Ways to Give
Tax laws are changing. These descriptions are not intended as tax advice. Rather, they are meant to help you have conversations with your tax advisors.
The Vestry must approve all transfers of assets (see Gift Acceptance Policy).
There may be tax benefits
Transferring ownership of an appreciated asset, held more than one year, such as stock, mutual fund shares, bonds, real estate, collectibles, and other such property can have significant tax advantages.
For you
If one itemizes ones personal income tax deductions, the individual or business is allowed to include 100% of the market value of most such assets, if held for more than one year, as charitable contributions for tax purposes. If you were to sell the asset first and then give the cash, you may be subject to capital gains taxes, and have less to give to the church from that asset.
For the Church
The transfer of property does not generate a capital gains tax. The church, as a tax exempt entity, will realize the full market value, less transaction costs, at the time of sale without you or the church paying capital gains taxes.
How to Give Financial Assets
For giving publicly traded stocks, mutual fund shares, and bonds, please contact the Office of Parish Development for information that will be required by your broker. Please use these Securities Transfer Instructions for gifts of financial assets.
For shares in your possession, you will need to endorse the certificates and have the signature “guaranteed” by a financial institution in the “Medallion Stamp Program.”
Giving from your IRA
The Pension Protection Act allows people aged 70.5 or older to directly transfer charitable gifts up to $100,000 from their IRAs. These IRA Qualified Charitable Distributions, or rollover gifts, count toward minimum distribution requirements and can reduce your taxes.