Threshold - Summer 2005

From the Development Office
From the Desk of Diana Seago, OSB
Director of Planned Giving

As this issue of Threshold goes to print we are in the midst of transition here at the Mount and particularly in the development office. With the election of Sister Anne as prioress comes her task of appointing a new development director. That will happen sometime shortly after July 10, the day of her installation. In the meantime, we want to thank all of you who have helped us help others through your many gifts to the community. You have enabled us to continue in our many ministries of prayer, education, parish life, and social justice to name a few. The graphs below will help illustrate the generosity of all of you, our families, friends and donors. There are many different ways of giving to help us in our mission. Here is an example of a way one of our donors chose to make a significant gift to our community.

Last month one of our benefactors gave a $15,000 gift to the community by signing over one of her life insurance policies. What a wonderful and generous gift! Have you ever considered adding “life” to your philanthropic endeavors by giving a life insurance policy to the Mount while you are living? Consider life insurance policies you no longer need or those with smaller amounts that are insignificant to you and your family. Under current tax laws, your federal estate may be reduced by the full face amount of the policy proceeds, and you may receive an income tax deduction for the policy’s value (i.e., lower of the policy’s fair market value or your cost basis) and for any future premiums you continue to give if the policy is not paid up.

Giving a life insurance policy requires you, as the current policy owner, to complete the insurance company’s document or form to assign the ownership and beneficiary designation to Mount St. Scholastica, Inc. Once you have done so, the policy proceeds are no longer counted as part of your taxable estate.

It is a wonderfully simple way to give in memory of one of your favorite teachers or in memory of a loved one who loved the sisters of the Mount. As the summer progresses, know that you are in our daily prayer and have always been a very important part of our lives. Please pray for us and especially for Sister Anne.