When making a charitable gift to a nonprofit organization, it is vital the legal name of the charity, city and other identifying details be used. To name College of the Holy Cross in a will or trust please use the following suggested language:
I give, devise, and bequeath to the TRUSTEES OF THE COLLEGE OF THE HOLY CROSS, a nonprofit corporation existing under the laws of the Commonwealth of Massachusetts located in Worcester, Massachusetts, Tax Identification Number 04-2103558 (hereinafter, the College), the sum of $_____ (or, ___ percent of my residuary estate) to be used at the discretion of the College for its general purposes.
Legal Name: College of the Holy Cross
Tax I.D. Number: 04-2103558
DTC Number: 0443
Account #: N7M002176
Incorporated in: Worcester, MA
Please contact us for a stock transfer form.
Legal Name: College of the Holy Cross
Tax I.D. Number: 04-2103558
Address: One College Street, Worcester, MA 01610
If you need information or if you have any questions or concerns, please contact Office of Gift Planning, at 508-793-3481 or forothersforever@holycross.edu.
A planned gift is a powerful expression of your faith in the future of the College, and allows you to make charitable gifts, continue to meet your current income needs, and take advantage of current tax incentives.
This site is designed to make it easy for you to get the information you need when considering a planned gift. You will also find information to share with your financial advisor and estate planner. When you are ready, you can use this site to reach out to us to share your plans, let us know what you are considering, or just to start a confidential, no obligation conversation about what's possible.
College of the Holy Cross alumni, parents, and friends who support the College by including Holy Cross in their estate plans are welcomed into The 1843 Legacy Society.The society was created to honor the spirit of philanthropy that has nurtured and sustained Holy Cross for more than 170 years.
Planned gifts combine to further the College's ability to help support and affirm the Jesuit, Catholic mission and have allowed Holy Cross to grow and flourish through the years, generation after generation.
The easy way to become a member of The 1843 Legacy Society is to name College of the Holy Cross as a beneficiary of your retirement account or as a beneficiary in your will or trust. The sample bequest language found below will help you complete your plans.
Other planned gifts might include charitable income gifts, such as charitable gift annuities, charitable remainder unitrusts, or gifts of life insurance. If you've included Holy Cross in your charitable plans or intend to do so, please let us know. Sharing your intentions allows us to help you choose the gift that's right for you, and better plan for Holy Cross's future.
Naming College of the Holy Cross as the beneficiary of a retirement plan asset such as an IRA, 401(k), or 403(b) will accomplish a charitable goal while realizing a significant tax savings.
Through a provision in your written and executed will or living trust you can make a gift to the College in the form of cash, securities, real estate or personal property. There are many types of bequests. Consult with your attorney to choose the one that best fits your needs and intentions.
You can turn under-performing assets (cash, stock, CDs, savings bonds, etc.) into a gift to College of the Holy Cross that provides income to you or you and a loved one. Your College of the Holy Cross Charitable Gift Annuity will return fixed, quarterly payments for life and provide tax benefits, too.
When you donate appreciated stocks, bonds, or mutual fund shares instead of cash, your gift costs you less than the amount the College receives. You'll get a charitable deduction for the full amount of your gift and avoid the impact of capital gains taxes.
If you're 70 ½ or older, each year, you can instruct your IRA administrator to transfer all or part of your required minimum distribution (up to $108,000) directly to College of the Holy Cross and avoid paying the tax had you taken it as income.
Like stock, the fair market value of gifts of appreciated assets such as real estate, artwork, and other well-curated collections can be deducted from your income tax today, avoid capital gains, and reduce estate taxes in the future. There are even ways to donate your home and live there as long as you'd like.
Name College of the Holy Cross as a beneficiary of your donor advised fund. Designate the College
to receive all or a portion of the balance of your fund through your fund administrator (you can also make a grant to us at any time from your donor advised fund). The balance in your fund passes to College of the Holy Cross when the fund terminates.
Charitable Remainder Trusts provide you income from an asset that then passes to the College as a gift. Charitable Lead Trusts provide income to College of the Holy Cross before the asset passes to your heirs. For the savvy donor, charitable trusts can provide tax-advantaged income, eliminate capital gains, or preserve assets for your heirs.
Name College of the Holy Cross as the beneficiary of an existing life insurance policy; donate an existing, paid-up life insurance policy you no longer need; or purchase a new life insurance policy and name the College as the owner and beneficiary.
