Welcome to Bridgton Academy's Third Century Fund Campaign, "A Bridge to the Future!"
Driven by the Academy's comprehensive strategic plan, the priorities of the Third Century Fund are to improve the academic community and to build Bridgton Academy's endowment.
For so many, Bridgton Academy has truly been "the year that makes the difference." The Academy community wholeheartedly welcomes your interest in the Third Century Fund and earnestly urges you to learn more about the exciting plans to invest in Bridgton Academy's continued success.
Third Century Fund Information
Message from the Headmaster
The Third Century Fund for Bridgton Academy is based on the most comprehensive data collection and community involvement that I have witnessed in my sixteen years here at the Academy and thirty nine years in education. The Third Century Fund Campaign , ?a bridge to the future?, lays out distinctive opportunities and enticing challenges for this institution, and reconfirms our commitment to the values and educational excellence that have characterized Bridgton Academy since 1808. The campaign for our next century of service to young men offers hope and new beginnings. It clarifies our greatest needs as we move forward into an unpredictable future by identifying how the institution will endure in some ways and be transformed in others. Winston Churchill reminds us, ?We shape our buildings; thereafter they shape us.?
The Third Century Fund case for support speaks to our core values of intellectual vitality, personal and institutional accountability, sportsmanship, community, diversity, equality, and excellence. The Bridgton Academy community restated these core values during our self-study, which covered nearly two years, and has culminated in a visit from the New England Association of Schools and Colleges this fall. We aim to improve in areas considered more tactical and operational but still crucial to the Academy, such as the quality of our programs, our market position, the college-like experience brand, and financial stability. We need to be able meet the needs of our students and faculty, who represent the ?bridge to the future?, by increasing our financial and capital resources to enhance our financial equilibrium.
Through the success of The Third Century Fund , Bridgton Academy will be an even stronger institution dedicated to changing the lives of young people. When I was selected as the Academy?s headmaster, I predicted that our work together as a community would amount in great improvements to our academic program. These improvements have not only helped Bridgton Academy to better meet the challenges of current students, but will also prepare us to meet the challenges and needs facing the young men who venture to North Bridgton, Maine over our next century of service.
I welcome your participation. Thank you!
David N. Hursty, Headmaster
Campaign Cabinet
Executive Committee Pamela S. Specht, P'01 Campaign Chair
James DeSorrento, P'96 Edward W. Martin, Jr., MD, '62 Vice Chairs
Norman C. Nicholson, Jr. Chair, Advance Gifts
Kevin D. Hancock Chair, Leadership Gifts
William W. Chalmers, P'96 Vice Chair, Leadership Gifts
Robert L. Teel '65 President, Board of Trustees
George E. Mullin '59 Secretary, Board of Trustees
At-Large Members Kraig M. Haynes '78 Edward L. Kershaw '48 Anthony J. Scibelli '62
Alfred Glover Chair, Building Committee
Robert A. Harmon Campaign Treasurer
Peter E. Gately, P'04 Richard R. Marcella, P'00 Co-Chairs, Faculty-Staff Committee
Ex Officio David N. Hursty Headmaster
Patrick J. Tevlin Director of Development
Tom C. Austin Assistant Director of Development
Porter D. Caesar II Campaign Counsel
Campaign Progress
Immediate Projected Needs
Humanities Center: ....................$4,450,000 Endowment: ..............................$250,000 Total Funds Required ..................$4,700,000
Campaign Financing
Long Term Bond ........................$1,200,000 Third Century Fund Goal.................$3,500,000 Campaign Financing Total ...........$4,700,000
Campaign Progress to Date
Third Century Fund Goal .................$3,500,000 Funds Raised to Date ..................$2,652,809 Total Percent of Goal: 76%
Naming Opportinuities
Have you ever considered giving a gift in honor of a family member or influential teacher and mentor? A number of named giving opportunities are available at a variety of giving levels for the new Humanities Center and other existing facilities. Naming opportunities through the creation of endowments are also commonly considered by donors. If you are interested in a named giving opportunity for either an endowment or the Humanities Center, please email Patrick J. Tevlin, Director of Development, or call (207) 647-3322 x229.
