Giving to Covenant
Gifts of Cash
Cash gifts may be given in the form of a check or charge to your credit card. You may also designate a recurring gift charged to your credit card account on a weekly, monthly, or annual basis.
Gifts of Life Insurance
You may contribute a life insurance policy by naming Covenant Classical School either as the owner of the policy or simply as the beneficiary. If the policy is paid up, your tax deduction is usually the cost basis or the replacement value of the policy, whichever is less.
A Gift-In-Kind is transferring ownership of an asset, rather than selling the asset and giving the cash. These include long term investment property, such as stock, mutual fund shares, bonds, or real estate. Personal property such as automobiles, jewelry, and other items may also be given.
Why Give Gifts-In-Kind?
The tax code generally favors this form of giving. Giving an asset to Covenant Classical School, then allowing Covenant to sell it, eliminates potential capital gains taxes and can increase the after tax proceeds.
How Does the Tax Benefit Work?
Itemized Deduction: Generally, an individual or business is allowed to deduct the fair market value of appreciated capital gain property as a charitable contribution if held at least one year.
Capital Gains: The transfer of capital gain property to the not-for-profit (Covenant) does not generate capital gains tax. The not-for-profit (Covenant), as a tax-exempt entity, realizes the full market value at the time of sale, less transaction costs, without paying any taxes.
You can double the impact of your giving through your employer's Matching Gift Program!
Companies that offer matching gift programs to eligible schools/charities can double the effect of their employee's generosity. To double your impact of giving to education through Covenant, ask your company's HR department if it sponsors a matching gift program. If it does, request their enrollment form, and send the completed form to:
Covenant Classical School
Attn: Development Director
2035 East 75th Street
Naperville, IL 60565
Covenant Classical School is a 501(c)(3) corporation. All gifts are tax-deductible.
For more information on giving to Covenant Classical School, please contact any member of the Covenant Board of Trustees.