The Arrow Year End 2017 —
Giving back
2017 Year End Giving Ideas
Giving Back by Coming Back Giving back to your alma mater can take many forms. For these four Oak Hill Academy Alumni giving back entails pursuing a career and living (again) on “The Hill.” Let’s meet these remarkable folks!
Kim Holt Manuel, Class of 2002, has worked at OHA since
2005 helping to grow the Equestrian Program while serving as its Assistant Director. Today, the mother of two, points to her desire to work with the horses and people she grew to know and love as the reason she first started working at OHA. The constant pride she takes in seeing her students progress as people and riders sustains her career choice. It’s also her way of giving back: “My grandmother and a lot of people in the OHA family provided me with the opportunity as young girl – I love that I get a chance to be that kind positive influence for someone else. That’s my way of giving back.”
of
Mike Rodgers, Class of 1987, began working as a teacher and coach
at OHA in 2004. He points to the desire to provide the kind of support he felt, while attending as a student and basketball player, as a daily motivator to work on “The Hill.” Today, in his role as Director of Admission, Mike draws on his perspective as a student and the parent of two graduates (Khelan ’07, and Alexandra ’10) to relate to prospective parents and applicants. He points to the most satisfying part of his job as getting to share how special we are. “People already know about the excellence of our basketball program, and none are more proud than me. But through the admissions process I get to watch students come to realize all of the other areas of excellence found here. This never gets old.”
The Arrow is published by the Development Office of Oak Hill Academy and is distributed to alumni and friends of the Academy Oak Hill Academy 2635 Oak Hill Rd Mouth of Wilson, VA 24363 276-579-2619
www.oak-hill.net
President Dr. Michael D. Groves Board of Trustees Rev. Robert Bailey Mr. Kenny Bowen – ‘78 Rev. Danny Collins Mr. Larry Conner Mr. Ralph Davis
Mrs. Lisa Dockery Rev. John Duvall Mrs. Sidney Rose Fant Mr. Todd Fuller Mr. Dennis Gambill Mrs. Susie Garner Mr. Don Gibson Mr. Rodney Halsey Dr. Thomas Harvey Mr. Joel Jackson – ‘94
Mrs. Theresa Lazo Mr. Marty Parks Mr. Carl Rosberg Mr. Tom Saunders Mr. Jim Tapp Ms. Mary Thomas Dr. Dennis Throckmorton Mr. Taylor Vaughan Mr. Harold Wingate
Steve Bowen, Class of 1976,
is about to complete his 40th year working on “The Hill.” He remembers deciding to work at the school following an invite from Mr. Isner. “I’d been coming back since graduation to see my younger brother, Kenny (’78 graduate and Board Member) and I loved the area – this already felt like home to me.” As a four-year student, he felt a connectedness that he still feels today. He’s noticed some changes over the years, but one thing remains constant: The Mission. “We have a lot of more buildings and many more academic offerings today, but we are still working with kids with the same needs I had.” Bowen continues, “being able to be a small part of keeping that mission going is its own reward.”
For Chris Hill (’94, P ’18), deciding to work at Oak Hill Academy stemmed from wanting to get into education and knowing that he had a unique perspective to help Oak Hill students. “As an alum, I felt that I had something to offer students based on my experience and the success I had here – I’m pushed to share that kind of success with the kids here. I see myself in many of them.” Being a former student allows Chris to empathize with our students today and to be honest in his advising, even when it is hard. Chris knows first-hand the success of the OHA experience. In his dual role of Director of Administrative Affairs and College Counselor, Chris takes great satisfaction in seeing the Oak Hill Academy mission play out for students every day.
2017 Year-End Gift Ideas Year-end giving is as easy as (1) making a charitable gift, and (2) saving taxes. We’d like to make it even easier with this primer on some of the best ways to save—and give.
limitation, the excess may be carried forward for tax purposes for up to five additional years.
The tax laws intentionally encourage charitable giving. Because of the income tax charitable deduction, individuals who make their gifts by December 31 and itemize can significantly reduce their income taxes for 2017.
