Tax Efficient Alternatives for Charitable Giving:
Gifts of Stock or other Appreciated Assets: You will not have to pay any capital gains tax on the transfer of the appreciated asset, yet the entire value of the gifted asset is potentially eligible for a tax-deduction on your personal or corporate income tax return.*
Donor Advised Fund: This strategy allows you to contribute a lump sum of cash and/or appreciated assets to the Donor Advised Fund in any calendar year. You are then able to take a current year tax-deduction for the full amount contributed (certain limits apply). Distributions are then made from the DAF to eligible 501(c)(3) tax exempt charitable organizations over the subsequent 2, 3, 4 or more years until the balance has been fully paid out. This allows you benefit from a higher itemized deduction in the current year, and then qualify for the standard deduction on your tax return during the years when charitable distributions are made from the Donor Advised Fund. This strategy is valuable during years of high income and lump sum assets are available to fund the Donor Advised Fund (sale of business, inheritance).*
Qualified Charitable Distribution: For those who are age 70 ½ or older, you are able to make distributions from your IRA accounts directly to a qualified charity on a tax-free basis! The annual limit is $100,000 per person. And, these Qualified Charitable Distributions will offset your IRS imposed Required Minimum Distribution from your IRA accounts.*
Charitable Bequest: Consider listing Christ Church as a named Beneficiary of your Will, Living Trust, IRA, Annuity, Life Insurance policy or your Company Sponsored Retirement Plan. Proceeds paid out to Christ Church are not taxable to the Donor’s estate and tax-free when received at Christ Church.*
Other Tax Efficient Strategies: Charitable Remainder Trust, Charitable Lead Trusts, Charitable Remainder Annuity Trusts and Charitable Foundations.*
* Please seek the advice of legal counsel, a qualified accountant and/or financial advisor to determine if any of these tax-advantaged strategies are appropriate for you and your individual income tax circumstance.
Please contact Senior Director of Finance, Jay Schommer at jschommer@ChristChurch.us to enact one of these options.
Consider ways to maximize your charitable giving:
Automate your giving by setting up an automatic weekly or monthly deduction from your checking account, or a charge against your debit or credit card.
Make a one-time donation In Honor of someone special, a special event or In Memory of a loved one who has passed away.
Determine if your employer has a matching gift program. If so, seek to determine if Christ Church would be considered a qualified non-profit charitable organization eligible for their corporate matching gifts program.