FREQUENTLY ASKED QUESTIONS
Why was the Green & Gold Fund created?
The Green & Gold Fund was created to help solicit donations from alumni, parents and others in the community to generally provide funding for longer term projects designed to enhance the educational experience at the school. The Fund was incorporated in the State of New York in 2018 and is a non-profit organization under Section 501(c)(3) of the Internal Revenue Service that is a separately managed entity with its own board of directors and its own reporting requirements.
Why are you soliciting contributions over and above what is collected through tuition and fees?
As is the case with most Catholic high schools, the actual costs associated with operating the school are greater than what is collected in tuition and fees. SHHS has its own Development office and its efforts are primarily focused on closing the gap between the tuition and the annual operating costs. The focus of the Fund is to look beyond the normal operating costs and to provide the resources to enhance the programs and activities that help the school remain competitive, long term, in the private school marketplace.
Should we be contributing to both causes?
Absolutely, especially since they are targeted at different requirements. We would hope that you could continue to support both efforts.
Can gifts be made anonymously?
Yes. When you send in your donation please be sure to let us know that you would like it to remain anonymous. We will be happy to honor your request.
Are gifts tax deductible?
All gifts, with the exception of IRA’s, are fully tax deductible according to IRS regulations. IRA contributions offer other tax benefits that are available to anyone electing that option.
What are the rules for IRA rollovers?
If you are older than 70 1/2, you can donate up to $100,000 from your IRA to a charity tax-free. Donors do not receive an income tax charitable deduction; however, this provision allows donors to transfer money from their IRAs without having to recognize the transfer as taxable income. Please consult your tax advisor for information about your specific situation.
You should consult with your legal counsel and/or your accountant or tax professional regarding the legal or tax implications of a particular suggestion or strategy including any estate planning strategies, before you implement your plan. In addition, the information is current as of the date indicated and is subject to change without notice.
For additional information about making a gift to the Green & Gold Fund, please contact us at email@example.com