X shares or stock) or (legal description of real property) to be used to further their mission. or
To make a gift of all that remains after taking care of family and other interests:
All the rest, residue and remainder of my estate, both real and personal property, whatsoever and wheresoever located, I give, devise and bequeath to the Sisters of Benet Hill Monastery, Colorado Springs, Colorado, to be used to further their mission.
For help in planning your will, request a Will Planning Inventory
As with any estate planning decision, consult your legal, financial and tax advisors for advice and information on applicable state and federal laws
Charitable Trust
Donors, with the help of their financial advisor, may choose a charitable trust as a way of making gifts to the Sisters of Benet Hill Monastery while providing for potentially significant tax benefits. There are a variety of Trust vehicles to satisfy a particular benefactor's interest. A Trust can increase income, reduce taxes, unlock appreciated investments and rid the donor of investment concerns and obligations while making a signficant gift to the SIsters of Benet Hill Monastery.
Three specific Charitable Trusts are:
Charitable Remainder Trust (CRT) A Charitable Remainder Trust is an irrevocable trust that pays a fixed income, for life or a specified period of time, based on the value of assets at the time the Trust is created. Depending on the terms of the Trust agreement, the Trust will then make payments to the donor and/or family or friends named by the donor. When the Trust terminates, either at the end of the beneficiarie's lifetimes or a period of years, the Trust's remaining principal will be transferred to the Sisters of Benet Hill Monastery for use. This planned gift has some generous tax advantages, including avoiding or postponing capital gains tax on appreciated property, and possible lower estate taxes.
Charitable Remainder Unitrust (CRUT) Similar to the annuity Trust described above, but the Charitable Remainder Unitrust provides a fluctuating income based on a fixed percentage of the Trust's annual value. Tax advantages include avoiding or postponing capital gains tax and possible lower estate taxes.
Charitable Lead Trust If your goal is to provide an inheritance for your children but you would also like to make a significant charitable gift through your estate, a Charitable Lead Trust can help you satisfy both objectives. A Charitable Lead Trust can lessen the estate tax burden for your children. As with any estate planning decision, consult your legal, financial and tax advisors for advice and information on applicable state and federal laws.
Life Insurance Policies
Perhaps you would like to make a sizeable contribution to the monastery to support the Sister's ministries in the future but you do not want to reduce the estate you will pass on to your family. Purchasing life insurance can be the solution. By purchasing life insurance policies and designating the Sisters of Benet Hill Monastery, Colorado Springs, Colorado this can be an easy method of supporting the Sister's ministries. If an existing life insurance policy is no longer needed for the original intent for which it was purchased, the beneficiary can be changed to the Sisters of Benet Hill Monastery. Giving insurance policies often creates current income tax benefits as an income tax deduction for, roughly, the cash surrender value of the policy. If the policy is not fully, you may continue to pay the premiums and receive a tax deduction for the annual premium amount. To qualify for a federal tax deduction, one must name the monastery as owner and beneficiary of the policy which can be readily accomplished through your insurance company.
As with any estate planning decision, consult your legal, financial and tax advisors for advice and information on applicable state and federal laws.
Gifts of Property/Real Estate
A gift of property, free of mortgage, aleviates capital gains tax and gives the donor an income tax deduction on the fair market value of the gift. Donors may be allowed to remove the asset from their taxable estate and give the property to charity while still living on the property.
Estate Agreement
With this agreement, a donor transfers the title to a residence or farm to the Sisters of Benet Hill Monastery while retaining the right to live there and use the property for life. The donor may be entitled to a current tax deduction equal to the value of the remainder interest.
Individual Retirement Accounts (IRAs)
Donor may wish to make a gift of some of their retirement assets to the Sisters of Benet Hill Monastery. Naming the Sisters of Benet Hill Monastery as a beneficiary of your Individual Retirement Account (IRA) or other retirement plan assets can be an ideal way of making a future gift to the monastery for the purposes of carrying on the ministries of the Sisters. Doing so can provide double tax benefits by avoiding estate tax and income tax that would otherwise be due if the assets were left to your heirs.
As with any estate planning decision, consult your legal, financial and tax advisors for advice and information on applicable state and federal laws.