"No one has ever become poor by giving" - Anne Frank
For most members most of the time, when we give a gift in the present, it is part of our tithing pledge or for a special appeal or emergency need and is made directly to Westminster Church. However, there may be any number of reasons why a donor might opt to make a gift to the Foundation. For instance, someone might have come into a windfall and chooses to give some to the Church for present needs and invest the rest in the Foundation. Whatever reasons or method, the tax benefits of such gifts are the same whether given to the Church or Foundation.
GIFTS OF CASH
Gifts of cash consist of any transfer of funds from you to the Foundation. These can include:
- Mailing the Church a personal check made payable to the Westminster Presbyterian Church Foundation
- A credit card transaction made in person or via telephone in the Church office.
- A gift made via this website (click here). Be sure to indicate "Westminster Foundation" in the box asking you to describe the purpose of your donation.
GIFTS OF APPRECIATED SECURITIES
Gifts of securities can easily be made when your broker transfers shares to the Foundation. Please call Jim Vandeberg at (515) 274-1534 to obtain information to make a stock gift. This can be done via electronic transfer or gift certificate.
Gifts of appreciated stock or mutual fund shares that you have held at least a year qualify for a charitable income tax deduction equal to the current fair market value of the transferred assets. This deduction can be claimed up to 30 percent of your adjusted gross income in the year you make the gift, with a five-year carryover period for the remainder. In addition, by transferring these assets directly to the Westminster Presbyterian Church Foundation, you avoid paying capital gains tax on the sale. For most donors, this amounts to a double tax savings, thus making this type of gift the most cost-effective gift option available.
GIFTS OF REAL ESTATE
Most real estate (including homes or other properties that have been held for several years) has appreciated in value and offers great potential for charitable planning. As with appreciated stock and other non-cash assets. Gifts of appreciated real estate held for at last one year qualify for a charitable income tax deduction equal to the current appraised value of the property. And as with appreciated securities, the deduction can be claimed for up to 30 percent of your adjusted gross income in the year of the gift, with a five-year carryover period for the remainder. By transferring real estate directly to the Foundation, you also avoid paying capital gains tax on the sale of the property. And if you are interested in gifting the title of a residential property but still maintaining use by yourself or someone else, a "life estate contract" maybe be worth exploring. To learn more about this option, visit Future Gifts and scroll to the bottom of the page under "Retained Use of Estate."
The Foundation Board and staff would be more than happy to explore with you a gift to the Foundation of a home, farm, vacation or other property. The Foundation will assess marketability and potential environmental liability in evaluating gifts of real estate. All gifts of real estate are subject to approval of the Foundation Board and must be accompanied by a qualified appraisal.