In 1987, through a gift of one of our benefactors, the Bishop Lane Retreat Center established an account within the Catholic Foundation for the People of the Diocese of Rockford. The purpose of the account is to provide an ongoing, permanent, supplemental source of income to provide for the mission of the retreat center: Providing a quality facility at an affordable rate, where our clergy, religious, deacons, laity and youth can grow closer to God.
Here are some ways you can help us grow this account:
The most common type of planned gift is a bequest. A bequest is a gift made to the Church in your will. If you are a percentage giver with your income, consider bequeathing a portion of the “other half” of your tithe to Bishop Lane Retreat Center.
Charitable Gift Annuities (CGA)
A CGA is an agreement between you and the Catholic Foundation in which you transfer assets to the Catholic Foundation in exchange for fixed payments for life. There are several benefits of a CGA: competitive rates starting at 4.7% for those age 65 and over, and increasing to 9.0% for those aged 90-plus; guaranteed fixed payments for life with no investment responsibilities; an immediate charitable tax deduction; and the knowledge of making a significant future gift to the Bishop Lane Retreat Center. (ACGA rates effective January 1, 2012)
Do you have an existing policy that is no longer needed? Consider making the Bishop Lane Retreat Center endowment account the beneficiary. Would you like a charitable deduction? Purchase a life insurance policy and make the Bishop Lane Retreat Center endowment account the “owner”. All premiums paid are tax deductible.
Many experts say that giving appreciated stock is the best way to make a gift to charity; here is why: You bypass all capital gains tax, the organization you donate to does not pay capital gains tax, you receive a charitable deduction for the full fair market value of the stock, and you probably make a larger gift than you would if you gave cash. This will perpetually strengthen Bishop Lane Retreat Center if given through the Catholic Foundation.
Charitable Remainder Trusts (CRT)
A simple CRT is a legal document drafted by an attorney in which assets are irrevocably transferred to the trust. The trust pays a life income to the beneficiary or family member. Upon the death of the income beneficiary, or after a certain number of years, the assets are transferred to Bishop Lane Retreat Center. There are many types of CRTs. Please contact your attorney, accountant or financial planner for more details.
Always encouraged, always accepted, and always appreciated!