Have it your way
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 2024 comes to a close, we at Conception Abbey and Seminary College want our friends to know that when it comes to year-end giving, you too, can “have it your way.” Here are a few ideas to choose from.
YEAR-END GIVING
MENU
Appetizer – Gift of 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.
Soup and Salad – Charitable Gift Annuity
You might not realize you can make a gift to the monks 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.
Entrée- Qualified Charitable Distribution
from Your IRA
Making a Qualified Charitable Distribution (QCD) to us from your IRA is a creative way to support our monks. 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.
Dessert – Gift from a Donor Advised Fund
If you have a Donor Advised Fund, you can recommend grants from your fund to the monks. 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 Conception Abbey and Seminary College to receive any assets remaining in your Fund after God calls you home.
We invite you to consider any of these menu options as you plan your year-end giving; be assured that we are truly grateful for all that you make possible for us. Should you have any questions, contact Christopher Brite in our Planned Giving Office at (660) 944-2825.
