Several years ago, a well-known restaurant adopted the slogan, “Have it your way,” letting customers know they could create a meal in any way that fit their fancy. One-size-fits-all was not on the menu.
As we enter the new year, Chapel Hill wants our friends to know that when it comes to giving, you too, can “have it your way” Here are a few ideas for you to consider.
YEAR-END GIVING MENU
Gift of Appreciated Securities
If you own stock or a mutual fund that has increased in value (and held longer than one year), directly transferring those shares to us is tax-wise. Your gift would be valued at the shares price when you donate, not what you paid for the shares. For example, if you donate 10 shares of XYZ stock, which you purchased for $10/ share and is now valued at $50/ share, you would be making a gift of $500 at an out-of-pocket cost of $100.
Charitable Gift Annuity
You might not realize you can make a gift to Chapel Hill while also making a gift to yourself or a loved one. By creating a charitable gift annuity for an irrevocable gift of $10,000 or more, you would receive income at a rate that will never change. Also, a sizable portion of that income would be tax-free. For example, someone age 75 who creates a gift annuity for $10,000 would receive $700 (7%) each year for life. Our payout rates range from 5.2% to 10.1%. Contact us to find out your rate.
Qualified Charitable Distribution from your IRA
Making a Qualified Charitable Distribution (QCD) to us from your IRA is a creative way to support our ministries. Those age 70 ½ or older can make a QCD to support us; if you are age 73+ you can even use your Required Minimum Distribution (RMD) to make a QCD. Although a charitable tax deduction would not be allowed, by making a gift in this way you will not have to pay tax on the distribution. The maximum gift is $105,000, and it must come to us directly from your plan administrator.
Gift from Donor Advised Fund
If you have a Donor Advised Fund (DAF), you can recommend grants from your fund to the church. An advantage of a DAF is that you get an immediate income tax deduction when you contribute to your Donor Advised Fund, and you’re free to take time deciding when to make distributions from your fund. If the organization where you created your DAF allows for beneficiaries, you can recommend Chapel Hill to receive any assets remaining in your fund after God calls you home.