Mount Carmel High School’s progress over the last century has been made possible by the generosity and support of our alumni and friends. The contributions of this Mount Carmel family allow us to develop young men of character who love God, love life, and love learning. Their commitment to excellence help us continue our mission of providing an education to young men of different academic abilities while instilling spiritual, intellectual, social, cultural, moral, and physical foundations in those young men so they may one day become outstanding citizens and assets of society.
There are many ways to give to Mount Carmel and many different giving programs to consider. Please refer to the information below for more detail on our fund raising efforts and giving programs.
Our Giving Programs
Men of Carmel Fund
(Annual Fund) - The Men of Carmel Fund serves three vital functions for Mount Carmel. It supports co-curricular activities, spiritual development through ministry and service, and provides financial assistance to families who have run in to poor economic times during the school year.
The Campaign for a New Century of Excellence
- The Campaign For a New Century of Excellence has already funded the construction of new science and technology labs (leading to enhanced course offerings) and the Cacciatore Athletic Center (which has enabled us to double the number of physical education credits offered to students). Phase Two will provide state-of-the-art facilities for music, fine arts education (through a new auditorium), and a technology-based Resource Center.
- Mount Carmel is fortunate to provide numerous scholarships whose assistance to Mount Carmel students is outstanding. These scholarships enable Mount Carmel to bridge the gap between the number of families requesting assistance and the number of families assisted.
Mount Carmel Educational Foundation
- The Mount Carmel Educational Foundation supports the charitable, religious, and educational purposes of Mount Carmel High School through grants, gifts, and aid. Approximately 5% of the Foundation's net worth is given to support Mount Carmel High School each year.
Other Ways to Give
One of the most attractive ways for you to help Mount Carmel is to make gifts of appreciated securities, such as stocks or mutual funds. Gifts of appreciated securities held for more than a year can provide you with a larger tax benefit versus just giving cash. For example, if you own appreciated securities, you can gift these shares directly to Mount Carmel and avoid recognizing the additional income, avoid recognizing a capital gain and avoid any capital gains tax you may have incurred if you had sold the shares and donated the sale proceeds. When you gift securities you may deduct the full market value of your contribution on the date of the gift, (subject to IRS rules – check with your CPA) rather than your original cost basis.
For example 1: Gifting Cash After Selling Stock Example 2: Gifting Appreciated Securities
Purchased XYZ stock for $5,000 Purchased XYZ stock for $5000
Sell XYZ stock for $25,000 Gifted XYZ stock with Market Value of $25,000
Capital gains tax (assuming top 23.8% long term rate*) = $4,760 Capital gains tax* = 0
Resulting net gift & tax deduction = $20,240 ($25,000 minus $4,760) Resulting net gift and tax deduction = $25,000
*Always check with your CPA on matters affecting your taxes, the BAC does not provide tax advice*
Gifting shares of appreciated securities directly to MC is simple, provides a tax benefit to you and aids MC in their mission. You can transfer shares electronically from your brokerage account, or deposit physical stock certificates, to fulfill your wishes of donating funds to MC.
Transferring publicly traded securities to Mount Carmel is simple. If your investments are held at a brokerage firm, simply contact your investment firm & inform them of the name and quantity of stock you wish to gift and ask them to “deliver free” the shares to DTC #0015, Morgan Stanley, credit account number 628-XXXXXX*, Mount Carmel. That will complete the electronic transfer for you.
*Our account is with Dan Hack, Senior VP - Wealth Management at Morgan Stanley in Chicago. Please call or email him directly for the MC’s account number at 312.917.7538, or email@example.com
For tax purposes, your gift will be valued on the date the transfer to BAC is completed. For your records, our legal name is Mount Carmel High School and our tax-exempt federal identification number is 36-2171161.
PHYSICAL STOCK CERTIFICATES
Another means of gifting stock where a physical certificate is held by the owner is to sign the gift shares certificate to Mount Carmel by endorsing the certificate and completing a transfer of ownership form. To find out more about properly handling this process, please contact Dan Hack, Senior Vice President, Wealth Management, Morgan Stanley, at 312.917.7538 or firstname.lastname@example.org.
You may also donate to Mount Carmel through:
• Naming Mount Carmel as an IRA or Retirement Plan Beneficiary
• Name Mount Carmel as a beneficiary of a Life Insurance policy
• Real Estate
• Personal Property
• Donor Advised Funds
• Gifts from an Estate or Trust
Mount Carmel can manage charitable gift annuities, deferred gift annuities, bequests and life insurance, as well as transferring assets of real and appreciated property.
With charitable gift annuities, payments to benefactors begin as soon as a gift is made, and donors receive immediate tax deductions.
With deferred gift annuities, the benefactor has flexibility in determining the start date of payments. For example, if the gift is made at age 40, the donor may choose the starting date of payments anytime between the ages of 55 and 80. Charitable deductions are available immediately.
Through a bequest, the benefactors names Mount Carmel High School as the remainder beneficiary of the estate, or makes a specific bequest to support one or more school programs, i.e. scholarships, endowment, building campaign.
Donating paid-up life insurance policies or paying premiums on a new policy that designates Mount Carmel as owner or beneficiary.
For more information on making a donation to Mount Carmel High School in the form of a stock transfer, electronic transfer, physical stock certificate, planned giving, or deferred gifts contact:
Senior Vice President - Wealth Management
Direct: 312.917.7538 Toll Free: 800.334.2446
Direct monetary gifts are accepted form of checks, charges, or money orders. Payments can be made to Mount Carmel High School. Please contact the Advancement Office for more information on giving or making a pledge.
Check with the human resources office at your place of employment for a matching gift form, and enclose it with your contribution.
In Memory or Honor of Someone Special
To make a donation on someone’s behalf, please contact the Advancement Office at Mount Carmel High School.
For more information on making a donation to Mount Carmel High School in the form of a direct gift, matching gift, or in memory or honor of someone please contact:
Vice President of Institutional Advancement
Mount Carmel High School
6410 S. Dante Ave.
Chicago, IL 60637
773.324.1020, ext. 260