Annual Giving

We're All In.

Every family is different. Every reason for giving is different; but, all support one common goal: Being ALL IN together. Together and ALL IN is a win-win!

Like all independent schools, Far Hills has an operating budget that relies on three main areas of income—tuition, endowment return, and philanthropy—to provide our students with a robust and well-rounded educational experience. 

As a school, we must raise over $1 million annually to provide the Far Hills journey. For every $1 contributed to the Annual Fund, $.95 goes directly to support:

• Faculty salaries and professional development,

• Classroom supplies,

• Technology,

• Arts and Athletics, 

• And most importantly, this year, the health, safety, and extensive preparations to help Far Hills students and families feel safe and secure in school. 

As such, gifts to the Annual Fund are our most important source of non-tuition income. When you make a gift to Far Hills, it’s not “just a donation.” It’s an investment in the educational and emotional growth of our students. 

All Annual Fund donors have the opportunity to allocate their gift to one of six areas of distinction:

We’re ALL IN! Are you?

A Special Thank You to our 2020–21 Annual Fund Committee!

ANNUAL FUND FAQ

The CARES (Coronavirus Aid, Relief, and Economic Security) Act

For the 2021 tax year, the CARES Act allowable "above-the-line" deduction for charitable contributions doubled to $600 for Married Filing Jointly filers ($300 for those filing Single) who take the standard deduction. For those who itemize their deductions, the new law allows for cash charitable contributions to qualified charities (such as Far Hills Country Day School) to be deductible up to 100% of adjusted gross income for the 2020/ 2021 calendar year. While Required Minumum Distributions (RMD) are no longer suspended for the 2021 tax year, RMD recipients who are 70 1/2 or older and plan to take the standard deduction, may further increase their support of Far Hills Country Day School and the deductibility of such contributions by making a Qualified Charitable Distribution with their RMDs in 2021.

Qualified Charitable Distributions ("QCDs")  

An alternative method of using RMD funds for charitable purposes include Qualified Charitable Contributions (QCDs). QCDs are RMDs that the taxpayer instructs the IRA custodian to pay directly to a qualified charitable organization (i.e., Far Hills Country Day School). When executed properly, QCDs can be excluded from income recognition in any given tax year (up to $100k). When the Secure Act was passed in late December 2019, the age for taking mandatory RMDs from traditional IRAs was increased from 70 ½ to 72; however, QCDs are still allowed at 70 ½. Friends of Far Hills Country Day School that are 70 ½ or older can use QCDs as a way to recognize a federal tax deduction on charitable contributions (even if the standard deduction is taken). When combined with the "above-the-line" $300 charitable contribution via the CARES Act, these particular types of donors can further increase their charitable contributions without having to itemize. 

If you have any additional questions on how this may affect your charitable contribution tax deductions, make sure to consult a licensed tax professional.