Planned Giving & Bequests
The gift of education is the gift of a life time.
Imagine a gift that transforms St Andrew’s College, the life of a student and the heart of the donor. This is the power of giving. It was Duncan Rutherford’s bequest which allowed the Board of Governors in 1917 to purchase Strowan House and its beautiful grounds—the home of St Andrew's College today. His bequest is one of many gifts which have transformed St Andrew's College over the decades.
As a fully independent co-educational school St Andrew’s College is dependent on philanthropy. Government funding is minimal. The education St Andrew's College provides relies on the generosity of Old Collegians, parents, and friends of the College.
Have you thought about how powerful your gift could be?
Navigate through this section and consider the personal, tax and family benefits of a planned gift for St Andrew’s College or discover how you can create a St Andrew's College legacy through your bequest. You may also wish to download our planned giving and bequest brochure.
Contact us at 03 940 2068 or Giving@stac.school.nz for more information to help you begin planning your gift of a lifetime.
Join the 1917 Society which celebrates all of those who have made a planned gift or bequest to St Andrew's College.
What is planned giving?
With thoughtful and careful planning you can support St Andrew's College in a way which is tax efficient for you and your loved ones. Planned Giving is careful consideration of and planning for your situation with an outcome that is better for you and St Andrew's College.
Each donor’s situation is unique. Some donors will find it easiest to simply write a personal cheque entitling them to a tax rebate. Others may find it more tax effective to get tax deductions by donating through their family-owned companies or via their family trust.
St Andrew’s College and the St Andrew's College Foundation are registered charities with the Charities Commission. This means that there are usually tax benefits to giving.
A person making a gift to St Andrew’s College is allowed a tax rebate of 33.3% of the amount of the gift. This means that every dollar you give actually costs you 66.6 cents. The amount of the rebate is limited to 33.3% of the lesser of the amount of your taxable income or the amount of the gift 33. (The rebate does not apply to companies and trusts making donations—see below.)
Most trusts have the discretion to give a share of income or capital to charities. And because St Andrew's College and the St Andrew's College Foundation are charities, they don’t have to be specifically designated as a discretionary beneficiary of your Trust in order to receive a trust distribution. Importantly, as charities, they can receive any income on a tax-free basis.
The Trustees may be comfortable with gifting a fixed monetary amount or a percentage of the Trust’s pre-tax income. Another option may be to gift to the College from any surplus of income above an amount that the Trustees consider they need for the family’s needs. This later option helps the Trustees with tax compliance because the Trust’s tax liability has been capped.
The Trust can make a pre-tax distribution either at any time up to 6 months or within 12 months after its balance date (depending on whether the Trust was settled prior to or after 1 April 2009) This means that there is time at the end of each year to assess the Trust’s ability to give.
All companies are now allowed a tax deduction for donations to a charity including closeand family owned companies. The deduction is limited to the amount of the company’s annual taxable income.For some people, it is easier and more tax effective for their company to make a tax deductible payment rather than make a payment from their after tax personal resources.
As you can see, there are many possibilities for making a difference at St Andrew's College while also helping your and your family’s financial status. At St Andrew’s College we can help you explore ways to make a planned gift which will shape your legacy to the College. You will want to seek independent advice, but begin with setting your goals.
We encourage you to contact the Development Office at 03 940 2068 or Giving@stac.school.nz as a first step. We are happy to help you explore your intentions in preparation for a meeting with your solicitor or tax advisor.
Making a gift through your will
Your will is one of the most important statements of your life. You should consider carefully just what it is that you wish to support. For many, one of their final gifts is to St Andrew's College where they received the edMaucation that shaped their lives and met the people who became their friends for life.
Life Insurance can be a gift
Do you have a life insurance policy? Did you know that you can designate St Andrew's College as the life insurance policy’s beneficiary? For many who have already taken care of family members through other means, this offers an excellent way to support the College.
To help you begin your planning process here are answers to some of the most Frequently Asked Questions:
What are the different types of bequests?
- A residuary bequest is when the remainder or a certain percentage of your estate, after specific amounts are bequeathed and distributed to other beneficiaries like your spouse or children, is given to St Andrew’s College.
- A specific bequest directs an exact dollar amount to St Andrew's College. This may be a dollar amount or particular assets, such as securities, real estate or personal property (like a work of art).
- A remainder trust provides for your residual estate to go into trust. From that trust you can provide income to your surviving spouse or other family members for life or a set term, with either part of the income or the capital remainder going to St Andrew's College.
What do I want my St Andrew's College legacy to be?
You need to consider just what you want your legacy to be. To help you start the process of a will, consider the following.
- Unrestricted bequests are most valuable for the College, allowing St Andrew's College to determine how the funds are used based on the most pressing needs of the time. The College’s needs changes over the years. It may be scholarships in one year or buildings in another. By choosing to make an unrestricted gift you provide significant security to St Andrew’s College over the decades to come. You may wish to include in your will:
“I give and bequeath to the St Andrew's College Foundation, Christchurch, New Zealand, the sum of ______Dollars (or all the rest, residue, and remainder of my estate) to be used for the general purposes of the College in the discretion of its Board of Trustees.”
- A restricted bequest directs your assets to a specific fund (like the Scholarship Fund) or a particular purpose. Please be aware that there are some legal and practical considerations that must be taken into account as you plan a restricted bequest to St Andrew's College. For example, certain gifts to St Andrew’s College have minimum required amounts and the College must ensure that it is able to fulfil your intent.
If you are considering a restricted bequest for a specific purpose, we suggest that you speak to the Director of Development at St Andrew’s College. We are available to discuss what you want to accomplish through your gift and will help to ensure that your gift is used as you would like. Sample language can be provided for you and your solicitor to review.
Do I want my bequest recognised?
Your bequest is your final gift, so consider how you would like it recognised. A gift to St Andrew’s College may memorialise a friend, a former teacher, or the name of the donor.
Where does my money go?
St Andrew's College’s policy is to invest all unrestricted bequests and planned gifts towards the St Andrew's College Foundation. Donors may of course allocate their bequests and planned gifts towards a restricted use (see above).
What do I do now?
Now that you have begun to define your goals we encourage you to contact the Development Office at 03 940 2068 or Giving@stac.school.nz as a first step. We are happy to help you explore your intentions in preparation for a meeting with your solicitor or tax advisor. You will want to seek independent advice, but begin the conversation by exploring with St Andrew’s College how to realise your legacy.
Do I let St Andrew’s College know about my bequest?
Yes. We want to thank you! The 1917 Society is St Andrew's College’s program to honour and thank our Old Collegians and friends who have arranged a planned gift or bequest to the College. Anyone who notifies St Andrew's College that the College is named as a beneficiary of a gift through his or her estate or planned gift during his or her lifetime is automatically a member of the 1917 Society. Click here to find out more about the 1917 society.