Unrestricted gifts of any amount can be made to the general fund or any specific fund in the Msgr. Dunn Foundation. There is no minimum gift and we regularly receive gifts of $10 and up from parishioners on a weekly or monthly basis.
Gifts are made in the name of the donor, in memory or in honor of a specific person or can be made anonymously. All gifts to the fund are appreciated and may be tax-deductible depending on your tax situation.
Making a gift to the Foundation of stock or securities provides two important tax benefits: You can receive a deduction for the fair market value of the stock on the date of the contribution. You will also not pay any capital gains taxes on the appreciation of the stock or securities. Contact the Foundation office for information on electronic transfers of stock.
In December 2015, the Congress passed a law allowing you to give up to $100,000 to charity directly from your individual retirement account (IRA) when you are over 70 1/2 years old without counting the distribution as taxable income. A QCD can be used to satisfy all or part of your required minimum distribution. A QCD cannot support a donor-advised fund.
Anytime is a good time to consider a gift of real estate. Say, for instance, you donate real estate worth $100,000 purchased for $60,000. The Foundation receives a gift of $100,000 and you receive a deduction for the same amount while avoiding capital gains tax on the $40,000 appreciation. What’s more, it’s possible to retain the use of the real estate for the remainder of your lifetime.
If you have investments that provide income you do not need for several years, you can gift that income to the Foundation and take a deduction in one year for all the income to be given in future years.
You may want to consider leaving a portion of your estate to the Foundation. A charitable bequest is one of the easiest ways to make a lasting gift to St. Peter’s School. A bequest can easily be made through a simple beneficiary designation in a will or trust and will substantially reduce state and federal estate taxes.
Often people purchase life insurance when they need protection for their family, business or estate. Later in life, they may find they do not need much insurance and find it desirable to use the policy to make a charitable gift. One option is to name the Foundation as a beneficiary. Another option is to give the policy to the Foundation, take a deduction for the cash value, and make annual tax-deductible gifts to the Foundation for the purpose of paying the premiums.
Life insurance enables you to make a much larger gift than you might have thought possible. Since life insurance is taxed for federal estate taxes, a gift of life insurance policy to the Foundation would save as much as 60% of the policy proceeds at death.
A Charitable Lead Trust (CLT) is a trust you establish by transferring assets into the trust and donating a stream of income from the assets to a charitable organization each year. Money left over can be disbursed to other beneficiaries or held in the trust.
A Charitable Remainder Trust (CRT) is where the beneficiaries and the donor are paid first, receiving their stream of income before the charitable organization does.