Skip to main content
Mobile Menu Toggle
Alumni » Donor Information

Donor Information

Ways To Give To Molloy

Click Here to download the information below as a PDF

 

Charitable IRA Rollover

A charitable IRA rollover is a gift option that enables donors age 70½ or older to transfer up

to $100,000 directly from the donor’s IRA (or IRAs) to a qualified charity each year. The donor

does not recognize the transfer as taxable income on his or her tax return. By the same token, this

transfer may not be claimed as a charitable income tax deduction.

 

BENEFITS

When you make a gift to Molloy through a charitable IRA rollover, you can:
  • Count the amount of your rollover toward your required minimum distribution (RMD) for the year.
  • Avoid additional taxable income, which may allow you to avoid taxation at a higher tax bracket.
  • Create or add to a permanent endowment in your name or in memory of a loved one. (For this consideration we ask you to contact Craig Katinas at 718-934-3151 or ckatinas@molloyhs.org to discuss and plan.)
 
FACTORS TO CONSIDER
  • The charitable IRA rollover is available only for gifts from a traditional IRA and not from any other type of retirement plan (401(k), 403(b), 457, Keogh, ESOP, etc.).
  • The rollover is allowed only for outright gifts to a qualified public charity like Archbishop Molloy High School for which the donor receives no benefits.
  • The donor must be at least 70 years of age on the date of the gift.
  • The donor can give up to $100,000 each year from his or her IRA(s). A couple with separate IRAs can donate up to $100,000 each from their respective IRAs.
  • There is no federal income realized and no income tax deduction for the donor (unless made from documented after-tax contributions to the IRA).
  • The gift should be transferred from the IRA directly to the charity. The donor should not accept any distribution of funds intended for a charitable IRA rollover.
  • Some states treat the charitable IRA rollover like a withdrawal for state tax purposes, but this varies from state to state.
  • Please check with your financial advisor to determine how a charitable IRA rollover gift will impact you.

 

Sample letter and language directing a Charitable IRA rollover to Archbishop Molloy High School

 

This charitable IRA rollover to Archbishop Molloy High School should be delivered to:

Attention: Stanner Alumni Center

Archbishop Molloy High School

8353 Manton Street

Briarwood, NY 11435

 

Date: _________________________

Name and Address of IRA Custodian or Trustee:

Re: Charitable IRA Rollover - distribution to Archbishop Molloy High School

Dear Custodian or Trustee:

I hereby direct you to make a qualified charitable distribution (a “charitable IRA rollover”) of $________________ to Archbishop Molloy High School, a 501(c)(3) public charity that is qualified to receive charitable IRA rollovers under the provisions of the Protecting Americans from Tax Hikes Act of 2015 (the “PATH” Act, extending section 1201 of Public Law 109-280).

This rollover should be made from the _____________________ _____________________ (name on IRA account), account number ________________________. It is my intent to make this charitable IRA rollover for tax year 201__. I further represent as follows:

(1) I am over 70 years of age. My date of birth is: _______________________.

(2) I will not receive any benefits from Archbishop Molloy High School as a result of this rollover. This rollover is not directed to a charitable remainder trust, lead trust, gift annuity, pooled income fund, donor advised fund, supporting organization, family foundation, or other non-qualified use of a charitable IRA rollover.

(3) I understand that a charitable IRA rollover is limited to no more than $100,000 in total from my IRA or all of my IRAs combined.

(4) I will not incur any federal income tax liability as a result of this rollover, therefore I elect out of withholding for this rollover. I will not accept any personal distribution of funds intended for this charitable IRA rollover. Thank you for your prompt attention to this matter. Please contact me immediately with any questions or the reasons for any substantial delay in completing this rollover.

Sincerely,

Donor’s name as listed on the IRA Print: __________

 


 

A Proud History of Support

 

As we celebrate the 125th Anniversary of the founding of St. Ann's Academy and Archbishop Molloy High School, we ask you to please help us to continue providing excellent quality education for every Stanner. Archbishop Molloy High School needs your financial support. We believe in our mission, and we believe in your generosity.

Our annual fund, The Fund For Molloy, supplements Molloy’s current operating budget. It is a non-restricted fund.


Annual Means Everyday

Regardless of its size, your gift to Fund for Molloy enables Molloy to:

  • Remain affordable and accessible
  • Provide state-of-the-art technology
  • Improve classroom and student facilities
  • Ensure the intellectual, spiritual and physical growth of our student

 

How Much Should I Give?

