Frequently Asked Questions
Q: What is "deferred or planned" giving?
Either term is fine. They both mean the same thing. Basically, it is a type of philanthropy that allows the donor to make a gift to Newark Academy in a way that does not impact his/her current income and cash flow. Examples of planned or deferred gifts include:
- A bequest in your will
- A charitable trust or gift annuity
- Making NA the beneficiary of a life insurance policy or retirement plan
Q: Why would I want to make a planned gift instead of a regular donation?
Many people say that they want to make a meaningful gift to Newark Academy, but their current circumstances – beginning a family, starting a business, or heading toward retirement – means that they may not have the cash on hand to make an outright gift. Others may already be loyally supporting NA with an Annual Fund gift but are hoping to "someday" do something more. In either case, making a planned gift and becoming a member of the 1774 Society is a wonderful way to make a difference at NA. You need not have great wealth to make Newark Academy one of the beneficiaries in your will, your life insurance or your retirement fund. It is a simple and pretty painless way to support Newark Academy and gain the satisfaction of knowing that you've given back to the school that has done so much for you and your family.
Q: Can someone who is relatively young join the 1774 Society? How do I know if planned giving is right for me?
Most people create their wills between 30 and 40 years of age, long before they know what kind of "estate" they're actually going to have. Joining the 1774 Society by making a bequest to Newark Academy in your will is a great option at any age. You should talk with your attorney or financial advisor about specifics, but in many cases you can indicate in your will that you wish to give a percentage of your estate (rather than an exact amount). This option allows your intended gift to NA to grow as your assets increase during your lifetime. Regardless of your age, a bequest to NA in your will makes certain that your wishes are carried out and that your loved ones are aware of your desire to help Newark Academy.
Q: What if I change my mind?
Your will can be changed at any time. Again, you should talk to your attorney and/or your financial advisor. Your will should be updated whenever there is a significant change in your family or financial circumstances.
Q: Are there any financial advantages of making a bequest to NA in my will?
According to tax professionals, tax deductions are a tangible benefit of making a bequest. Again, this is something you should discuss with your own tax advisor.
Q: Can I name Newark Academy in my will and still provide for my children in it?
You can tailor your will to fit all your specific goals and objectives. An attorney can assist you to make sure your will meets your wishes.
Q: Can I indicate to Newark Academy how I want the gift from my bequest used?
Absolutely! Because of the long-term nature of this kind of gift, the donation is directed to some aspect of the Newark Academy Endowment. The donor can either direct the gift to the General Endowment or to any number of already existing endowed funds.
Q: What if Newark Academy is already in my will?
First of all, thank you! Now, you should reach out to the Office of Institutional Advancement (lgrider@newarka.edu or 973-992-7000, ext. 320) so that you can be recognized as a member of the 1774 Society.
Q: What does membership in the 1774 Society do for me?
As a 1774 Society member, you'll receive special recognition each time you attend an NA event. Also, you'll receive periodic communications from Newark Academy with updates on the life of the Academy and any changes to federal tax laws that might impact your decision to make a planned gift.
Q: Anything else you want me to know?
Just one more thing – regardless of when and how you choose to support Newark Academy, please know that every gift – of any amount – is valued and valuable. By including NA in your will you are joining with many others whose gifts are ensuring that the Newark Academy experience we enjoyed will be available to others for generations to come.
