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 | firstname.lastname@example.org