One of the most straightforward and cost-effective ways to make a meaningful gift to Saint Vincent Academy is to name Saint Vincent Academy in your will or revocable trust.

Bequests are the main source of endowment income for the school. By remembering Saint Vincent Academy in this way, you assure the school’s continued financial strength and will help provide a Saint Vincent Academy experience for generations of future Vincentians.

All bequests should include: 

1. The school’s full name: SAINT VINCENT ACADEMY, INC.
2. The school’s address: 228 West Market Street, Newark, NJ, 07103
3. The school’s Federal Tax Identification number: 22-1487333
 

OUTRIGHT BEQUEST

The most useful type of a bequest is unrestricted, allowing the funds to be allocated by Saint Vincent Academy wherever the need is greatest at the time we receive the bequest. You may designate that the school receives a specific dollar amount, a specific piece of property, or a percentage of your estate.

The language is simple:

“I give, devise and bequeath to Saint Vincent Academy, a not-for-profit corporation, Tax ID# 22-1487333, located at 228 West Market Street, Newark, New Jersey, 07103. _____________ (insert the sum of money, specific property, retirement plan, a stated percentage of the estate, or the remainder of the estate) to be used at the sole discretion of the Board of Trustees of SAINT VINCENT ACADEMY in support of the school’s general purposes.”

RESTRICTED BEQUEST

Restrictions may be made as to the purpose for which a bequest is intended, i.e. for an academic department, scholarships or student opportunity funds, to endow an instructorship, athletics, facilities, or numerous other educational programs and activities.

Because circumstances may change over time, a restricted bequest should be made in the broadest possible terms consistent with your interests. It is desirable to include the following clause: “If the Board of Trustees of Saint Vincent Academy determines that it is impractical or impossible to use my gift for the purpose stated, the bequest may be used for another purpose that the Board of Trustees, in their sole discretion, believe is consistent with my expressed wishes and interests.”

Note: If you are interested in making a restricted bequest, please contact the Development Office so we may provide sample language for the program or area you wish to support.  

 

 

FOR A SPECIFIC ENDOWED SCHOLARSHIP:
“I give, devise, and bequeath to Saint Vincent Academy, a not-for-profit corporation, TAX ID# 22-1487333, located at 228 West Market Street, Newark, New Jersey 07103, (insert the sum of money, retirement plan, a stated percentage of the estate, or the remainder of the estate) to establish (or to be added to) an endowment fund to be known as the (name) Endowed Scholarship Fund. The income therefrom shall be used annually, in accordance with Saint Vincent Academy’s endowed scholarship spending policy, to provide financial assistance to students with demonstrated financial need to attend Saint Vincent Academy. Should all or a part of the gift be unable to be used to the best advantage for the stated purpose, the Board of Trustees of Saint Vincent Academy in their sole discretion shall be empowered to utilize these funds in a manner which will support the educational process at Saint Vincent Academy, keeping in mind the original intent and purpose stated herein.”

(Please note that Endowed Scholarships have a minimum threshold of $50,000)

 
RESIDUARY BEQUEST

This type of bequest is used to give Saint Vincent Academy all or a portion of your property after all debts, expenses, taxes and all other bequests have been paid. For example:

 

“I give, devise and bequeath the rest, residue and remainder of the property owned by me at my death, real and personal, and wherever situated, to Saint Vincent Academy, a not-for-profit corporation, Tax ID #22-1487333 located at 228 West Market Street, Newark, New Jersey 07103, in support of the school’s general purposes” (or “for the purpose of (insert program)”). In the event you restrict the purpose, please add the following clause, “If the Board of Trustees of Saint Vincent Academy determines that it is impractical or impossible to use my gift for the purpose stated, the bequest may be used for another purpose that the Board of Trustees, in their sole discretion, believes is consistent with my expressed wishes and interests.”

CONTINGENT BEQUEST
With a contingent bequest, you can plan for the situation of a beneficiary predeceasing you. By naming Saint Vincent Academy as an alternate or contingent beneficiary, you assure that your bequest will pass to the school rather than to unintended beneficiaries or the government. For example, 

 

“I give, devise and bequeath to (insert your beneficiary’s name) (insert dollar amount, or the piece of property, or the desired percentage of the residue of the estate). In the event she (or he) shall predecease me, or our common deaths occur in such a manner that the order of death cannot be ascertained, then, and in only such event, I direct this bequest to Saint Vincent Academy, a not-for-profit corporation, Tax ID # 22-1487333 located at 228 West Market Street, Newark, New Jersey 07103 to be used at the sole discretion of the Board of Trustees of Saint Vincent Academy in support of its general purposes.”

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Please note: the information presented on these pages is not offered as legal or tax advice. You are encouraged to seek the advice of your tax advisor, attorney, and/or financial planner to determine which planned giving option is best for you.