Year End Giving

CASH GIFTS

A cash gift in any amount is a convenient and popular way to show your faithful support for the church and our ministries. If you itemize, the full amount of your gift qualifies for a 2024 charitable income tax deduction. Make certain your check is dated 2024 and received or postmarked no later than December 31, 2024, to receive a deduction this year.

GIVING OF APPRECIATED STOCKS, BONDS, AND MUTUAL FUNDS    

If you own investments that have increased in value (stocks, bonds, or mutual funds), you can donate them to the church and take a charitable income tax deduction for the full fair market value and avoid declaring the capital gain of the assets as income.  Must be received by December 20, 2024.

Information needed for a regular Stock donation (NON ACATS):

If you currently hold shares with a broker, please give the following information to your broker. 

• Church Specific Account Name: St. Cecilia Parish OR St. Mary Parish
• Church Specific Account Number, including two letter ACRO identifier: ACRO identifier: (STC) 0104471751BG or (SMHP) 0104471751CG
• Receiving Firm Name:  Fifth Third (10016)
• Receiving Firm DTC: 2116
• MUST HAVE DONOR NAME OR WILL BE REJECTED

OR the ACATS INSTRUCTIONS for regular stock donations and/or Mutual Funds:

• The acct# should be 01-01-000-4471751 (14 digits)
• Receiving Firm DTC: 2116
• Put donors name, the parish/organization name, and the two letter ACRO (BG) for St. Cecilia or (CG) for St. Mary in the comment field.

MAKE A GIFT WITH YOUR IRA

Congress made the qualified charitable distribution (QCD) a permanent rule in 2015. It allows owners of a traditional IRA to exclude RMDs from their adjusted gross income (AGI) if they give the money to an approved charity, also known as a qualified charitable organization.  The QCD rule allows you to give the amount you donate from your IRA directly to charity without ever receiving it as income. Therefore, you pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions. Since the gift doesn’t count as income, it can reduce your annual income level. This may also help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.

Best of all, you can start taking QCDs at age 70½; you don't have to wait until you hit 73.

GIVING UNNEEDED LIFE INSURANCE

Do you own an old life insurance policy that is no longer needed? Perhaps the purpose for the policy no longer exists (your children are grown, or your mortgage is paid off) or your financial situation has changed and mitigates the need for the insurance. Consider giving the policy to the church and receive a charitable income tax deduction for the lesser of your cost basis or the replacement value. This is a great way to benefit a cause you support without reducing your checking account. If the value is more than you wish to donate, consider cashing in the policy and giving a lesser portion. Your gift may sufficiently reduce or eliminate any potential taxes due from the sale.  Please speak to your insurance advisor for more information. 

WISE TAX PLANNING

Making extra gifts or accelerating future gifts into the 2024 tax year can enable an itemized income tax deduction. The standard deduction threshold for 2024 is $29,200 for joint filers, $21,900 for heads of households and $14,600 for singles ($1,950/person 65+, $3,900 if joint return, $1,950 if unmarried). If your total deductions are less than those amounts, you won’t be able to deduct any charitable gifts. An extra year-end gift may add just enough to allow you to take advantage of your full itemized deduction. Many tax-wise donors accelerate contributions for the coming year to enable itemization at least every other year.

SCHOLARSHIP GRANTING ORGANTIZATION (SGO)

SUPPORT OUR SCHOOLS! A donation to the Archdiocese of Cincinnati Scholarship Granting Organization (SGO), directing the funding to St. Mary School or  St. Cecilia School, is a great opportunity to direct state funding that would otherwise be paid in taxes. There is no cost to your family individually, as the donation generates a dollar-for-dollar tax credit of $750 per donor (up to $1500 for a couple) to be used against Ohio tax liability. This fund will help create additional scholarship funding for St. Mary School or St. Cecilia School that would otherwise be funded through the general fund. To participate please visit https://www.givecentral.org/appeals-form-registration/acp637633bf783bd/user/guest.  

EXPRESSING YOUR FAITH

Year-end is also the Christmas season. For many Catholics, this is an occasion to give in gratitude for God’s greatest gift to us, Jesus Christ. In all our giving, let us never forget these familiar words, “For God so loved the world that he gave his only son...” Why not make a special effort to honor Him in your giving this Christmas season—perhaps the most important gift you give? May God bless you as you make this expression of your faith.

*As always, please consult your tax and/or insurance advisor for any questions or concerns you may have regarding tax deductible or charitable donations.