We hope that you enjoyed a happy holiday season and are now making plans to kick off the new year with a bang! But before you begin the festivities, we hope you will join us in our New Year’s resolution to end homelessness in our community. Your year end tax deductible gift to Greensboro Urban Ministry allows us to offer support to individuals experiencing crisis in our community, helping them regain stability and return to self-sufficiency. If you have recently mailed in your gift or done so online, THANK YOU! If not, click here and make your gift via our secure online site. If you prefer alternative giving methods, please read below to learn more about IRA donations and stocks transfers.
On behalf of our clients, we thank you for you support. Your gifts do make a difference and we can assure you that your help is greatly appreciated!
Best wishes for a happy and prosperous new year!
First introduced in 2006, IRA charitable rollovers allow individuals 70½ and older to transfer as much as $100,000 per year from their traditional IRAs to the charity of their choice. The provision last expired at the end of 2011; however, Congress has extended this through December 31, 2013.
Unless an IRA is a Roth, the account owner must take yearly minimum required distributions starting at age 70½ and pay tax on the withdrawals. With the charitable IRA rollover, as it is called, the donation can count against the minimum required distribution they would otherwise be required to take.
Here’s how this must usually be done: Instead of taking money out of an IRA, the owner asks the custodian of the account to send a certain sum directly to the designated charity. A number of Greensboro Urban Ministry donors have used this IRA rollover to benefit our ministry.
“I have always believed in the fine work of Greensboro Urban Ministry, I have seen the ministry grow and become very effective in serving the poor of our city. The IRA charitable rollover was a great way to support Urban Ministry and also get a tax benefit” according to Ralph Walker, former board member and long-time supporter. Ralph made his IRA Rollover gift at the end of 2012.
If you are interested in learning more about the IRA Charitable Rollover or gifts of stock, please contact Marie Whitfield, Director of Finance and Administration, 336.553.2643 or email@example.com.
Regardless of your age, you may want to consider alternative options for your 2013 giving. Another option to consider is gifts of appreciated stock. These charitable gifts of stock bypass capital gains taxes, allowing for the full market value of the stock to be taken as a charitable deduction. Again, December 31 is the deadline for contributions to be eligible as a charitable gift for tax purposes. Stocks should be transferred to Greensboro Urban Ministry.
Greensboro Urban Ministry welcomes gifts of stock. Securities that have increased in value and that have been held for at least a year and a day can be deducted as a charitable contribution at full market value. For tax purposes, the date of transfer applies.
Greensboro Urban Ministry’s tax ID number is: 56-0890545 DTC #: 5198 Account #: 746-04355