Tax Advantages to Giving
All gift and pledge payments will be fully tax-deductible to the extent provided by law. Those considering such gifts should consult with their tax/financial advisor to determine the most appropriate way to take fullest advantage of their investment.
There are definitely significant tax advantages to be gained by many donors through the use of any of a number of giving strategies. Please contact Patrick J. Tevlin, Director of Development, by email or call (207) 647-3322 x229 for a brief summary of pointers.
I. Pay Over Time
Assume a five-year pledge period (2007-2011) with an initial gift in 2007 and subsequent payments in 2008, 2009, 2010, and 2011.
II. Cost of giving
Under tax laws, the maximum tax benefit from a charitable gift is about 40.5% of the gift (lower than the sum of the 35% federal and 8.5% Maine state rate because of the additional state tax deducation as a result of the gift.) For example, a gift of $25,000 requires a first payment of $4,166 plus five more payments. If the donor is in the 40.5% bracket, his gift will cost only $2,479 per year. ($4,166 - $1,688 = $2,479, where $1,688 = 40.5% of $4,166).
III. Gifts of appreciated securities
Please consider the tax advantages of giving certain appreciated securities which one has owned for twelve months or more. To view more information on this subject, please visit our Planned Giving website.
IV. Corporate Contributions
Charitable contributions can also be made from a "C Corporation." The corporate charitable deducation limit is 10% of the corporation's pre-tax net income. The maximum federal tax benefit of such corporate charitable gifts is 35%, rather than the individual's 39.6%, but there may be no federal tax benefits if the corporation has no federal income tax liability as the results of other losses or credits. For gifts made through an "S Corporation" or partnership, individual rates do apply.
V. IRA Rollover
On Aug. 17, 2006, President Bush signed into law new tax incentives for charitable gifts from donors who are 70½ or older. The Pension Protection Act of 2006 encourages financial support of charitable organizations across the United States.
Under the law, you can make a lifetime gift using funds from your individual retirement account (IRA) without undesirable tax effects. Previously you would have had to report any amount taken from your IRA as taxable income, then take a charitable deduction for the gift, but only up to 50 percent of your adjusted gross income. In effect, this caused some donors to pay more in income taxes than if they didn?t make a gift at all.
Fortunately, now these IRA gifts can be accomplished simply and without tax complications. Plus, you can make the gift now?while you are living and able to witness the benefits of your generosity.
You may contribute funds this way if: 1. You are age 70½ or older 2. The gift is $100,000 or less each year 3. You make the gift on or before Dec. 31, 2007 4. You transfer funds directly from an IRA or Rollover IRA 5. You transfer the gift outright to one or more public charities, but not supporting organizations or donor advised funds
VI. Professional Counsel
Because individual circumstances are unique, we recommend that each prospective donor seek advice from his or her accountant or attorney.
Make a Gift of Securities
Gifts of securities often confer significant tax benefits on the donor. For example, contributions of appreciated securities held for over a year are generally deductible at market value, regardless of what the donor paid for the securities. In addition, the capital tax is avoided through such a gift.
How to Notify B.A. of a Gift of Securities When making a gift of securities, please contact either the Director of Development or the Business Manager. It is exteremly important to have complete donor information, the name and type of securities to be gifted, number of shares and the date you inted to make the gift.
Patrick Tevlin Director of Development Tel: (207) 647-3322 x229 Fax: (207) 647-3145 Email: Patrick Tevlin
Wayne Kuvaja Business Manager Tel: (207) 647-3322 x213 Fax: (207) 647-8513 Email: Wayne Kuvaja
Electronic Transfer Our broker is UBS Financial Services. The transfer of securities from a donor's brokerage account to the Academy's UBS account is accomplished via the Depository Trust Company (DTC). To perform such a transfer, simply notify your broker of the securities to be gifted and provide the following transfer instructions:
DTC No. 0221 (UBS Financial Services) For benefit of account number MH09978 MN Bridgton Academy Donors Name and Address
It is important for us to know the identity of the donors of all securities gifts in order to give prompt and accurate credit for these gifts. Particularly in the case of an electronic transfer, it is often very difficult to obtain this information after the transaction is processed. Therefore, in addition to instructing your broker to include your name and address in the DTC transfer instructions, please contact the Director of Development or the Business Manager to inform B.A. of the securities being gifted.
