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Charitable Giving to support St. Paul the Apostle Catholic Church
Charitable gifts reward donors in many ways. There is the satisfaction of supporting an important cause, the excitement of seeing your gift lead to positive change, and, in many cases, tangible financial benefits to you and/or another beneficiary, through tax advantages and the receipt of a lifetime income stream from the donated asset. An overview of some of the ways to give is provided here. For more information, please contact us.
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Charitable Gifts of Cash or Appreciated Securities
Charitable gifts made during lifetime do double duty. The asset is removed from the donor’s estate for estate tax purposes and the gift generates an income tax charitable deduction for the donor. Donors who make leadership commitments may choose to make a pledge for payment over a period of years.
Gifts of Cash
Cash gifts are deductible for federal income tax purposes up to a limit of 50 percent of your adjusted gross income if you itemize deductions. When cash gifts exceed this limit, you may carry over the excess deduction for up to five additional years.
Gifts of Stocks and Bonds
Many donors to St. Paul’s make outright gifts in the form of appreciated securities rather than cash. Since you avoid paying a tax on capital gains that you would owe if you sold the securities, giving appreciated securities to St. Paul’s creates additional tax advantages.
Gifts of securities are deductible for federal tax purposes up to a limit of 30 percent of your adjusted gross income each year. If you itemize, you are entitled to a charitable income-tax deduction for the full value of your gift, provided you have owned the securities for more than 12 months.
Before giving a gift of stock, you or your financial institution should notify the parish. Please Click Here to download a copy of the two-page Instructions to Donate Stock or Mutual Funds. You can also contact Virginia Blount in the Diocesan Finance Office at (704) 370-3309 or Jim Kelley in the Diocesan Development Office at (704) 370-3301.
Gifts of Closely Held Stock
Owning stock in a closely held corporation creates a unique gift planning opportunity. While special planning considerations are needed, under certain circumstances you can use such stock to make a valuable gift to St. Paul’s.
Gifts That Provide Income
You may wish to make a substantial gift to St. Paul’s but feel you cannot afford to give up the annual income produced by the asset. Our life-income gift program offers several ways to help you make such a gift, while retaining an income for your lifetime or a term of years.
The benefits to the donor vary, but all these arrangements have the following attractive features:
- Income for life or a term of years is paid to you and/or another beneficiary, such as your spouse or another family member
- Increased income if a gift is made to a life income plan that produces a higher yield than the donated asset
- An immediate federal income tax charitable deduction is available for a portion of the value of the gift
- Favorable treatment of capital gains if the asset given is in the form of securities or real estate that have appreciated in value
We will be pleased to discuss the variety of options that you may wish to consider when planning an income producing gift.
Gifts of Real Property
Almost any kind of real property can be used to make a gift to St. Paul’s: a primary residence, vacation home, farm, commercial building, or an undeveloped parcel of land. You can even contribute your residence now and reside in it for the rest of your life.
As with outright gifts of appreciated securities, no capital gains tax is due when you donate appreciated real estate. You are entitled to a federal income tax charitable deduction in the amount of the appreciated value of the real estate and you avoid estate taxes on the appreciated asset.
St. Paul’s is willing to accept real estate that is:
- Free of hazardous waste and environmental concerns
- Free of debt or liens
- Free of donor conditions
Gifts through Bequests
St. Paul’s has been the recipient of bequests, both large and small over the years. These bequests, no matter how modest, have been welcome and important to St. Paul’s, and are often structured to create a permanent legacy.
The value of a bequest to St. Paul’s is fully deductible for estate tax purposes. A bequest can be made through a Will, Trust, Retirement Account or Insurance Policy. We would be happy to provide you with sample bequest language and encourage you to contact us to discuss making a bequest.
We sincerely appreciate your thinking of the church as you do your estate planning. We ask that you keep this in mind when writing your estate bequests. Any funds specifically identified as “restricted” for St. Paul’s needs is kept here at 100%. General bequests without a specific restriction are subject to the Diocesan ruling that 50% of such funds go into a Diocesan endowment in St. Paul’s name and only 50% comes directly to St. Paul’s.
Your generosity will help greatly in meeting the needs of our spiritual home, St. Paul the Apostle Catholic Church.