Category Archives: non-profits

“Deduct Now, and Give Later”

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The New Year is almost here and the giving season is in full swing. People are donating to charity more than usual and they must make numerous decisions during uncertain tax law changes.  With the fiscal cliff deadline just weeks away, we know changes in government spending and taxes are looming. One major tax change Taxpayers fear is that Washington will cut tax deductions for charitable gifts as soon as next year.

This very concern is addressed in a recent Wall Street Journal article titled “Deduct Now, and Give Later”. Author Laura Saunders highlighted the value of Donor Advised Funds as she offers the following scenario where a Donor Advised Fund would make sense to set up before 2012 ends:

“…a couple earning $200,000 gives $20,000 in cash to a charitable fund this year. They take a 2012 deduction for $20,000, and the money goes into a subaccount in their name at a sponsoring nonprofit organization.

Once in the subaccount, the money is invested and can grow tax-free until the couple designates eligible groups to receive it, at which point there isn’t any deduction. There isn’t a required annual payout, so the couple might give nothing in 2013 and then a large donation in 2014, to one church, charity or school—or many. The sponsor handles all tax paperwork, and some allow payouts of as little as $50.” 

The Stewardship Foundation can assist donors and investors in setting up a Donor Advised Fund and help them receive a tax deduction for 2012 up until December 15, 2012.

For more explanations and charitable giving ideas, visit our ‘Donors’ Webpage.

 

Inspired By The College Kids at SPO

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Partnering with inspiring non-profits is one of the many rewards of working with the Stewardship Foundation. The recent Annual Fundraising Banquet for St. Paul’s Outreach (SPO) is an excellent example of how our involvement and financial support for SPO inspires and motivates us to partner with such organizations.mission stPaul
St. Paul’s Outreach gives college students the opportunity to live a faith-filled life modeled after St. Paul – to live an authentic Catholic life, proclaim the Gospel so others might come to faith and maturity in Christ, be examples of holiness in the modern world, lead through servitude, and spread the faith in community and the world.

The banquet theme was Everlasting Joy. Bishop of Columbus, The Most Reverend Frederick F. Campbell, gave the keynote address, and the year’s highlights were presented by Ohio Branch Director, Andrew Kebe.

Among the SPO’s major accomplishments this year were the opening of two new student SPO Households near the Ohio State campus (Households provide a place for young Catholics to live together in supportive Catholic environment of prayer, formation and mission. The Ohio State chapter currently has the largest Household membership with 14 women and 16 men.), the opening of a new chapter near West Virginia University in Morgantown, the training of 34 students from seven Ohio campuses at SPO’s School of New Evangelization in St. Paul, and an overall increase in Missionary Corps members and full time Mission Leaders.

To learn more about the mission and core values of Saint Paul Outreach visit their website or blog or simply contact me here at Stewardship Foundation.

Unique CLT Opportunity in 2012

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Tonight’s first presidential debate signals that the 2012 election is fast approaching.  Regardless of the occupant in the oval office in 2012, tax changes are inevitable. Leon C. LaBrecque addresses many of your concerns in his article, The Perfect Storm: Prospective Expiration of the Bush Tax Cuts. For example, LaBrecque concludes:

“Charitable lead trusts are very attractive for 2012. The ‘Tax Storm’ of 2012 has a wide-reaching and profound effect on individuals, particularly those with charitable intent. The current historically low interest rates provide an unprecedented opportunity for Charitable Lead Trusts, excluded gifts, or low interest rate loans. The possible expiration of the Bush tax cuts make it an imperative for taxpayers with estates larger than $1M to sit down with advisors and make a determined plan of action. If the cuts expire, individuals will have a very narrow window of opportunity to utilize the $5.12M exclusions, the GST exemptions, and the benefits of the current law. This is a year in which pre-planning is crucially important. And, in the off chance that the estate tax is repealed and the income tax rates are permanently lowered to the tax cut rates (in which case we will have a whole new set of problems), the overall family and charity situation has been reviewed and carefully considered.”

As you listen to the debates and decide how you should vote consider your tax situation and explore whether the charitable lead trust is a sound option.  The Stewardship Foundation has developed many charitable lead trusts, charitable remainder trusts and donor advised funds for our clients.  Please contact us so we can assist you to optimize this unique opportunity.