Thank you for considering a year-end gift to help Catholic Charities care for the poor, provide tuition assistance for children in Catholic schools, support men preparing for the priesthood or support our parishes. The Catholic Community Foundation is glad to help you accomplish charitable giving objectives and support the Catholic causes you care about most.
There are a number of ways to make a charitable gift, each with its advantages and features. We recommend that you consult with your advisors to determine which gift arrangement best suits your personal financial situation.
Giving options include:
- Gift of cash. Giving cash is easy and the most popular way to make a charitable gift. While changes in the tax law will allow fewer people will be able to itemize, you may be entitled to a charitable income tax deduction for up to 60% of your adjusted gross income (AGI) in the year the gift was made, as long as your check is written and mailed by December 31, 2018 or we receive your online gift by year-end. If you are able to itemize, any deduction over the 60% of your AGI may be carried forward for up to 5 years until it is fully used.
- Gift of long-term appreciated securities. Gifts of long-term appreciated securities (i.e., securities you have held for longer than one year) can help you bypass capital gains tax even if you are not able to itemize your charitable donations. You transfer your long-term appreciated security from your brokerage or custody account directly to the Catholic Community Foundation. You may receive an immediate charitable income tax deduction of the full fair market value of your contribution for up to 30% of your adjusted gross income (AGI), and, importantly, eliminate any capital gains tax. Find our stock transfer instructions here.
- IRA Charitable Rollover. If you have attained age 70 ½ and you have an Individual Retirement Account (IRA), you may distribute up to $100,000 tax free from your IRA to a qualifying charity. This distribution satisfies your minimum required distribution and reduces your taxable income dollar for dollar. Gifts must be made directly from the IRA to the charity. Learn more about IRA Charitable Rollovers here.
- Establishing a Donor Advised Fund. Perhaps you are facing a significant taxable event such as the sale of a business or a highly appreciated asset. Or, your advisor may be suggesting that you bunch several years’ worth of charitable donations into one year to gain a current income tax deduction in one year but recommend grants to your favorite charities over a span of several years. A Donor Advised Fund established with the Catholic Community Foundation may offer you the tax advantages you desire and allow you to recommend distributions to Catholic and other organizations you care about and give you the added assurance that the underlying investments are made in accordance with teachings of the Catholic Church. Learn more about Donor Advised Funds here.
- Gifts that Provide Income. Are you looking to increase your income and have the potential to help Catholic Charities or another diocesan ministry in the future? Making a gift of cash or a low-yielding, appreciated asset to establish a Charitable Gift Annuity with the Catholic Community Foundation can provide you with a fixed income stream for life, with the possibility for current tax benefits. Learn more about Charitable Gift Annuities here.
For more information about these and other gifting options, please contact us.