Ways of Giving

Ways of Giving

The Virginia United Methodist Foundation supports many different options for donors to explore what aligns best with their financial and estate planning goals. These gifts provide some tax benefits for the donor.

DONATE DIRECTLY VIA CHECK OR CREDIT CARD

The most common donations are direct gifts, such as cash or a check, which the church or nonprofit receives right away.

Checks can be mailed to:
Virginia United Methodist Foundation
P.O. Box 5606
Glen Allen, VA  23058

OTHER WAYS TO GIVE NOW

 
Gift of Stock or Securities

You can donate stock directly to your church or another nonprofit by transfering ownership of all or part of that stock or mutual fund. This is especially helpful when your investments in stocks have increased in value. This method of giving allows you to avoid paying capital gains tax on appreciated securities. Instead of writing a check to the church, if you donate some or all of a stock or mutual fund to your church before it is sold, your church receives the full value of the stock or mutual fund and you pay zero tax on the capital gain.

Note: capital gains tax rates apply to assets held for more than a year. (For short-term gains, which are assets held one year or less, your regular income rate applies.)

If your church does not have a brokerage account and therefore cannot accept stock donations, the Foundation can assist with stock transfers. We do it with no fee or commission and send the full value to the church. We offer to meet with a team or even hold an open session with interested church members and present how these options to give more tax efficiently can happen

RMD or QCD — Required Minimum Distributions (RMD) or Qualified Charitable Distribution (QCD)

If you are over 70½ years old and have an IRA or 401(k)-type account, you can transfer money directly from your IRA account to your church, and the withdrawal will not be counted as taxable income.

The federal government mandates withdrawals for these accounts, known as Required Minimum Distributions (RMDs), when the owner turns 72. Even though the age for RMDs has been raised to 72, 70½-year-olds can still make tax-free transfers. To initiate this a straightforward process, download the form below.

DEFERRED GIFTS OR PLANNED GIVING

If you want to retain your financial assets for now to ensure you can meet your family’s future financial needs, you might be pleased to learn there are excellent alternatives to make a gift on a deferred basis. More detailed  information on planned giving options is available here.

GIFTS YOU CAN MAKE NOW

  CURRENT
Your Gift Gift of Cash Gift of Stocks or Securities  
Your Goal Make a quick and easy gift Avoid tax on capital gains  
How You Make the Gift Simply write a check Contribute long-term appreciated stock or other securities  
Your Benefits
  • Immediate income tax deduction
  • Removes property from estate
  • Immediate charitable deduction of full fair market value
  • Avoidance of capital gains tax

GIFTS YOU CAN DEFER

  DEFERRED
Your Gift Bequest in Will Gift of Life Insurance Gift of Retirement Assets Gift of Real Estate Gift of Retained Life Estate
Your Goal Defer a gift until after your lifetime Make a large gift with little cost to yourself Avoid the twofold taxation on IRAs or other employee benefit plans Make a gift of an asset no longer needed and generate an income tax deduction Give your personal residence, vacation home or farm now but continue to live there
How to Make the Gift Name the church in your will (designate a specific amount, a percentage or a share of the estate residue) Contribute a life insurance policy you no longer need Name the church as the beneficiary of the remainder of the assets after your lifetime Donate the property to the church, or sell it to us at a bargain price Deed ownership of your home to the church but retain occupancy
Your Benefits
  • Donation is exempt from federal estate tax
  • Control of asset for your lifetime
  • Current income tax deduction
  • Possible future deductions through gifts to pay policy premiums
  • The gift comes from the most highly taxed assets, leaving more for family
  • Avoids income and estate tax
  • Immediate fair market value income tax deduction
  • Reduction or elimination of capital gains tax
  • Valuable charitable income tax deduction
  • Lifetime use of residence

Contact our staff who can provide additional information about the different options for ways of giving.

 

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