For these types of gifts, it is very helpful for us if you alert us of your giving plans so that we can make sure your gift goes towards The Campaign for Cathedral. Contact Marit Ortega, Director of The Campaign for Cathedral, at (320) 257-2121 or email.
- Leave The Campaign for Cathedral in your will.
- Transfer public/private stock shares. Instruct your broker to deliver free to Wells Fargo Advisors for the account of Cathedral High School, account #8377-0782-DTC 0141, located at 400 South 1st Street, St. Cloud, MN 56301. Our account representative is Charles A. Murray IV: (320) 259-3165, email. Be sure to transfer the actual shares of stock for maximum tax advantage - DON'T SELL THE SHARES FIRST.
- Donate Real Estate. The Minnesota Real Estate Foundation is an organization that is set up exclusively for gifts of real estate owned in any of the continental United States. Once you gift your real estate, The Minnesota Real Estate Foundation will take care of selling it for you and proceeds will go to nonprofit(s) of your choice. By taking the deduction upon the time of the gift, this allows you to avoid the capital gains tax on the appreciation and qualifies you for federal income tax charitable deduction. More information at: http://realestategiving.org, or by contacting:
- Steve Joule, CEO Community Giving: email, (320) 253-4380
- David Werschay, Chair of Real Estate Giving: email, (320) 493-1288
- Transfer money from an IRA - tax free. If you are at least 70½ years old, consider an IRA rollover gift! Here are some specifics:
You are limited to a total of $100,000 per year, per person, and distributions can be made from more than one IRA. So, a couple with separate IRAs can give a total of $200,000/year.
Tax-free gifts must be made from traditional IRAs or Roth IRAs – not from pension plans, stock option plans, or 401 (k) plans.
A donor must be age 70½ or older at the time the gift is made. If one spouse is at least 70 ½ and not the other, the one who is at least 70 ½ may still make up to a $100,000 gift each year.
IRA withdrawals and gifts must go directly to the charity from the IRA plan administrator. This is very important; if the money touches your hands (or any account) for even an instant, the provisions of the law no longer apply and you could be hit hard for penalties and/or taxes.
The IRA distribution to charity is not included in your income, but you will not receive an additional tax deduction for the gift; the IRS benefit is it never hits your 1099, W-2, or other categories of income.
Rollover gifts to charity will count favorably toward the IRA’s annual Minimum Required Distribution requirements.
Rollover gifts must be outright gifts to charity – you may not use them to create a charitable gift annuity, charitable remainder trust, donor advised fund, or other deferred gift.
As with anything Congress does, this law allowing Tax-free IRA rollover gifts might change at any time.