Support Banner
To Our Parents, Grandparents, Alumni and Friends,
The vision of Banner Christian School has always been to be the best school in the greater Richmond region. Without the generous support of people who share in our commitment to provide excellence in Christian education, grounded solidly on the Word of God, schools like ours would be unable to impact the young lives of tomorrow’s leaders.
We encourage every Banner family, faculty and staff member to give to the annual fund. The annual fund helps pay for smaller capital projects that are not included in the annual budget. In the past, these smaller projects included new athletic uniforms for sports teams, Ipads for the music department, projectors for eleven classrooms, interactive document cameras for three classrooms and new branding materials.
Because Banner is an IRS 501(c)(3) nonprofit organization, all contributions are tax-deductible. Contributions can be made on-line by clicking the green Donate Now! button, by mailing a check to Banner Christian School, 5831 Courthouse Road, Chesterfield, Virginia 23832 or by donating on our Facebook page. Thank you in advance for your generosity.
In His Service,
Christine Hale
Director of Development
Christine Hale
Director of Development
christine.hale@bannerchristian.org
Hear from a Banner alum (class of 2020) on how a donor’s gift to scholarships made an impact on his life
In addition to the annual fund, there are a number of other opportunities to give to Banner Christian School:
Banner Scholarship Fund – Created to provide tuition assistance to qualified families who are unable to pay for full tuition. Donors interested in helping with this effort could receive a 65% tax credit through the Virginia Education Improvement Scholarship Tax Credit Program. Please contact Christine Hale for details.
Banner Capital Campaign – Funding provided for the land development and building of our new campus. Banner received a generous $100,000 matching grant for this campaign from the Mary Morton Parsons Foundation.
Banner Endowment Fund – Designed to provide long term sustainability for our school in the future.
Matching Gifts – Some employers have a program that will match contributions made by their employees to education. Check with your human resources department to find out if your contribution may be eligible for a match.
United Way / Workplace Giving Campaigns – Did you know that in many cases, Banner can be designated to receive your annual gift to United Way or other workplace giving campaigns as a qualifying nonprofit? Check with your human resources department or campaign chairperson about designating Banner to receive all or part of your annual contribution.
Gifts in Kind – If you have an item or service you think could benefit Banner, give us a call. For our families that own or work for a business that could help us with the new campus, please contact Larry Burkett at: (804) 276-5200.
Banner Bridge – Banner Bridge is our parent / teacher connector. Serving with Banner Bridge is one of the ways our parents can use their gifts to glorify God in various capacities. Click here to learn more or to join Banner Bridge.
Planned Giving or Deferred Giving are giving opportunities that provide tax savings. Below are some giving opportunities to make a long-term impact on Banner and provide tax savings:
Donor Advised Funds (DAF) – Can be suitable for donors who like flexibility in their giving to assist multiple charities
- Gifts to public charity have to be made irrevocably, entirely relinquishing control.Giving to public charities, however, allows for highest current income tax deduction limits (up to 60% of donor’s adjusted gross income (AGI).
- When donors don’t want to relinquish control and choose which charities receive grants from year to year, they create private foundations.
- Foundations offer added control but carry administrative burdens and lower current income tax deductions (up to only 30% donor’s AGI).
- When donors don’t want to relinquish control and choose which charities receive grants from year to year, they create private foundations.
- DAFs offer best of both worlds
- Sponsoring organization permits donor to suggest how funds should be distributed.
- Donor has influence, but sponsor has authority to reject.
- Gifts to DAF treated like public charities.
- Assist in DAF can be managed by investment professional.
Annuities – A gift annuity supports you and it supports us. It is a practical plan that supports your living needs by providing you with a regular income while preserving a future gift to the ministries of Banner.
Trusts – A trust can be structured to preserve assets for your family and BCS, as well as potentially provide a regular income to you or gift to the ministries of Banner. There are multiple variations of trusts. A trust can be established with a minimum gift of $50,000 to Banner.
Wills – Your will is a legal document that allows you to dictate the distribution of your assets upon your death. We provide extensive help in the establishment of your will by employing a confidential Will and Trust Planning Guide. This remarkable tool is free for the asking by emailing Jeff Hammer at jeff.hammer@nm.com.
Appreciated Assets/Stock – The donation of appreciated assets provides an opportunity for the donor to avoid capital gains tax, to make a significant gift to this ministry, and to take a charitable deduction. Appreciated assets can be used to fund both annuities and trusts.
Life Insurance – You can purchase a life insurance policy in which you name Banner Christian School as the beneficiary of the policy. If the policy is owned by Banner and funded by your gift of premium payments, premiums are tax-deductible.
Unique Gifts – A wide range of other gifts can be creatively incorporated into your giving strategy, to include real estate, retirement plans, vehicles, intellectual property rights (such as patents and royalties), timber and mineral rights, closely-held company stock, art and many other assets. Give us a call and we can arrange for a confidential, no-cost review to determine your best asset to give.
Jeff Hammer is a financial advisor with Northwestern Mutual who is a friend of Banner and works around the country on planned giving strategies. He is available on a confidential, complimentary basis to assist with any questions you may have regarding these and many other types of planned gifts. He can be reached at jeff.hammer@nm.com or (804) 888-5716.
Charitable Giving
- Prior to 2018, certain itemized deductions (such as gifts to charity) were limited to taxpayers with AGI above $313,800 (if married filing jointly) or $261,500 (if single). With 2017’s Tax Reform, there is no limit on these itemized deductions.
- Prior to 2018, charitable cash contributions to a public charity were limited to 50% of a donor’s AGI. With 2017’s Tax Reform, a donor can now deduct a charitable cash contribution to a public charity up to 60% of AGI.
- In 2017, lifetime gift tax exemptions for all gifts were limited to $5.49 million per individual ($10.98 million for a married couple).
Gift and Estate Tax Exemptions
In 2017, lifetime gift tax exemptions for all gifts were limited to $5.49 million per individual ($10.98 million for a married couple). In 2023, the estate and gift tax exemption will be $12.92 million per individual ($25.84 million for a married couple).
529s – Tax Reform will expand your ability to use 529s for secondary education.
Prior to 2018, 529 accounts (which grow tax-free) could only be used for qualified higher education expenses at colleges. With 2017’s Tax Reform, you are now able to use up to $10,000 per year from a 529 for K-12 private tuition.
Child Tax Credit
- Tax credits have greater value than tax deductions because they provide a full dollar-for- dollar offset against a tax liability; for example, a $1,000 tax credit saves $1,000 in taxes owed.
- A tax deduction allows you a partial dollar reduction in your taxable income based on your income tax rate; for example, $1,000 that is tax deductible for taxpayers in a 25% tax bracket saves $250 in taxes.
- Prior to 2018, there was a $1,000 child tax credit for each child. It phased out for taxpayers with Modified Adjusted Gross Income (MAGI) over $110,000 (if married filing jointly) or $75,000 (if single).
- With recent Tax Reform, the tax credit increases to $2,000 per child for taxpayers with Adjusted Gross Income (AGI) below $400,000 (if married filing jointly) or $200,000 (if single), and it begins phasing out above these AGI thresholds.
- Even if no taxes are payable, up to $1,400 of the tax credit can be refunded per child.