The Blue and White Fund – Leaving a Legacy for the next generation of Gaels

The Blue and White Fund was incorporated in 1999 as a tax-exempt “rainy-day fund” for Kennedy Catholic to help the school provide scholarship aid to students and be prepared to meet unexpected expenses when they might arise.

With contributions over the years from alumni, parents, and friends of Kennedy Catholic, this 501(c) (3) not-for-profit corporation has functioned during the past 25 years in providing scholarships and in helping Kennedy Catholic with special projects, including the installation of a new roof for a major portion of the School’s building in the early 2000s, the renovation of the Library of the Presidents in 2014, and now contributing approximately $100,000 to the construction of the Sister Janet Meehan Student Fitness Center.

Now, more than ever, the Blue and White Fund is needed to help fund scholarships for today’s Gaels. With your help the Blue and White Fund will continue to serve as a “legacy” source of funding to enhance the future of Kennedy Catholic. Did you know that the Blue and White Fund, Inc, is a “Supporting Organization” under IRS Regulations set up for the exclusive purpose of providing support to the School and its students. It is governed by its own board of directors, consisting of faculty, alumni and friends of the School. 

Father Vaillancourt is its current President. What Is A Legacy Gift or Planned Gift? A legacy gift is a gift to a charity or non-profit organization in your last will and testament. It can be a piece of property, cash, or a percentage of your estate. Legacy gifts play a key role in supporting charitable organizations, yet many people don’t know that they’re an option, how they are paid out, or the tax benefits of these gifts. Many organizations or individuals also refer to legacy giving as planned giving. A planned gift is any charitable gift that you plan to leave after you’re gone. This can be a cash gift or even a percentage of your estate. As long as it’s a gift that you’ve ‘planned’ in your will, it can be considered a planned gift or legacy gift!

How Do I Leave A Legacy Gift?

Charitable bequests, also known as legacy gifts, can be given in two ways. First, you can leave a lump-sum cash amount to an organization of your choice. These gifts are given separately when you pass away, and are not included in your residual estate (everything that’s left after debts/taxes are paid and specific gifts are distributed). Instead of or in addition to leaving a set amount, you may leave a percentage of your residual (remaining) estate to a charity. 

While a cash charitable gift will remain constant over time, a percentage of your residual estate can grow over time, resulting in a higher potential gift to the charity of your choice. Legacy gifts are typically prepared by a financial planner and reflect the values and desires of the donor. Legacy gifts are usually given upon a donor’s death – but not always. 

According to an article by Nonprofit Hub, legacy giving can take several forms, “including recurring donations that begin while the donor is alive and continue after they’re deceased. And legacy gifts don’t have to be monetary, either. They can include material goods, property, stocks—anything that’s of value to the beneficiary.”

What Are The Benefits Of Leaving A Legacy Gift?

People often worry that leaving a legacy gift means that there will be less to give to their loved ones.With help of your estate planning advisor, you may be able to make a legacy gift without taking away from the gifts left to your family and friends. When you leave a legacy gift, your estate may receive a tax benefit, these vary by state. This could actually help to maximize the value of your residual estate for your beneficiaries

Leave A Lasting Legacy

While legacy giving makes it possible to leave much larger gifts than otherwise possible, it’s important to remember that you don’t have to be wealthy to leave a legacy gift. You can leave as much or as little as you want – there is no gift too small to make an impact on future generations. It only takes a few minutes to leave a gift in your will to charity but it creates a legacy that lives on forever.

Do I Have to Wait to Support the Blue and White Fund?

No! If you’re inclined to make a donation now, the Blue and White Fund can receive your gifts today, and at any other time you may choose.

Aside from tax incentives, there are many other reasons to leave a legacy gift. Legacy giving is a way to leave a lasting legacy of generosity and make a cause you care about an important part of your life story. Your gift might also cause others to think about their own philanthropic goals and inspire them to give back as well. In terms of how your legacy gift benefits your charity of choice, they are often unexpected.

Leave A Lasting Legacy

While legacy giving makes it possible to leave much larger gifts than otherwise possible, it’s important to remember that you don’t have to be wealthy to leave a legacy gift. You can leave as much or as little as you want – there is no gift too small to make an impact on future generations. It only takes a few minutes to leave a gift in your will to charity but it creates a legacy that lives on forever.

Do I Have to Wait to Support the Blue and White Fund?

No! If you’re inclined to make a donation now, the Blue and White Fund can receive your gifts today, and at any other time you may choose.

If you would like to contribute to this project, please consider filling out the form below.