For 150 years, Morgan Park Academy’s friends and families have selflessly and passionately given their time, talent, and treasure in support of our mission of educating the whole child. From cash donations to bequests left to MPA through a will, each contribution has made a positive difference in the educational opportunities the school is able to provide. If you are one of those friends or families who wants to ensure that MPA’s mission continues, then you should strongly consider becoming a member of Morgan Park Academy 1873 Society.

What is Morgan Park Academy 1873 Society?

Morgan Park Academy 1873 Society is a group of donors who have included the Academy in their estate plans. Their gifts provide essential financial support for the school’s future. As is the case at many independent schools, tuition only covers approximately 90 percent of MPA’ s total annual operating costs. The Annual Fund and endowment’s proceeds help make the difference. By Board policy, unrestricted legacy gifts are added to MPA’s endowment when received by the school.

What is legacy giving?

Legacy giving, or planned giving, allows donors to “leave a legacy.” It allows donors to have an impact on a favorite cause, such as MPA, beyond their lifetime. It allows donors to make larger gifts than might otherwise be possible. And it may also allow donors to increase their retirement incomes, receive tax advantages, and more effectively pass on assets to heirs.

Common types of planned gifts include:
• Bequests (gifts made through your will or living trust);
• Charitable gift annuities;
• Insurance policies;
• Gifts of retirement plan assets after your lifetime;
• Charitable lead trusts;
• Charitable remainder trusts; and
• Certain real estate gifts.

Which types of legacy gifts work the best?

While there are many ways to make a charitable planned gift, the following are the easiest and most popular:

• IRAs and retirement plans. To name Morgan Park Academy as the beneficiary or partial beneficiary of your IRA or retirement plan, such as a 401 (k), simply ask for a change of beneficiary form from your plan administrator. MPA will then have use of the full gift after your lifetime-unlike your heirs, who could be taxed up to 35 percent if they inherit it.

• Bequests. The most popular way to remember a charity in your will is a simple bequest. You can leave to MPA a specific sum of money or a percentage of the remainder of your estate.

• Life insurance policies. Policies you no longer need to care for your family could be changed to name MPA as owner and beneficiary, or beneficiary of a percentage or of the full amount. New policies may also be used. In some cases, tax deductions will also result.

Why should I become a member of the 1873 Society?

If you understand just how important your gift could be to the future of our school, then you should join the Academy’s 1873 Society. Your membership is an indication that you trust the school to be good stewards of your gift. You realize that MPA will use your gift to effectively embrace MPA’s founding vision grounded in lifelong learning, independent thinking, service, and a global approach.

How do I join?

Becoming a member of Morgan Park Academy’s 1873 Society is simple. All it takes is making a planned gift to MPA. If you’ve already named MPA in your will or other estate plans, please contact the Advancement Office. If you haven’t already made your charitable plans, we are happy to talk with you about what methods of giving could work for your unique circumstances. We would be pleased to assist you at any time and can provide no-obligation and no-cost estate planning materials to supplement the counsel from your professional advisors.

With any gift, we will respect your wishes for recognition or anonymity, and any details of your gift that you disclose will be held in the strictest confidence. But please do let the school know of your plans so that we may properly thank you for your gift!

Please consider becoming a member of Morgan Park Academy 1873 Society. For questions or more information on how to become a member, please contact:

Vincent Hermosilla, Assistant Head of School
773-881-0667 | vhermosilla@morganparkacademy.org

The Many Ways to Support MPA

Gift of Cash

Gifts of cash can be made through our online payment system, or by writing a check to Morgan Park Academy. Cash contributions entitle you to a tax deduction for the full amount of the gift. In addition to checks, we will also accept Visa, MasterCard, and American Express.

Pledges

By making a pledge, donors can spread out payments into convenient, smaller donations for up to five years. Pledges may allow donors to make a more significant gift, and tax benefits can be enjoyed over a period of a number of years. Pledges can be made through our online payment system or by contacting the Alumni and Development Office.

Appreciated Securities

Long-term securities (those held for more than a year) are beneficial to both the donor and the Academy because they earn a deduction on their fair market value on the day of the gift. In addition, capital gains taxes are not charged to the school or the donor for the securities. Short-term securities earn a deduction on their original cost. Gifts of readily marketable securities will be credited at fair market value at the average of the high and low quoted selling price on the date the donor relinquishes control of the asset. Donors wishing to give stocks are asked to contact the Academy before the transfer is made.

Matching Gifts

Many companies and foundations match gifts by double or even triple, making a significant impact on your total gift amount.

Appreciated Personal Properties

Many items of personal property appreciate in value over time, such as books, works of art, and antiques. Donating these to the Academy may be an attractive option for donors, as these gifts often reduce estate tax liability and lower the donor’s taxable income the year they are donated.

Real Estate

For some donors, the most advantageous way to support Morgan Park Academy is through gifts of real estate. Real estate property may be deeded outright to Morgan Park Academy, or a portion of the property’s ownership may be transferred to the Academy while the donor retains rights to residency, or the property maybe be bequested to Morgan Park Academy. All gifts of real estate are subject to advance approval by the school.

Planned Giving

Supporting Morgan Park through a bequest, a charitable trust or life insurance can also provide financial advantages for a donor and the donor’s family. Donors using the following options become members of the Luminary Society, Morgan Park Academy’s planned giving recognition society. Donors are encouraged to seek advice from their financial and legal advisors when considering these options.

Bequests

A bequest is a significant commitment to Morgan Park Academy’s future, with unique advantages for the donor. Bequests, which are a commitment of giving in a donor’s will, are exempt from federal and state inheritance taxes, and subject to an unlimited deduction. A bequest combined with a giving pledge may allow donors to contribute more significantly to Morgan Park Academy than they thought possible.

Charitable Lead Trust

A charitable lead trust allows a donor to pass assets on to his/her heirs when the donor’s current income exceeds his/her personal financial requirements. A charitable lead trust is created by placing assets in trust for a period of years, with a specific amount being paid to Morgan Park Academy in each of those years. At the end of that time period, the assets are passed on to the donor’s beneficiaries. A charitable lead trust may be established with a minimum contribution of $100,000 and the donor must be 60 years of age or older.

Charitable Remainder Trust

For a donor who wishes to make a significant gift to Morgan Park Academy but is concerned about giving up a portion of his/her income, a Charitable Remainder Trust may be advantageous. Donors who are at least 60 years of age can create a Charitable Remainder Trust with a minimum gift of $100,000 in cash, securities, or property to Morgan Park Academy in exchange for an agreed-upon income for life or a specific number of years (not to exceed 20 years). The principal of the gift is released to the school for spending purposes upon the death of the beneficiary (the individual receiving the income) or the end of the agreement term.

Life Insurance

Naming Morgan Park Academy as both the owner and beneficiary of a life insurance policy can be a low-cost, high-return option for giving. The school gains invaluable financial support from the policy, while the donor receives a substantial charitable deduction. The value of a fully paid policy is its cash surrender value; in cases where Morgan Park Academy elects to pay premiums, these payments are considered operating expenses and do not increase the cash surrender value of the gift.