Year-End Giving Strategies to Support Your Church or Ministries Close to Your Heart
The Advent season marks the beginning of the church year and ushers in the close of the calendar year. As we anticipate the birth of Christ, this is a time to thoughtfully consider the ways you financially support the church and ministries that are close to your heart.
Since each individual has a unique financial situation, the Georgia United Methodist Foundation (GUMF) always encourages people to talk with a trusted legal or financial advisor to determine the most effective charitable giving plan for your circumstances.
We hope the following information is helpful. Please reach out if we can assist you.
Grace to you and peace,
|Mathew A. Pinson
President and CEO
Dr. Laudis H. "Rick" Lanford
Regional Vice President
SPECIAL TAX-FREE IRA GIFTS
For those aged 70 ½ and older, it is possible to make a Qualified Charitable Distribution (QCD) from IRA accounts to the charity. A total of up to $100,000 per year can be transferred directly from IRAs to one or more qualified charities, such as the church, free from federal income tax. With a QCD, donors do not have to worry about tax deductions because this type of deduction does not flow through their income for the year. There may also be state income tax savings. NOTE: Special benefits under this tax provision do not apply to donor-advised funds.
For those 72 and older or those who have begun taking their Required Minimum Distribution (RMD), donations given in this way count toward their RMD for the year of the gift. For those donating from an IRA, it is important to donate directly from the IRA to the church or GUMF. For those with check writing privileges on their accounts, this may be the most efficient way to make gifts directly from an IRA.
ADDITIONAL STRATEGIES FOR CONSIDERATION
GUMF can assist you with establishing a permanent endowment that will benefit your church or Methodist-related organization in perpetuity. Contact GUMF at 770-449-6726 or email firstname.lastname@example.org for information.
GUMF offers individuals the opportunity to establish a Donor-Advised Fund (DAF). DAFs offer donors a way to be strategic with their giving over time. With a DAF, individuals combine all 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 church and other ministries or charities that are close to your heart. Contact GUMF at 770-449-6726 or email email@example.com for information.
This is an excellent time of year to be thinking about how to be generous. Ask yourself these questions: How does the act of generosity transition into a thoughtful strategic plan? How can I model generosity? How can I serve as a witness to my faith through acts of giving?
To learn how you can embrace strategic giving this season and year-round, please:
1. Contact us at 770-449-6726 or firstname.lastname@example.org.
2. View our “Ways to Give Guide” here.
3. Visit gumfplannedgiving.org.