Giving to Covington Latin School has an immediate impact on the lives of students and on the programs that strengthen the Latin School experience. Like most private schools, tuition and fees do not fully finance the cost of educating each student, placing our donors in a vital position of ensuring the continued CLS tradition of excellence, now and in the future.
Our students know the importance of helping others by watching our alumni, parents, friends, faculty and staff give of themselves to ensure our Mission continues. Thank you for your ongoing support in all that we do and for providing a compelling example to the best and brightest of today and tomorrow's generations.
Covington Latin School offers many ways to make a gift and giving vehicles to suit a variety of circumstances. We strive to offer as many giving options as there are needs to be met. If you wish to support the School in a manner not specified below, please contact Carl Goodmonson, Director of Institutional Advancement at firstname.lastname@example.org or 859.291.7044.
Gifts of Cash
Traditionally, the majority of gifts made to Latin School come in the form of cash. A gift of cash entitles a donor to the most generous federal income tax deduction available for charitable contributions. You may deduct up to fifty percent of your adjusted gross income for gifts of cash and may carry any amount over that figure forward for up to five additional years.
Covington Latin School accepts cash gifts by check and Visa®, MasterCard® and Discover®. Regardless of transaction type, donors will receive a copy of their tax receipt promptly after the gift has been received (and donors giving through Visa®, MasterCard® or Discover® will receive an additional credit card receipt for their records). Donors may give online or complete the credit card gift form and mail, c/o Development Office, submit in person, email a scanned copy or fax to us at 859.291.1939. Donors may also contact Paula Grome, Development Assistant, to transact a gift by phone.
A gift of appreciated securities that you have held for more than one year is frequently the most economic way to give. You will be eligible to take a federal income tax deduction equal to the fair market value of the stock on the date of the gift for up to 30% of your adjusted gross income and will not have to recognize the appreciation as capital gain. You may obtain details on the transfer of securities by contacting Carl Goodmonson.
Giving a Vehicle
Covington Latin School partners with St. Vincent de Paul on vehicle donations. SVdP handles the donation and the proceeds from the vehicle's sale are divided evenly between SVdP and Covington Latin. For donors, the process is remarkably convenient (it literally takes about five minutes) and managed at St. Vincent de Paul at 655 Crescent Springs Road, Covington, KY 41017, by Joe Larison.
Feel free to contact Joe in advance at 859.341.3212 (or click here) or simply stop in between during weekday hours of 9:00 am - 4:30 pm. Title signees must be present to sign the vehicle over but need nothing more than the title, the physical license plate and the vehicle mileage (the vehicle need not be present - transport will be arranged, whether its driven or towed). Please make us aware of your vehicle donation by contacting Carl Goodmonson at email@example.com or 859.291.7044 with any questions or for additional assistance.
Life Income Gifts
A life income gift allows you to receive income (often an increased income) while making a gift to CLS. In addition, life income plans can offer an immediate charitable deduction, avoidance of capital gains taxes and portfolio diversification. The Development Office is available to assist donors and their advisers in establishing life income plans. Latin School offers a number of life income plan options. Please feel free to contact Carl Goodmonson to further discuss life income plans detailed below.
Charitable Remainder Trusts
This is an individually managed trust that may be tailored to the specific needs of the donor or designated beneficiaries. These trusts can be structured to provide income for life or for a term of years. Most importantly, the trust assets can be managed for income or growth, depending on a beneficiary's needs. Charitable remainder trusts can accept a broad range of gift assets and are popular because of their flexibility.
Gifts to CLS can come in other forms as well. For example, you may wish to consider a gift of closely-held stock or irrevocable life insurance. In the latter, premium payments can be tax deductible as a charitable deduction and you can transfer your policy while continuing to pay premiums or naming Covington Latin School as the beneficiary. Life insurance policies which are no longer needed for the purpose for which they were originally purchased may be an ideal gift to Latin School. A gift of either of these assets will entitle you to an income tax deduction equal to the fair market value on the date the gift is made. You may take this deduction for up to 30% of your adjusted gross income with a carry-over of any excess for up to five additional years.
Planned Gifts and Bequests
CLS greatly encourages and appreciates future gifts made through one's estate. Planned gifts in which the School's interest is irrevocable and for which annual statements from the fiduciary are provided can be credited toward our endowment. These gifts are assets of the School and as such, can be considered in the long-term planning of financial support. Estate planning provides the efficient transfer of your beneficiaries and charitable organizations and is also a testament to the kind of legacy you leave behind and the impact it will have for future generations.
Bequests are one of the simplest ways to make a substantial commitment to Latin School without affecting your current cash flow. Making a bequest in your will or revocable trust can be done in a variety of ways that suit your personal objectives. Bequests may be unrestricted or provisioned to support a specific purpose and may be designed to bequest a specific dollar amount or a percentage of your estate's remainder. Whichever you prefer, we will be happy to work with donors and financial advisers to develop a bequest that will be satisfying, economical and effective in carrying out your wishes.
All are wonderful ways to memorialize your impact on the School that has memorialized its impact upon you.