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Mission Driven
Those of you who have read Landmark over the years know
that Loyola has a mission that is unlike that of any other school
in the area. We provide Catholic education in the Jesuit tradition
for teenage males in Detroit and surrounding communities, especially
TARGETING those not working to their academic and social potential.
Most of our students have struggled in middle school and come
to Loyola several grade levels behind. Many would drop out of
school entirely if it weren’t for Loyola. In small classes
with dedicated teachers, most learn how to apply themselves to
the tasks at hand. Our young men leave Loyola prepared for the
next level of their formal education with the skills and values
to live responsibly and productively.
Financial Reality
But there are tough financial ramifications of this mission. Most
of our young men come from families of limited financial means
who are unable to pay tuition sufficient to cover 70-80% of annual
costs, which is the financial structure of most private schools.
In committing to begin the school, Loyola’s leadership recognized
this financial reality early on, understanding that the only way
to attract this at-risk population was, on one hand, charge an
affordable tuition, while on the other, commit to raising the
difference between tuition paid and needed operating revenue.
If you’ve contributed to our Annual Appeal, you have helped
cover this large gap.
However, in the midst of funding annual operating needs, Loyola’s
leadership also understood the crucial need for endowment funding
and early on began raising these funds. Most recently, the Board
of Directors authorized our Faith in the Future campaign,
a comprehensive effort to raise $2 million for capital and $10
million for the school’s endowment.
I write to ask you to consider a planned gift to Loyola’s
Endowment Fund.
The Loyola Endowment Fund
As of spring 2008, the school’s Endowment Fund had a value
of just over $4 million. Additionally, an estimate of planned
gifts already pledged to the FIF campaign currently total $4,148,707.
Loyola’s Endowment Fund is managed by the Detroit Jesuit
Province Finance Committee. Each year, 5% of the Fund, based on
a 12-quarter average, provides Loyola yearly operating revenue.
Our goal is to build the funds generated from the current 7% of
the annual budget to at least 25%.
A Planned Gift
A donor makes a planned or deferred gift when he/she transfers
ownership of something with monetary value either now or at the
time of death. Clearly such a gift takes more "planning"
than supporting our Annual Appeal or buying a ticket to the Tigers
or Carron fundraisers. But if you understand and support Loyola’s
mission, and have a certain financial capacity, a planned gift
is a true blessing to the school, while at the same time providing
you with significant financial savings.
Giving Options
There is an extensive array of methods for planned giving. The
following is a list and brief explanation of the most commonly
used options.
Your Will or Revocable Trust: You can amend your Will or Revocable
Trust to make a gift to Loyola of a dollar amount, specific property,
or a percentage of your estate. Any funds given to Loyola upon
your passing will not be subject to estate taxes. As an alternative,
you may choose to delay the gift to Loyola until all family members
have first been provided for.
Charitable Gift Annuity: You can write a simple contact
providing for Loyola’s payment to you (and an optional second
beneficiary) of a fixed income for life in return for your minimum
contribution of $1,000.
Charitable Remainder Annuity Trust: Your funds are held
separately in a trust you establish and invest to allow payment
of a fixed and regular income to you and/or someone else you name.
Upon the death of the income recipient(s), whatever remains in
the trust is distributed to Loyola.
A gift of your house while you continue to live there:
You can use a life estate arrangement to make a gift of your home
while still living there as long as you wish. You continue to
take care of the property, pay the taxes and can even receive
any income it generates. At your death, the property passes to
Loyola.
Life Insurance: You can either (1) name Loyola to receive
all or a portion of the proceeds of a policy you no longer need
for its original purpose or (2) purchase a new policy with Loyola
as the named beneficiary or co-beneficiary.
Gifts through Retirement Plans: You can make a bequest
from funds you have accumulated through a company retirement plan
or a fund you have established such as an Individual Retirement
Account (IRA). Because such assets have a high total income and
estate tax costs if left to children, many owners of such assets
find they can transfer such accounts to Loyola with very little
actual cost to their family..
Of course, an attorney can help you determine the value of your
estate, guide you in your planning, and advise you of the best
tax advantage for you and those who will inherit your estate.
If you believe in the value of a Loyola education, please consider
a planned gift to Loyola’s Endowment Fund. Yes, it does require
more decision-making than writing a check or using you credit
card. But the planned gift that is right for you will have a two-fold
benefit: a more substantial gift to Loyola and a more significant
tax savings to you.
To begin the process, or if you need
additional information, please contact Kitty Cooney Storen, Director
of Development, at 313-861-2407, Ext. 103, or storenk@aol.com
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