Include a bequest to College of the Holy Cross in your will. You can make your bequest unrestricted or direct it to a specific purpose. You may even indicate a specific amount or percentage of the balance remaining in your estate.
If you express your gift as a percentage (e.g., "20 percent of the residue of my estate"), you can maintain the same relative gifts to charities and your heirs, regardless of changes in estate value. If you're considering designating your gift for a specific purpose, such as a scholarship fund, or support for a specific department, contact us to ensure that we understand your wishes.
You may wish to share the following sample language with your attorney:
Unrestricted bequestI give, bequeath and devise all (or ____ percent) of the rest, residue and remainder of my estate to Trustees of the College of the Holy Cross (Tax ID# 04-2103558), a corporation of the State of Massachusetts, located in Worcester, MA,for the general and educational purposes of said Corporation.Bequest for a specific purpose
I give, bequeath, and devise to Trustees of the College of the Holy Cross (Tax ID# 04-2103558), a corporation of the State of Massachusetts, located in Worcester, MA,the sum of $_______ , (or, ____ percent of the rest, residue and remainder of my estate) to be used to support ___________________ (name of program or academic area.) In the event the need to support _____________ no longer exists, Trustees of the College of the Holy Cross shall be and hereby are authorized to use this bequest for a purpose in keeping with the spirit of this gift in the best interest of the College.
NOTE: If you wish to restrict your bequest to a specific purpose or program at College of the Holy Cross, please contact the Office of Gift Planning in advance to assure that the language you include will accomplish your wishes and align with the College's needs.
Endowment funds for a restricted purposeIf your bequest will be used to establish an endowment fund for a restricted purpose, we recommend that you and your counsel consider adding a "saving clause" to your bequest provision. A "saving clause" is a way to ensure the usefulness and relevance of your bequest in the future as the College's needs and priorities change. For example:
"If, in the future, it is the opinion of the Trustees of the College of the Holy Cross that all or part of the income of this fund cannot be usefully applied to such purpose, it may be used for any related purpose which, in the sole opinion of the Board of Trustees, will most nearly accomplish my wishes."Download a Guide to Giving in Your Will Tell us more about your future gift Document Your Bequest Intention
Designate College of the Holy Cross as a beneficiary of part or all of your qualified retirement plan or your IRA. Normally the assets held in an IRA or qualified retirement plan will be subject to both income tax and estate taxes, but if you name the College as a beneficiary of a percentage (or all) of your plan, that portion will pass to College of the Holy Cross free of income or estate taxes.
Designate your bank account to be payable on death (P.O.D.) to College of the Holy Cross when you die. There is no change in ownership, control, or benefit from this account while you're still alive. The payable on death designation takes effect only when you die, and causes whatever funds that are in the account to go to College of the Holy Cross at your death.
Designate your brokerage or investment account to be transferable on death (T.O.D.) to College of the Holy Cross when you die. It's not necessary for the T.O.D. designation to transfer all of the account solely to College of the Holy Cross. You can designate percentages of the account to pass to additional beneficiaries. To set up the T.O.D. endorsement, contact your investment advisor and provide the instructions regarding the change.
Tax ID# 04-2103558
Download a Guide to Giving Retirement Plan Assets Tell us more about your future giftA charitable gift annuity allows you to gain the security of fixed, guaranteed payments for life, receive a tax deduction for a portion of your gift, and make a gift to College of the Holy Cross that you may not have thought possible.
At the death of your last income beneficiary, the remaining annuity assets are transferred to the College to be used for a purpose you may designate or College of the Holy Cross's greatest need.
Download more info about Establishing a CGAIf you don't need income right away, you can obtain both a higher payout rate and a larger charitable deduction by establishing a deferred charitable gift annuity. A deferred gift annuity allows you to receive a guaranteed, fixed income for life that begins when you need it, and receive a tax deduction for a portion of your gift to College of the Holy Cross.
At the death of your last income beneficiary, the remaining annuity assets are transferred to the College to be used for a purpose you may designate or for the College's greatest need.
The minimum for establishing a charitable gift annuity with College of the Holy Cross is $10,000.
Download a Guide to Establishing a CGA CloseCharitable remainder trusts allow you to make a gift of cash, stock, or real estate to College of the Holy Cross, receive a tax deduction for a portion of your gift, and receive variable income from your unitrust for life.
When the term of the trust concludes, the remaining trust assets are transferred to College of the Holy Cross to support the College's mission or for a purpose you designate.