Year-end 2017 may be an excellent time to consider a gift of stock.
Example: If you make a charitable gift of $10,000 in 2017, you can save $3,300 in taxes if you are in the 33% tax bracket. And the higher your tax bracket, the more money you save with a charitable gift. Giving is, of course, much more than tax brackets and charitable deductions. Philanthropy provides the meaningful difference in what we can do. This brochure is only a brief introduction to some of the best tax–advantaged methods of giving. We would be pleased to provide you with further information. Also, we urge you to discuss your 2017 year-end tax planning with your accountant or other professional advisor.
Gifts of Cash There is no easier way to garner a charitable deduction for 2017, and support us at the same time, than by simply writing a check. Make sure your envelope is postmarked by December 31; if it is, your gift will qualify as a 2017 gift even if it is not received by us until the first week of 2018. If you itemize, your outright gifts of cash are fully deductible for federal income tax purposes up to 50% of your adjusted gross income. If your total gifts should exceed this
Gifts of Stock
Giving long-term appreciated stock offers you a two-fold tax saving. First, you avoid paying any capital gains tax on the increase in value of your stock. In addition, you receive a tax deduction for the full fair market value of the stock. For income tax purposes the value of such gifts may be deducted up to 30% of adjusted gross income, with an additional five-year carry forward. Example: If you purchased stock many years ago for $1,000, and it is now worth $10,000, an outright gift of that stock to us would result in a charitable deduction of $10,000. In addition, you permanently avoid paying capital gains tax on the $9,000 of appreciation.
Gifts of Real Estate If you have owned your home, a vacation home, acreage, or a farm for many years, a charitable gift of that real estate can be especially tax–advantageous. The property may have so appreciated in value over the years that its sale would result in a sizeable capital gains tax. If given to us instead, you avoid the tax and, at the same time, realize a charitable deduction for the full fair market value of the real estate. You may also wish to consider a gift of your personal residence or farm, reserving the right to continue to live in the house or farm the property for life (and, if applicable, the lifetime of your surviving spouse). Through such an arrangement, you will be entitled to a current income tax deduction for a portion of the fair market value.
Gifts of Life Insurance If you own a life insurance policy that is no longer needed, consider it as the perfect vehicle for a 2017 year-end charitable gift. To receive a charitable deduction, name us as both the owner and beneficiary of the policy. If the policy has a cash value, you can take a charitable deduction approximately equal to the cash value or the adjusted basis. In addition, if annual premiums are still to be made and you continue to pay them, those premiums will become tax deductible each year. (It’s easy to contribute a life insurance policy to us. Just check with your life insurance agent for details on which forms to complete.)
Life Income Gifts If you are considering a major gift, your gift of cash or stock in the form of a “life income gift” can significantly increase your income. A life income gift allows you to transfer assets now, and yet continue to receive income from the cash, stock, or other property contributed. A life income gift can allow you to: (1) increase your income for life; (2) receive a generous charitable contribution deduction in 2017; and (3) if you contribute stock, avoid any capital gains tax on the appreciation. A life income gift is often made through a trust arrangement called a “unitrust” or an “annuity trust.” With a unitrust, you and/or your spouse (or another beneficiary) receive annually a fixed percentage of the fair market value of the assets in the trust. The income received will vary from year to year, based upon how the trust’s investments perform. With an annuity trust, you and/or your spouse (or another beneficiary) receive a fixed amount from the trust each year. This amount is agreed upon when you create the trust; it stays constant, no matter what happens with the stock market or interest rates. If you have already considered a provision for
us in your will, please note that a life income gift can often be preferable. Such a gift allows you to accomplish your goals during your lifetime—and in a tax-advantaged way.
IRA Charitable Rollover This provision allows those 70 1/2 and older to donate as much as $100,000 of IRA account assets each year directly to one or more public charities. The donations will count as part of the IRA owner’s required annual payout. Remember that there is no income tax charitable deduction for the donated assets, but they don’t count as income, either. To qualify, the donation of the IRA assets must be made directly to a charity, not a donoradvised fund or grant-making foundation. The assets must be transferred directly to the charity from the IRA custodian, such as a bank or mutual fund.
