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.
- All donations must be made by December 31, 2022, 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 gifts and often takes the form of checks and 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 call us to start the process to give securities by December 16, 2022.
Retirement plans – Qualified Distributions from IRAs are encouraged. Donors ages 70 1/2 years old and older can make Qualified Charitable Distributions (QCDs) directly from their IRA to their church or other public charities. Please call the Presbyterian Foundation for more details 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.
Make all 2022 gifts into your Fund by December 31
To ensure you receive your 2022 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.
