There are many options to make the most of your year-end gifts.

Making gifts at year-end is a holiday tradition for many. Considering which assets to give and in what forms to give them can be challenging. The Presbyterian Foundation can help you make the best choices to support your congregation and other causes you love.

Did You Know?

All donations must be postmarked by December 31, 2023, to count as deductions for this tax year.
The Foundation accepts gifts of stock and securities for most PC(USA) congregations and ministries, but you must contact us prior to making the gift.
Distributions from IRAs can be donated, so long as certain conditions are met.

You will want to consider the type of assets and the gift plan that will be most effective for your situation. The following is a brief overview of your options. You are encouraged to speak to your financial advisor for your particular situation. The Presbyterian Foundation is also available to answer your questions regarding these gift plans.

Types of assets for your gift

Cash

This is the most common charitable gift, and often takes the form of checks, credit and debit card payments, and other types of electronic transfers. You may be eligible for both federal and state income tax savings.

Appreciated Securities

Appreciated securities, such as stocks, bonds, and mutual funds, are a great option for your charitable giving. Gifts of appreciated securities owned more than one year can provide you with additional tax savings since you do not realize long-term capital gains and the current value, rather than your cost, may be reported as an itemized deduction. Please allow enough time for securities gifts to be processed by starting the process to donate securities by December 15, 2023.

Retirement Plans

Qualified Distributions from IRAs are encouraged.  Donors 70 1/2 years old and older can make Qualified Charitable Distributions (QCDs) directly from their IRA to their church or other public charities. You can also name your church, the Presbyterian Foundation, or another special mission as the beneficiary of your retirement plan when you pass. This may help to reduce taxes that your heirs have to pay. Please call the Presbyterian Foundation for more details or talk to your financial advisor.

Insurance Policies

The gift of a life insurance policy may also help you qualify for certain tax deductions. By transferring ownership of a policy to your church or a charity, you may claim a charitable deduction for the cash surrender value of the policy. Additionally, if the policy still requires premium payments, you may be able to pay and deduct premiums as a gift to the organization. Call the Presbyterian Foundation to learn more, or talk to your financial advisor.

Gift Plans to Consider

Direct Gift

You can make a direct gift to your church through the Presbyterian Foundation. This is especially helpful for individuals who would like to make an anonymous gift to their church or those that would like to make a security gift to a church that does not have the capability to accept securities.

Endowment

The funds will provide a source of support to your church in perpetuity. Endowments are often used to create a memorial or legacy gift.

Donor-Advised Fund

Combine all your giving into one fund and you may receive an immediate tax deduction when you open the fund. You can then recommend grants from the fund throughout the year to your local congregation and all the ministries or charities that are close to your heart.

Charitable Trusts

A Charitable Remainder Trust (CRT) is a gift instrument which pays you or someone else income for life, or a term of years, before giving the remaining funds to one or more charitable organizations. You can fund a CRT with cash, real estate, appreciated assets and more, including QCDs thanks to the SECURE Act 2.0. There are specific considerations for establishing CRTs, however, especially when using a QCDs, so please contact our subsidiary, New Covenant Trust Company at 800-858-6172, option 6, to learn more.

Make all 2023 gifts into your Fund by December 31

To ensure you receive your 2023 tax deductions, make gifts by December 31. For assistance with setting up a fund or making gifts from a fund, call 800-858-6127, option 3.

For more than two centuries, the Foundation has been serving the Presbyterian Church (U.S.A.) and individual Presbyterians in their desire to bring people and mission together. The Presbyterian Foundation and its subsidiary, New Covenant Trust Company, N.A., stand as an enterprise of hope and service, enabling Presbyterians to change the world with their accumulated assets in accordance with their Presbyterian values.