Dear Fellow Josephites,

It’s the time of year where we celebrate Thanksgiving and prepare for the year-ending Holiday Season. As Josephites we give thanks to our Alma Mater which laid the foundation on which many of us have built successful careers. For those of you looking to give back to causes dear to you and to get a US tax deduction for 2021, the Josephite Alumni Association of North America (JAANA) has set up a General Fund and individual named Endowments at Fidelity Investments.

Your contributions in cash or appreciated stock will reduce your taxable income and may also reduce your income tax bracket or rate for this year. In 2021, all cash contributions are deductible up to 100% of Adjusted Gross Income.  For example, if you are in a 40% (Federal plus State) tax bracket, your tax liability will reduce by 40 cents on every dollar contributed. A donation of $10,000 will only cost you $6,000.

https://www.nerdwallet.com/article/taxes/federal-income-tax-brackets

Appreciated stock

For those of you who have not done this before, transferring appreciated stock is one of the most tax efficient ways to donate. Not only do you get the benefit of the entire value of the donation as a tax deduction, you also do not pay capital gains tax on the difference between the donated value and the cost base. For example, if you bought stock for $10,000 and transferred it to a registered charity for $50,000, you get to deduct $50,000 from your taxable income (which could save you $20,000 in taxes if you are in a 40% total tax bracket) but you also save the capital gains tax on the $40,000 gain which could be as high as 30% (Federal and State) so that’s another $12,000 savings. 

 In consultation with the OBA and the School Administration the top three priorities for charitable contributions for 2021-22 are:

  1.   Teachers Insurance Fund > 2021-22 gap is INR 7.5 Lacs and the Fund Corpus gap is 1.34 CR

  2.   Loyola Scholarship Program >> This Program’s Corpus needs INR 12.5 Lacs from which the interest will fund the entire school fee of a student from Grade 1-10 each year till the student graduates. You can also support this as a batch of named group.

  3.   OBA Buzz (inter-class cultural program directed at the school) Gap for each year is INR 3 Lacs and the Buzz Corpus gap is INR 45 Lacs

 Ways to Give

  1.   For Credit Card Payments, go to https://www.jaana.co/ways-to-give/

  2.  For ACH and Wire Transfer Instructions email jaanafinance@gmail.com with Subject “JAANA ACH Wire Info”

  3. For Stock Transfer Instructions emails jaanafinance@gmail.com with Subject “JAANA Stock Transfer Info”.

Donations can be made to the JAANA General Fund or you may choose to set up your own endowment account where 5% of the Corpus is distributed annually per your instructions to the Bangalore Jesuit Educational Society / OBA.  You could even have your own financial advisor manage the investment portfolio at Fidelity.

So, reach into your heart and wallet and make a donation that will help students, teachers and other projects at our school.  There will be a lot of people thankful for your generosity. Should you have any questions please send an email jannafinance@gmail.com

In Faith and Toil, Your JAANA Board

Anagha Todalbagi, Gautam Ijoor, Giridhar Nayak, Jimmy Anklesaria & Thomas Thekkethala

 

Go forth and set the world on fire. He who goes about to reform the world must begin with himself, or he loses his labor.

St. Ignatius of Loyola

 

JAANA Initiatives