There are many ways that one can contribute to the current and future needs of the monks of St. Gregory’s Abbey. In reviewing these options, we hope that you will understand that we value gifts of any amount and that we wish to identify the best approach that meets your personal ability, circumstances and plans.
Cash donations are a quick and easy way to give immediate support. Gifts can be made using cash, check or credit card. See our web site: wwwMonksOK.org for on-line credit card donations
Stocks, bonds and tangible assets can be contributed directly to St. Gregory’s Abbey with certain tax advantages to the donor based on the market value on the date that the gift is received.
Some employees offer a matching gift program which allows employees the opportunity to increase the value of the charitable gift. The company will provide a gift form to be completed by the employee and sent to the Abbey Development Office. The employer will send the determined match directly to St. Gregory’s Abbey.
Monthly donors are benefactors who pledge a monthly gift for the monks of St. Gregory’s Abbey.
An honorary gift is a way to recognize a living person for any special occasion or accomplishment. Memorials are donations made in memory of a deceased friend or family member.
Many planned gifts require the assistance of a legal or financial advisor. Most planned gifts are deferred gifts promising future support for the Benedictine Monks of St. Gregory’s Abbey. When naming the monks of St. Gregory’s Abbey as beneficiary of a bequest, insurance policy, retirement plan or a trust, the donor should direct the planned gift either to “St. Gregory’s Abbey, Shawnee, OK” or to the “St. Gregory’s Abbey Benefit Trust.”
A pledge is a commitment to contribute a specific amount of money over a period of time. A pledge makes it possible to make a large gift to be paid over a period of time, such as over three or five years. Contributions for pledges may be made monthly, quarterly, semi-annually or annually.
Gifts-in-kind are non-monetary items of tangible personal property in good condition such as art, collectibles, books, equipment, automobiles, inventory, and other personal assets or materials that represent value to St. Gregory’s Abbey. We welcome many gifts-in-kind and are most grateful when donors think of us with this form of philanthropy. However, gifts-in-kind can also present the Abbey with issues of liability and impact on our extended budget. Therefore, St. Gregory’s Abbey operates within certain guidelines for the transfer and acceptance of gifts-in-kind. Gifts-in-kind must indeed be tangible property. Unreimbursed expenses such as food, professional services, and limited use of private property are not considered tax-deductible gifts-in-kind by the Internal Revenue Service. The Abbey might receive such gifts, but the donor will not receive a receipt for the gift-in-kind from St. Gregory’s Abbey.
When offered a gift-in-kind, the Abbey may choose either to use, liquidate or decline the gift-in-kind. When evaluating the acceptance of gift-in-kind, the Abbey will consider if the gift is needed, wanted, and/or has use within the institution or if it can be sold to benefit the Abbey. Consideration will also be given to the cost of accepting the gift (e.g., shipping and handling costs, installation charges, licensing fees, etc.), the long-term viability of the gift (e.g., maintenance costs, associated personnel needs, storage fees, insurance rates, copyright issues, etc.), and the resale market if the gift is to be sold. Some gifts, of course, will require paperwork documenting ownership (e.g., a signed title for a car or boat).
In light of these policies and considerations, the ultimate acceptance of a gift must fall not to an individual monk, but to the designated Abbey representative. Gifts-in-kind may be accepted by the Director of Development or the Abbot, depending upon the value. Because of the possibility of a gift impacting an Abbey’s overall budget, gifts-in-kind that have values of over $5,000 will only be accepted if they are approved.