The minimum for establishing a charitable remainder unitrust through College of the Holy Cross is $108,000. Future additions to the trust can be made in any amount.
Download a Guide to Establishing a CRUT CloseGiving publicly traded shares of stock, bonds or mutual funds to College of the Holy Cross allows you to turn an appreciated asset into support for students and faculty.
You'll receive a charitable income tax deduction for the fair market value of your gift, and as a qualified non-profit, College of the Holy Cross can then sell the stock without having to pay capital gains tax. All the proceeds from the sale will be used for the charitable purposes you specify.
To create stock transfer instructions from your brokerage account to College of the Holy Cross's and notify us of your intentions, click here:
Download Securities Transfer Instructions CloseOwn your own business? It's also possible to give closely held stock to College of the Holy Cross.
If you own your own business, the stock in your company has virtually no cost basis, making it subject to significant capital gains when you're ready to sell.
While potentially very tax-advantaged, gifts of closely held stock are not without their complexities and require thoughtful consideration on the part of all parties including: the shareholder, the company issuing the stock and College of the Holy Cross.
Download Securities Transfer Instructions CloseUsing real estate to make a gift allows you to turn an asset into support for students and faculty at College of the Holy Cross, receive a charitable income tax deduction, and potentially avoid paying capital gains taxes.
The real cost of your gift is reduced, since you'll save on income and capital gains taxes by giving appreciated property to College of the Holy Cross.
You can use real estate to make a variety of different types of gifts, including:
A retained life estate allows you to make a gift of a personal residence or farm to College of the Holy Cross, receive a tax deduction for a portion of your gift, and continue to use your property while you are still alive
At the end of your life, College of the Holy Cross can use the property or the proceeds from the sale of the property-either for the College's greatest need or for a purpose you specify.
The minimum gift for establishing a retained life estate with College of the Holy Cross is $108,000.
Download Steps for Making a Gift of a Retained Life Estate CloseMaking a gift of life insurance allows you to transfer ownership of a paid-up life insurance policy to the College. College of the Holy Cross elects to cash in the policy now or hold it.
Designate the College to receive all or a portion of the balance of your fund through your fund administrator (you can also make a grant to us at any time from your donor advised fund). The balance in your fund passes to College of the Holy Cross when it terminates.
A grantor charitable lead trust allows you to give an annual income to College of the Holy Cross, receive a charitable income tax deduction, and retain the trust principal when the trust's term ends.
Download A Grantor Charitable Lead TrustA charitable remainder unitrust allows you to donate cash or appreciated assets and receive annual payments as a fixed percentage of the trusts value. When the value of the trust increases, so do your payments and your gift to College of the Holy Cross. Your donation qualifies for an immediate tax deduction, and the assets in the trust are exempt from capital gains taxes.
Download a Guide to Establishing a CRUT Contact Us for More InformationA flip unitrust allows you to donate illiquid assets like business interests or assets earning little or no income like real estate to receive an immediate tax deduction, and allow the value of those assets to appreciate in the trust tax free. When they are sold, the trust ‘flips' to a conventional charitable remainder unitrust and income payments to the beneficiary begin.
A family trust is also called a charitable lead trust because the charity takes the 'lead' in receiving income for a period of time with the remaining assets going to the donor's family when the term of the trust expires. The donor receives an immediate tax deduction for their gift, and the assets that pass to the family.
Download a Guide to Establishing a CLT Contact Us for More InformationIf you're 70 ½ or older, each year, you can instruct your IRA administrator to transfer all or part of your required minimum distribution (up to $108,000) directly to College of the Holy Cross and avoid paying the tax had you taken it as income.
An IRA Rollover allows you to make a gift to College of the Holy Cross directly from your IRA, pay no taxes on the transfer, and count the gift toward your required minimum distribution.
The charitable IRA rollover allows donors to exclude certain transfers of Individual Retirement Account (IRA) assets that are made directly to public charities from their taxable income.
A charitable IRA rollover makes it easier to use IRA assets, during lifetime, to make charitable gifts.
An individual taxpayer's total charitable IRA rollover gifts cannot exceed $108,000 per tax year.
Download a Guide to a Charitable IRA Rollover
"Father Swords pulled me through tough times when I thought of quitting. I prevailed because I had someone on my side."
When the grueling football schedule and academics made me think of quitting, Fr. Raymond Swords gave me confidence I needed. I put a chair in my dorm's utility closet, and studied long after the early lights out. I try to do my best with the gifts God gave me and I teach my dogs to do the same.
