Tax-Favored Charitable Gifts
In order to make a charitable gift in 2024 for Federal Income Tax purposes, you must make your gift before December 31, 2024. There are many ways to make a charitable gift to a qualified organization, such as the Benedictine Mission House, and we have summarized two (2) tax-advantaged options below.
IRA Charitable Rollover
If you are 73 or older and must make a required minimum distribution (RMD) from your IRA but don’t need the funds, Benedictine Mission House would be most grateful to receive a gift of part or all your RMD. These qualified charitable distributions are made by direct transfer and must be made by December 31 each year.
Benefits of an IRA charitable rollover
· Avoid taxes on transfers of up to $100,000 from your IRA to the Benedictine Mission House
· Make a gift that is not subject to the deduction limits on charitable gifts
· Help further the work and mission of the Benedictine Mission House
How an IRA charitable rollover gift works
· Contact your IRA plan administrator to make a gift from your IRA to the Benedictine Mission House
· Your IRA funds will be directly transferred to Benedictine Mission House to help continue our important work
· Please note that IRA charitable rollover gifts do not qualify for charitable deduction
· Please ask you IRA plan administrator to include your full name and address with the gift information
Gift of Stock
A gift of long term appreciated publicly traded stock may entitle the donor to an income tax charitable deduction for the fair market value of the stock on the effective date of the gift and also avoid capital gains tax. In many cases, it is more advantageous for a donor to donate the securities to a qualified organization than to sell the securities and donate the cash proceeds. However, we recommend that you consult your tax advisor for additional information.
To transfer stock to the Benedictine Mission House:
1. Instruct your broker to transfer shares of stock to the Benedictine Mission House using the following information:
Broker: Merrill Lynch, Pierce, Fenner & Smith Inc
Contact: James W. Ambrose II (402.496.5145)
Address: 13321 California St, Suite 200, Omaha, NE 68154
DTC Number: 8862
Account Number: 681-02693
Account Name: Benedictine Mission House
2. Contact Bro. Tobias Dammert O.S.B., Director of Development, at 402.352.2177 Ext 300, or email him at brotobias@missionmonks.org, to ensure the Benedictine Mission House is aware of your pending stock transfer.
Upon receipt of the transfer, we will issue a stock transfer receipt to you. The gift is valued as the fair market price of the stock. The fair market value, as defined by the IRS, is the average of the high and low prices of the stock on the date of the transfer.