The size of your gift is a personal decision, but we encourage you to participate to the best of your ability. We ask you to join our Beehive Club and consider a gift or a pledge of $500 or more, which will entitle you to an invitation to the annual President's Dinner. Giving club levels have been established to recognize alumni, parents and friends who exhibit leadership through their contributions to the school. The generosity of our giving club members plays a vital role in the future of Archbishop Molloy High School. We invite you to seriously consider membership in one of our giving clubs.


Corporate Matching Gifts

Your gift could be doubled if you or your spouse's employer have a Matching Gift Program. Please obtain the necessary forms from your employer.


Scholarships

Gifts of $100,000 or more to the Endowment Fund can be identified with the name of the donor or as memorials to others such as family members, friends, faculty members or other individuals a donor wishes to recognize. Endowment programs which perpetuate the name of a family or individual are popular memorial or tribute gifts. The Endowment Fund handles record-keeping details of each gift and reports to the donor.


Support In A Class By Itself

Planning a class reunion? A class-size donation to our annual fund is an ideal expression of the reunion spirit--the past and present of Stanners coming together.


Show Your Good Works

Give today, and your good deed for Molloy will set an example for others. We will publicly acknowledge your participation at the following recognition levels: 

  • 1892 Society: $15,000 and Above
  • 1957 Club: $10,000 to $14,999.99
  • Marist Club: $5000 to $9,999.99
  • Stanner Society: $25,00 to $4,999.99
  • President's Circle: $1,000 to $2,499.99
  • The Lion's Pride: $500 to $999.99
  • Blue & White: Up to $499.99
 

Give Early

 

Please support the Fund for Molloy. Your quick response will help us use our resources more efficiently. By giving today, we can save the cost of further mailings to you. We can save time, too--you will not be called during our future phone-a-thons.


How Can I Make A Gift?

Immediate Gift

  • Gifts by check should be made payable to Archbishop Molloy High School.
  • Credit card gifts help Molloy benefit almost immediately. You may donate to Molloy using your American Express, MasterCard or Visa on this website.
 

Pledged Gift

You may pledge a gift and arrange convenient payment installments.

Life Insurance and Retirement Plans

If you own a life insurance policy that is no longer needed, consider it as the perfect vehicle for a charitable gift! To receive a charitable deduction, name Archbishop Molloy High Schoolas both the owner and the beneficiary of the policy. If the policy has a cash value, you can take a charitable deduction approximately equal to the cash value at the time of the gift. In addition, if annual premiums are still to be made and you continue to pay them, those premiums will become tax deductible each year.(It’s easy to contribute a life insurance policy to us. Just check with your life insurance agent for details on which forms to complete.) 

Gifts of Stock, Bonds, Collections, Antiques or other Personal Property

Giving appreciated securities is a tax-wise way of benefiting the school as well as the donor.

Example: If you purchased stock many years ago for $1,000, and is now worth $10,000, an outright gift of that stock to Archbishop Molloy High School would result in a charitable deduction of $10,000. In addition, you permanently avoid paying capitol gains tax on the $9,000 of appreciation. Here’s how it can be accomplished:

To transfer stock electronically, please give your stockbroker or custodian the following information:

  • Merrill Lynch
  • Robert Metzger
  • 1305 Walt Whitman Road
  • Melville, NY 11747
  • Email: r_metzger@ml.com
  • Phone: (631) 351-5076
  • DTC #8862
  • Account #839-04016
 

Please ask your financial advisor/broker or custodian to provide the donor’s name at the time of the transfer. 

If you have a certificate you wish to give to Archbishop Molloy High School, you can either give it to your financial advisor/broker who can follow the electronic transfer instruction previously covered in this message or simply sign the back and mail it to: 

  • Archbishop Molloy High School
  • Stanner Alumni Center
  • 83-53 Manton Street
  • Briarwood, NY 11435

 

To ensure that the gift is credited properly, please contact our Alumni Development Director, Craig Katinas '93, at the Stanner Alumni Center at 718.943.3151 or ckatinas@molloyhs.org to let us know that the transfer is in process. Please give the donor’s name, the broker’s name, the name of the securities, and number of shares.

Trusts and Wills

All or part of what remains after loved ones have been provided for can be put in trust or directed for the use of Archbishop Molloy through the Endowment Fund. Assets can be put aside also for a limited period of time and then returned to the donor.