My life savings will create a scholarship for students at the College, a second at Holy Cross High in Flushing, NY, and a third will benefit children of injured military veterans.
"What we do for ourselves alone dies with us. What we do for others and the world remains and is immortal." –Albert Pine
"Holy Cross gave me a terrific husband. So I'm giving back with a gift in my will."
St. Vincent Hospital School of Nursing, Class of 1968 and wife of Rob '67 for 50 years.
Rob and I met at my first HC mixer in the fall of 1965.
My nursing dorm was 2 miles from Wheeler where Rob roomed. No matter the weather, we'd walk the distance just to see each other.
We were so in love back then - we still are.
Thank you, Holy Cross.
"Knowing this news will bring smiles to their faces makes us happy."
TSome students arrive at Mount St. James on a "wing and a prayer," hoping that their family's finances will be stable all four years. If their situation changes, the Donahue Family Scholarship will provide the support they need to complete their education at Holy Cross.
FAMILY CRUSADERS Two of their seven sons (Jack '85 and Brian '88) and three grandchildren (Karalyn '15, Daniel '18 and Meghan '21).
FUNDING STRATEGY Four charitable gift annuities plus additional yearly gifts made by the couple and family members. Their wills include a "topping off" gift, if needed, to fully fund their scholarship commitment.
"Got some stock. Got a bonus. Got a remainder trust. Got no regrets."
Wife, Martha, and father of four including Sheila Sullivan Zimmerman '90
"My wife Martha and I acted on the charitable remainder trust idea our advisor recommended. We get an income for the rest of our lives. At the same time, we are creating future legacy gifts for Holy Cross and two other institutions important to us."
Pierce "Pete" Connair '48 knows all about big deals. The retired Sears executive, retired Naval Reserves captain and former Connecticut state senator has also worked in commercial real estate for more than three decades. Going to Holy Cross counts among the biggest deals of his life. That's why he has funded four charitable gift annuities at the College in four years, in addition to other generous support.
"Holy Cross played a big role in my life," says Connair, who was the first in his family to go to college. "My annuities are a smart way to give back. At my age, I get back about 9 percent annually for my gifts, plus tax benefits."
Connair enlisted in the Navy V-5 program in his senior year of high school in 1943, thinking he'd go straight to flight school. "Instead, they sent me to Holy Cross for math and physics classes first," explains Connair. "I still remember the panel of Jesuits at the philosophy oral exam."
Recalling Thomas Merton's description of Jesuits as "monsters of efficiency," Connair agrees that the Jesuits were great. "And that's why I support the College to this day," he says. "They're still doing a great job. The world desperately needs the kind of graduates that Holy Cross turns out."
Visit our website to read more about Connair, and how you, too, can leave a legacy at Holy Cross.
"When I graduated in 1960, I never imagined 60 birthdays later I 'd be partnering with Agnes Williams."
I always wanted to make a meaningful gift. So to mark one of my reunions, I purchased an insurance policy naming Holy Cross as beneficiary. Even with my growing family, the payments were modest enough to handle.
My future wife, Patty Niles, her sister, Sally, and Agnes Williams (née Neill) attended College of New Rochelle. Sally and Agnes were roommates and lifelong friends.
The Hope + Access Campaign for Financial Aid, was inspired by Agnes ' $25 million bequest gift. Its matching money means our family scholarship will be awarded starting Fall 2021, even though our contribution comes later.
The Williams Match promises today 's and tomorrow 's students hope and access to the same riches that Agnes, Sally, Patty and I received: a Catholic education emphasizing God-centered lives of service.
Through the grace of the Hope + Access Campaign, we 've come full circle.
"Holy Cross values are present in everything we do. The College is in our estate plans so the world continues to receive those gifts."
maura: "Our HC education, the friends we made, and learning the Jesuits ' values are gifts from God. For all we received, our duty is to pay it forward."
gene: "It is easy to name HC as a beneficiary of a retirement account or in a will. In our estate plans, our goal was to give back to the college that has given us so much."
Can you puzzle out this signal nautical flag tweet? Each flag represents the first letter of a slightly shortened, well-known phrase. (Answer below)
The Williams Match promises today 's and tomorrow 's students hope and access to the same riches that Agnes, Sally, Patty and I received: a Catholic education emphasizing God-centered lives of service.
Through the grace of the Hope + Access Campaign, we 've come full circle.
"My parents had big dreams for me: Holy Cross helped make them happen. The gift in my will is the most concrete way I can show my undying gratitude."
