Gift Opportunities
There are many ways of making contributions to charitable organizations. It is important that donors to Hampton Roads are aware of their options, so that they can make gifts with the type of assets most suited to their own financial situations, based on existing tax laws and prudent financial planning. Several ways in which contributions can be made to Hampton Roads Academy are listed below.

Donate on-line securely using MasterCard or Visa here.

Cash Gifts

Securities

Bequests

Income Interest Gifts

Real Estate

Tangible Personal Property

Life Insurance

Remainder Gifts

Charitable Gift Annuity

Cash Gifts
Most donors make outright cash contributions. The School gratefully accepts cash gifts and is also able to accept contributions via VISA and MasterCard. A cash gift entitles the donor to an income tax deduction in the year of the gift.

Securities
Appreciated securities are often the best form of assets to use in making a charitable gift. In cases, an outright gift of appreciated securities entitles the donor to an income tax charitable deduction for the fair market value of the securities and, in the case of securities that have been held for more than 18 months, the avoidance of capital gains tax.

Bequests
A donor may include a bequest to the School in his or her estate plan. Bequests may be for a specific amount, a percentage of the donor's estate, or even a residual portion. A donor may designate Hampton Roads Academy as beneficiary of all or part of an IRA or other retirement fund, thus eliminating estate taxes on the designated amount. Our Heritage Society recognizes those who have made a decision to benefit the school in this manner.

Income Interest Gifts
Through an income interest gift, a donor may contribute the income from an asset while retaining ownership of that asset. In this case, Hampton Roads Academy receives income for a designated period of years after which the asset and any subsequent income return to the donor, his or her spouse, children, or other designated person. This form of gift offers both an immediate charitable deduction as well as future tax advantages.

Real Estate
A donor may contribute various types of real property or a fractional interest in property to The Academy. Such real estate may be a personal or recreational home, farm, commercial building, or undeveloped property. In the case of a personal residence, including a vacation home, the donor may make a gift of property and reserve the right to occupy it for his or her life and for the life of a spouse. Real estate gifts offer the donor a variety of tax benefits, including relief from capital gains taxes.

Tangible Personal Property
If the donor gives a tangible asset, such as a work of art, which has appreciated in value, and if the asset is used by Hampton Roads Academy in its educational program, the donor receives a charitable deduction equal to the asset's full fair market value. However, if the asset is not used by the School, the donor's charitable deduction is limited to his or her cost basis.

Life Insurance
A donor may contribute an existing life insurance policy which is no longer needed or he or she may designate the School as the owner and beneficiary of a new policy. In either case, the value of the existing policy (or the donor's investment, if less) or the donor's gift to Hampton Roads Academy to cover premiums on a new policy are fully deductible as charitable contributions.

Remainder Gifts
Through the remainder gift, a donor may contribute appreciated but low yielding assets, such as securities or real estate, to Hampton Roads Academy. The donor may direct a new investment strategy for greater yield and retain for life the income from those assets for himself or herself, his or her spouse, or both. A remainder gift permits the donor to take an income tax deduction for the charitable portion of the value of the gift. Furthermore, if the gift is in the form of appreciated securities or real estate, the donor may not pay capital gains tax on the appreciation

Charitable Gift Annuity
As with other remainder gifts, a donor may contribute appreciated but low yielding assets to establish an annuity. As with other annuities, the donor will receive regular payments for life.  The remainder of the assets will then be available to the school for purposes either identified by the donor or the board of trustees.  The donor receives a tax deduction for a portion of the assets and a portion of the annual payments are tax-free.  An advantage of this option is that it can be accomplished without major expense or complicated procedures.

Heritage Society
For more information, please contact
John Payne
at (757) 884-9113
Email: jpayne@hra.org