The Arrow Year End 2016 —
Giving back
2016 Year End Giving Ideas
Legacy Associates In our efforts to secure the future of the Academy for another 138 years, Oak Hill would like you to consider providing a bequest for the school in your Will. A bequest can help to endow scholarships, provide for special capital projects, facilities, equipment, and other endeavors that are part of the routine life at OHA. Most of all, the gift will help secure the future of Oak Hill Academy by strengthening our endowment. Oak Hill Academy has touched and blessed the lives of many teenagers in the past; it is continuing to do so in the present; and with your help will carry on in the future. By including Oak Hill Academy in your Will, you become a member of the “Oak Hill Legacy Associates,” a vital part of our existence and our future. If you have not already done so please consider naming Oak Hill Academy as one of the beneficiaries to your estate, remembering that every gift no matter the size, makes a difference in the lives of our students.
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 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
A word from Oak Hill Academy Legacy Associates members Frieda Anders Willey - ‘56 and Jim Herchenrider - ‘74 Oak Hill Academy was much different in 1953 than it is today. The student body was much smaller, the campus was more open, and there were more day students. But the one thing that has never changed is the Academy’s emphasis on the intellectual, spiritual, and physical growth of the individual student. Since I enrolled at Oak Hill 63 years ago there have been many to follow the same path. Each had their reason as I had mine and my story may not be unique, but I believe we share the same allegiance to Oak Hill and its goals, objectives, and mission. I would like to share with you why it is so important for me to give back to the Academy. I remember vividly my first visit to Oak Hill. It was on a late summer afternoon and it was misting rain. We went directly to the president’s home and asked to speak with Mr. Turner. Mrs. Turner said that he was at the girls’ dormitory. When we knocked on the door we were met by Mrs. Coliron who was in charge of the kitchen. She invited us in and through a short hallway to the backdoor that led into the yard. We went on a little further and found Mr. Turner in his barn jacket and knee boots feeding the pigs! Oak Hill was self-sustaining at that time and Mr. Turner managed the campus farm. I was 16-years-old and very nervous. After introducing myself, I told my story. “Mr. Turner,” I said, “I want to come to Oak Hill to study the Bible and be in a Christian school atmosphere. I would like some day to go into a church related vocation.” Mr. Turner listened intently and looking directly at me he said, “Miss Anders, be here August 17th and we will have a place for you.” I was just starting a long and difficult but very rewarding journey. During the next three years the administration, faculty, and staff were instrumental in filling my stay on “the hill” with experiences that opened up the world to me and gave me freedom to think. Those experiences became a part of my life. I will forever be indebted to Oak Hill Academy for its part in the development of my education. It is for this reason that I have named Oak Hill Academy an heir in my Will. The school will be the recipient of a life insurance policy. Great things are still ahead for Oak Hill and in this way I can be a small part of the Academy’s future.. Frieda Anders Willey Class of 1956
When I first stepped on the campus of OHA in the fall of 1969 I knew I had found my second home. Oak Hill accepted me for the eighth grade because I was going to have to repeat the 7th grade in the public school system. I learned a lot from attending the school for five years. The teachers there were great and there were so many different things to do when you were not in classes. We had a lot of clubs you could participate in after class, so there was never a dull moment. The students were from all over the United States and the world but we all shared a special bond. Oak Hill gave me an education and was family to me also. The people I met there will always be my friends and family. I just want to give back to the school what they gave to me and that is why I have included them in my Will. I want other young people to have the opportunity for a great education and to grow into future leaders.
Jim Herchenrider Class of 1974
2016 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. 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 2016. Example: If you make a charitable gift of $10,000 in 2016, 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 please to provide you with further information. Also, we urge you to discuss your 2016 yearend tax planning with your accountant or other professional advisor. Gifts of Cash
limitation, the excess may be carried forward for tax purposes for up to five additional years. Gifts of Stock Year-end 2016 may be an excellent time to consider a gift 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 would result in a charitable deduction of $10,000. In addition, you permanently avoid paying capital gains tax on the $9,000 of appreciation.
To the Tax Advantages Gifts of Real Estate
Make sure your envelope is postmarked by December 31; if it is, your gift will qualify as a 2016 gift even if it is not received by us until the first week in 2017.
If you have owned your home, a vacation home, acreage, or a farm of many years, a charitable gift of the 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 sizable 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.
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
You may also wish to consider a gift of your personal residence or farm, reserving the right to continue to live in
There is no easier way to garner a charitable deduction for 2016, and support us at the same time, than by simply writing a check. A Brief Guide
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 2016 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 make 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 lift 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 2016; 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 faxed 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 70½ 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 owners’ 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 ban or mutual fund. For Further Information No one publication can tell you everything you need to know about 2016 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 MMXVI by Calder P. Sinclair
Speeks Hall Dedication
Oak Hill Academy is proud to announce the completion and dedication of the Harry Lee Speeks Hall. A big thank you is extended to everyone that participated in this campaign and made this much needed addition to our beautiful campus possible. We would like to especially recognize Joe and Carol Gigler and Tim and Debbie Marburger who named the dormitory in honor of their friend and former OHA student Harry Lee Speeks. Mr. Speeks attended Oak Hill in the 1950’s. This new state-of-the-art boy’s dormitory was completed in late July and readied for its 14 inaugural residents at the opening of our school year in August. Speeks Hall houses Oak Hill’s 8th and 9th grade boys and was dedicated on October 28, 2016.
Third Annual Homecoming On November 5, 2016, Oak Hill Academy hosted its third annual Homecoming Event. This event brought together our current students and faculty and staff with Oak Hill alumni and former students. Highlights of the day, in addition to the basketball game, were a Homecoming Parade across campus and tailgating with food and drinks provided by Oak Hill’s food service and several alumni and friends. A great time was had by all!
“Meet the Team” Event The annual “Meet the Team” fund-raising event will be held at 7:00 p.m. on Saturday, January 28, 2017, 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 AC Flora High School. 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!!!
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