The benefits of year-end giving - Oklahoma United Methodist Foundation insights

The year is quickly coming to an end, and 2014 will be here before we know it. Many times we get caught up in the holiday season and planning for the next year, and we forget about making year-end gifts to our church and beloved United Methodist ministries.

These gifts, large or small, are important to ministry and could be as simple as an addition to your church’s permanent endowment fund, the missions fund, or a supplement to special projects or programs your church is already doing.

Thoughtfully addressing your charitable giving plans between now and Dec. 31 can help assure maximum benefits for you and your church or favorite ministry. Carefully considering what to give, and when to give it, can increase the impact of your gifts and help meet personal goals as well.

There are many ways you can make a gift before the end of the year that will provide you with valuable benefits and help further the work of your favorite United Methodist cause.

These benefits include tax savings on this year’s return and bypass of capital gains tax on the sale of your property.

Here are three options for year-end giving:

1. Make a deductible gift of cash

While all gifts mailed or hand-delivered by Dec. 31 qualify for the charitable deduction, gifts of cash are the most common and the easiest way to give. If you itemize your tax deductions, gifts of cash are deductible up to 50 percent of your adjusted gross income (AGI).

2. Make a deductible gift of securities

Making gifts of stocks, bonds, and/or mutual funds directly to the Oklahoma United Methodist Foundation for the benefit of your church can bring extra tax savings. If you have held such assets longer than one year, the gift can be deducted at full fair market value, not just the original cost. Giving this way enables you to bypass capital gains tax. Gifts of securities are deductible up to 30 percent of AGI.

3. Make a deductible gift of real estate and avoid taxes

If you own appreciated real estate that you no longer need, consider gifting this property to the Foundation for the benefit of your cherished United Methodist cause. The Foundation will sell your property tax-free, and you will receive a charitable tax deduction for the fair market value of the property and avoid paying capital gains tax.

Contact the Foundation at 800-259-6863 for more information on year-end gifts.

Now is also a good time to review your estate plan

Everyone wants to make an impact on the world, to leave it a little better after we are gone. A bequest is one of the easiest and most tangible ways to have a lasting impact on the people and organizations that mean the most to you. You can create a bequest of any dollar amount, gift specific property, or designate a percentage of your estate in your will or trust.

Consider including a tithe of your will to benefit your United Methodist church or favorite ministry. Ten percent can make a big impact. Your generosity will make a difference for years to come. Contact David Battles at the Foundation for more information.