Would it surprise you to hear that you can finish this year with a gift to your congregation or any ELCA ministry, including the Grand Canyon Synod, that maximizes your charitable impact and saves you money? Discover how with the smart options below and how the Office of the Bishop can help.  

MAKE AN IMMEDIATE DIFFERENCE 

When you support your congregation by simply writing a check, you make great things happen and may receive a federal income tax charitable deduction. If you itemize, you can write off the amount you are donating, resulting in lower taxable income. Unsure of whether your gift is tax-deductible? Contact your financial advisor or tax consultant. 

Your deadline: Your envelope must be postmarked by the U.S. Postal Service on or before Dec. 31 for your donation to qualify this year. 

USE APPRECIATED SECURITIES 

By donating appreciated securities that you have owned for longer than one year, you receive the same income tax savings as you would by making a gift of cash. You also eliminate any tax on the appreciation. 

Your deadline: If the securities are electronically transferred to us, the gift date is the day the securities enter our account — not the date you ask your broker to make the transfer. 

SECURE HIGHER GIFT ANNUITY RATES 

Payout rates for charitable gift annuities are currently the highest they have been in 16 years — but that could change. Why not take advantage of the higher rates by creating a gift annuity before 2024 ends? 

Your deadline: It is best to not wait until the end of the year to set up your gift annuity. Contact your ELCA Foundation Regional Gift Planner,  Lisa Marie Higginbotham,  today she might have time to assist you in completing it in 2024. The Grand Canyon Synod partners with the ELCA Foundation so that every congregation and member in the synod can utilize Lisa’s services and expertise free of charge!   

CONTRIBUTE TO YOUR DONOR ADVISED FUND (DAF) 

Add funds to an existing DAF or open a new one by a written agreement with the ELCA Foundation. 

Your deadline: You qualify for an income tax deduction when you make a gift to a DAF, without immediately having to choose the organizations you want to support. If you are ready to start making an impact with your DAF, consider recommending a grant — or recurring grants — to support any ELCA ministry through the ELCA Foundation. (Note: You only qualify for a tax deduction when you contribute to your fund, not when you recommend a grant — though with the latter, you get to see your gift help a cause you care about.) 

MAKE A GIFT FROM YOUR IRA  

If you are 70½ or older, you can give any amount up to $105,000 from your IRA directly to your congregation or any ELCA ministry. (Note: This amount will be higher in subsequent years to adjust for inflation.) You will not pay income taxes on the transfer. If you are required to take minimum distributions, you can use your gift to satisfy all or part of your obligation. 

Your deadline: Your IRA administrator must remove the funds from your account by Dec. 31 for your donation to qualify this year. If you have check-writing features on your IRA, your check must clear your account by Dec. 31 to count toward your required minimum distribution for the calendar year. 

YOU CAN END 2024 ON A HIGH NOTE 

As we approach the end of the year, we are happy to help ensure that you realize the greatest benefit for your kindness. Please contact your Regional Gift Planner,  Lisa Marie Higginbotham, to get started today!