The value of a stock gift is calculated by averaging the high and low quoted selling prices for the stock as of the gift valuation date. The gift valuation date is determined by the date the securities are deposited to our UBS Financial Services account.
Physical delivery of stocks and bonds can also be made. Please contact Patrick Tevlin or Wayne Kuvaja for further information.
Frequently Asked Questions
What is a capital campaign? A capital campaign is a carefully prepared and planned-for initiative by a non-profit organization designed to raise large amounts of money for essential long-term improvements.
When was Bridgton Academy's last successful campaign? The Bridgton Ice Arena located on the campus of Bridgton Academy, was built as the result of a $1.6 million dollar campaign conducted from 1998-2002.
What process identified the priorities for the campaign? Headmaster David Hursty, the Board of Trustees, and the Academy's faculty and staff implemented a comprehensive, community-wide strategic planning process in 1999-2001, which examined the Academy's full range of needs, resulting in our current strategic plan.
Why is B.A. "The Year that Makes the Difference? Bridgton Academy represents a once-in-a-lifetime opportunity to grow as a student and person by taking full advantage of the unusually close student-faculty relationships that are standard fare at B.A. Alumni constantly speak to the defining impact that their year had on the positive shaping of their lives.
Why do we need another academic building? In order to remain competitive with other private schools and colleges to which B.A. students are applying, the Academy needs to take its plant to a new level by meeting today's teaching and technology needs.
What will the Marcella-Sands Lecture Hall be used for? The college educational experience remains largely centered around lecture-type classrooms. In order to properly prepare its students to succeed in that environment, B.A. must help students develop the proven skills and attitudes in a similar setting.
Will the new Humanities Center be fitted with modern technology? All classrooms will be "smart" classrooms with overhead projection systems, access to the campus-wide intranet, and "smartboards" like those in college classrooms throughout the country.
How will the Humanities Center and the conversion of Hamlin Study Center improve the academic experience for the Bridgton Academy student? Students will leave B.A. knowledgeable and confident about technological applications in the school setting, accomplished at small-group study, practiced in lecture-style classroom skills, and accustomed to a multi-building academic community.
How will the new building improve the academic experience for the average Academy faculty member? The new Humanities Center and improvements to Hamlin Study Center will mean that faculty are able to maximize their teaching talents and creativity, as well as utilize modern technology in the classroom.
What is Bridgton Academy's endowment? The Academy's endowment as of June 30, 2006 stood at approximately $4,090,751. However, with an operating budget of $5,000,000 a school of our size should have three times this amount in its endowment to perpetuate the mission for years to come.
Is Bridgton Academy raising money for endowment? The Third Century Fund welcomes any donor who wishes to create a fund to increase the school's modest endowment and help underwrite our financial aid and professional development programs.
What will the cost be per dollar raised in the Campaign? The Campaign will cost approximately 9.4% of its $3,500,000 goal. AS the total amount raised rises above that level, the fund-raising costs will decrease as a percentage of contributions.
Does my gift have to be all cash? Can I spread it out over more than one year? Campaign pledges may be spread over a five-year period, with payment schedules structured to suit the donor's anticipated financial picture. Gifts may be made in the form of cash, securities, or property.
How much should I give? Only you can answer this question. To succeed, the campaign will need thoughtful and proportionate pledges from all members of the Bridgton Academy community. The volunteer who calls you will provide you with a "think about" figure for your consideration which may assist you in understanding the size of gifts needed to complete the project, however, the final decision is yours to make.
Third Century Fund campaign participants at the Humanities Center Dedication (l-r) George Mullin '59, Dave Petri '55, and Janice Petri
For further information on Bridgton Academy's Third Century Fund, endowments, and available naming opportunities please email Patrick J. Tevlin, Director of Development, or call him at (207) 647-3322, ext. 229.
