Like you, St. Mark's is wrestling with the effects of inflation and navigating fluctuations in the investment markets. We are grateful for the steadfast and generous support of our donors as we adapt and continue to educate young people for lives of leadership and service.
We know that you have financial priorities, and that charitable giving differs from your financial plans in important ways. A charitable contribution is a tangible way to make a positive difference in our society and strengthen the community of St. Mark's.
Even if anxiety about financial security made you reluctant to give, you’ve still experienced the joy of seeing the results of your charitable contributions. It’s uncanny but helping others can diminish your anxiety and build self-confidence because focusing on the needs of others helps regain perspective and gives you a sense of control over your future.
Some charitable gift plans can allow you to continue to help St. Mark's and preserve flexibility in case your circumstances change.
Current Gifts to Make a Difference Now
You can have the most immediate impact with a current gift. Your tax savings can double if you contribute appreciated securities like stocks or mutual funds that are now worth more than you paid for them (even if they’ve lost some value recently). Giving appreciated securities avoids the capital gains tax that you would owe if you sold them, and you can take an income tax deduction for the current value of your investment.
If you are 70½ or older you can avoid taxes with a tax-free Qualified Charitable Distribution (QCD) from your IRA account. An added bonus: a QCD contribution will count toward your Required Minimum Distributions without increasing your income taxes.
Preserving Flexibility with a Legacy Gift
A gift from your estate can provide future support for St. Mark's while preserving flexibility in case your circumstances change in the future. Most estate gift plans allow you to change your gift if need be. You can even direct that your gift is to be made only if the needs of your heirs have been met first.
You can contribute your bank other financial accounts with a beneficiary designation. This gift is simple, just ask your financial institution to specify St. Mark's to receive some or all of your account after you are gone.
A legacy gift from your retirement account is a very tax efficient way of giving because it avoids the income tax that your estate or the heirs would have paid on funds left in your retirement account.
Gifts that Provide Income
A life income gift can provide lifetime payments to your or others in exchange for your contribution. The amount of income can be fixed or variable and can last for one or more lifetimes. You will receive an income tax deduction for the value of the contribution and avoid capital gains tax if you contribute appreciated property.
Cooperation is an alternative to hardship. It is easy to discount this simple truism, and sometimes difficult to live it in practice. Yet during these times it is more important than ever to remember that by giving back we can help ourselves.