I was raised in Chicopee, Mass. I'd be called a first-generation college student today.
My father was a policeman and my mother a waitress. We weren't astute about the college application process, so HC's generous aid package came as a shock. It meant I could make something of myself.
As a waiter in Kimball, I learned a lot from upper classmen waiters when we ate dinner together after serving. Jim Matthews '70 and others mentored me and John Skoczylas '71 from nearby Holyoke became a friend.
I was proud to credit History Professor John Anderson in my Senate confirmation hearing, for inspiring me to work in government service.
"Because of the generosity of others, I was rescued."
This is Spruce, a rescue dog that I adopted at thirteen weeks old.
Like Spruce, I was rescued and given another chance.
I was in my sophomore year at Holy Cross, and I had run out of money.
I had packed up my old Plymouth, said goodbye to my pals on Easy Street, and drove to Fenwick Hall to sign off and make the long drive home to Dunkirk, N.Y., a steel town west of Buffalo. Before I could leave, Frank Delaney, the financial aid director, came running out to stop me, telling me to come back inside while he tried to find some way for me to stay. I sat in the hallway outside his office, worrying about whether my car could safely make the long trip home. Abruptly, he came out and told me to unpack - he had found scholarship funds that would allow me to stay.
I vowed to repay that moment.
So, this year, I created an estate plan that will provide a scholarship for future students at Holy Cross. It will help young adults access a Catholic education grounded in a life of service to others, giving them a chance - and hope.
You, too, can ensure future student success. We would be glad to welcome you into the 1843 Society.
Contact forothersforever@ holycross.edu or call (508) 793-2379.
"At Holy Cross I learned to believe, 'Yes, I can."
"The 70's were an important time in the women's movement. HC was still so "male" that strong women on campus made sure their voices were heard.
Professors Terry Priest, Joan Italiano and Sister Anna Kane were independent, fearless role models who inspired me to move forward in the world as a woman and an artist.
Working with the College and my attorney, I arranged for my will to create an endowed art fund. I want to open up the world to future students as it was opened up to me."
Her Art: Creates culturally significant patterns that explore language, political power, spirituality and migration by combining digital technology, painting and textile.
Her Awards: 3 multi-country Fulbright Fellowships in India, Singapore, Thailand, Syria and Germany.
Her Works held by: Museum of Modern Art, NY; British Museum, Victoria and Albert Museum, Cantor Art Gallery and Brooklyn's MTA Norwood Subway Station.
You, too, can open the world to future students.
Contact forothersforever@ holycross.edu or call (508) 793-2379.
"Inez and I have six children, but our wills say we have eight."
When Tom married into Inez's family, there were five Walsh Crusaders
Now the Walsh-Moore clan has eleven, stretching from Inez's father Corby Walsh '28, the student manager of the College's 1928 national championship-winning baseball team; to their daughter Martina '95; and her son Andrew Cravedi '21.
In their wills, th eMoores added two more "children" - #7 is Holy Cross and #8 their Catholic secondary schools. Each of their children, including the College of the Holy Cross and the secondary schools, will receive 1/8th of their estate.
Says Tom, "Holy Cross and the secondary schools, will receive 1/8th of their estate.
Now it will be forever."
Senior Education Advisory and Member Services Associate, Boston College Center for Corporate Citizenship
Major Gifts Officer, Boston Symphony Orchestra and Regularly performs the Star Spangled Banner for the Celtics, Patriots, and Red Sox
Rita joan Santelli '95 pictured in her favorite spot - NYC's iconic Grand Central Station.
It too me less than one minute to become For others. Forever.
How long will it take you?
HOW Logged into her 401(k); added Holy Cross as a beneficiary; emailed "I'm in" to forothersforever@holycross.edu.
WHERE From her iPhone
WHY "Because the timeless Spirit that is Holy Cross carries me forward every single day."
"I love telling people I went to Holy Cross. It brings me tremendous pride to be part of the Holy Cross family. As a thank you, my wife and I have named the College in our estate plans."
Director, Portfolio Strategist, Merrill Lynch with wife, Gail, Owner,Gail Marshall Interiors
Discussing your charitable intentions with us can lead to a much better result than going it alone - and will ensure that your gift is used just as you wish. Act now to be a good steward of the resources you intend to leave behind. You can use my contact info below, or submit this form to get more information.
Julie Karavan MS, CFRE
Director of Gift Planning
(609) 457-3426
jkaravan@holycross.edu