For Further Information No one publication can tell you everything you need to know about 2017 year-end gift opportunities and which method would be the most advantageous for your particular situation. Be sure to check with your accountant or other tax advisor for additional information on how these general rules apply to your situation. We would be pleased to provide you with additional information. Thank you for your support at year-end — and throughout the year!
Copyright MMXVII by Calder P. Sinclair
George Pelton ‘67 Honored as Trustee Emeritus in Oak Hill Academy Assembly
“In May of 2017, the Oak Hill Academy Board of Trustees nominated Oak Hill Academy alumnus George R. Pelton to be honored as Trustee Emeritus. The nomination was received and passed unanimously. The designation of Trustee Emeritus is an honorary title conveyed by a governing board upon a former trustee of an institution to recognize exemplary service. And George R. Pelton, OHA Class of 1967, certainly qualifies. Mr. Pelton is an alumnus who has served his alma mater with distinction as a member of our Board of Trustees for many years. And, he is likely one of our school’s most successful alumni—and, given the names adorning the wall of Turner Gymnasium, that is truly saying something! A successful businessman who operates a large chain of car dealerships throughout Virginia (he is founding CEO of First Team Auto), George was a student at Oak Hill Academy from 1965-1967. A glance at the yearbook reveals a sincere, serious-looking young man; George was very involved; and, yes, he did play basketball here (“short shorts” era!). He was also a recipient of a Senior Accolade. Mr. Pelton, was it “Most Studious?” (no). Was it “Most Athletic?” (no). Given that he is clearly one of our most successful alumni—it is a bit ironic that he was not selected as most likely to succeed. George Pelton was voted by his peers as … “Best Dressed.” Mr. Pelton has created and funded a scholarship at Oak Hill in memory of his late son Geoffrey, who was killed by a drunk driver in 1993. He and his company are very involved and active in his Roanoke community, providing televised public service announcements—speaking out against drunk driving and texting while driving. George is also supportive of OHA by generously providing for the usage of vehicles from his dealerships, by contributing financially to our Annual fund, and—of course, supporting the Geoffrey Pelton Memorial Fund.” Upon receipt of the plaque and official Oak Hill Academy “Jordan Brand” Jersey, Mr. Pelton addressed the gathering. He expressed appreciation for the honor and shared with the student body that he recalls vividly beginning his tenure on “The Hill” as a student. He needed structure and a place where he could be surrounded by people “who would not allow him to settle for less than who he should be.” He admitted that although there were many times he struggled as a student, “Oak Hill eventually won, and look where I am today.” A Turning Point, indeed.
“Meet the Team” Event The annual “Meet the Team” fundraising event will be held at 7:00 p.m. on Saturday, January 27, 2018, in Turner Gymnasium on the Oak Hill Academy campus. This year’s event will be held in conjunction with the home basketball game featuring Oak Hill’s nationally ranked Gold Team against Christ School of North Carolina. Your first ticket may be purchased for a $100 donation and each additional ticket purchased for your family or group will be $50. Participants will receive a reserved seat at the game, an autographed Oak Hill basketball media guide, an Oak Hill Academy t-shirt, and the opportunity to meet the team and coaches at a reception following the game! During the reception there will be photo opportunities with the players and a drawing for an autographed game ball. Make your plans now to attend this year’s “Meet the Team” event and support the mission of Oak Hill Academy. Please contact Tim Henry in the Development Office for more information or to reserve your ticket – 276-579-2619 or thenry@oak-hill.net.
This is a great gift idea for any basketball fan!!!
Oak Hill Academy 2635 Oak Hill Road Mouth of Wilson, VA 24363 ADDRESS SERVICE REQUESTED
First Class Mail U.S. Postage PAI D Permit #2 Mouth of Wilson, VA