Planned Giving
Winter 2012
ATTN: Endowment Account Holders
Election Time Reminder
Endowment Account Holders will be receiving their annual Election Statements in January 2012.
Remember, the amount of undistributed income selected for distribution in connection with that election statement will be set aside and held in an interest bearing account, protected from market fluctuations, until the first business day of July 2012, at which time it will be available for distribution.
The amount account holders elect to receive for distribution in July 2012 will be all that is available for distribution until July 2013 of the following year.
Donor advised funds and other funds will elect income in January and will receive their distribution in February (not July) shortly after the election form is returned.
If you have any questions, please contact David Fairchild of the Finance Office at 314-792-7129, dfairchi@archstl.org or Jeanne Rudolph in the Planned Giving Department at 314-792-7212, jrudolph@archstl.org
Three Things to Remember in the New Year
1. End of the Year Substantiation
Please provide your donors with written acknowledgements by January 31, 2012 for charitable gifts made in the 2011 calendar year. By assisting them in their tax preparation in this way, you show that you appreciate them and care about them. In particular, if itemizing their returns, donors are required to provide written acknowledgment from the charity for single donations of $250 or greater. An annual summary of donations is acceptable. The acknowledgement should include:
- Name of your organization.
- For cash (or cash equivalent) gifts: Amount of the contribution.
- For non-cash gifts: Description, but not the value, of the contribution. For example, if a parishioner donated a piece of furniture for your auction, you would briefly describe that item but not place a dollar value on it. It is the responsibility of the donor to verify the value of any donated item or service.
- A statement that no goods and services, other than intangible religious benefits, were provided in exchange for this contribution.
Charitable contributions made to a credit card are deductible in the year the donor makes the charge even if the credit card is not paid until the new year.
2. IRS Charitable Rollover Provision
As of December 31, 2011 the IRA Charitable Rollover Provision expires. This provision allowed donors to make charitable gifts up to $100,000.00 in a given year directly from their IRA accounts to their favorite parish, school or agency without incurring tax consequences. Many archdiocesan parishes, schools and agencies have benefited from this very important giving vehicle. If the IRA Charitable Rollover provision is extended, we will inform you so that you can inform your donors.
Remember, if your organization received a Charitable IRA Rollover gift in calendar year 2011 it requires a special substantiation letter. Please contact Jeanne Rudolph at 314-792-7212 or at jrudolph@archstl.org for an example.
3. Help For Securing Planned Gifts
Please remember that, through its Planned Giving Department, the Office of Stewardship and Annual Catholic Appeal can assist you in securing more planned gifts in 2012. Our office provides:
- Educational materials for your potential donors.
- Will and Trust Planning Seminars at your location.
- Administrative support for tax reporting, investment and funds distribution.
- Personal meetings with potential donors.
- Legal counsel to assist with estate gifts.
For more information, please contact Ms. Jeanne Rudolph, Planned Giving Associate at 314-792-7212 or at jrudolph@archstl.org