Category Archives: stewardship

Turned 70-1/2 last year?

Posted on by

Charities are still reeling from the economic downturn of the few years. Frankly, many of them are hurting. But if you are at least 6 months over 70 years old and you’re required to take more from your IRA than you need, then you can make one of these charities’ life a bit brighter. But you have to hurry.

IRS deadline loomsThe Feds recently enacted tax legislation to allow a distribution to charity from any traditional or Roth IRA up to a maximum of $100,000 per donor. The distribution has to be made directly from your IRA to the charity, so you won’t have that warm fuzzy from penning the paper, but you’ll still be doing a world of good.

There’s some fine print in this deal that ends February 1, 2013, so if you want to take advantage of this distribution to charity we can advise how to do it correctly and help you contact your IRA custodian or representative to arrange for the proper transfer of funds.

If you qualify, and want to make a move now, we encourage you to learn more about the charities that uphold the values shared by the Stewardship Foundation – those that are catalysts for positive, life-affirming change in our communities.

We will work with your tax advisor, attorney and financial advisor to determine if this is the right financial move for you now – but time is running out. Contact Joe Finneran or Patrick Finneran to start the conversation today.

“Deduct Now, and Give Later”

Posted on by

The New Year is almost here and the giving season is in full swing. People are donating to charity more than usual and they must make numerous decisions during uncertain tax law changes.  With the fiscal cliff deadline just weeks away, we know changes in government spending and taxes are looming. One major tax change Taxpayers fear is that Washington will cut tax deductions for charitable gifts as soon as next year.

This very concern is addressed in a recent Wall Street Journal article titled “Deduct Now, and Give Later”. Author Laura Saunders highlighted the value of Donor Advised Funds as she offers the following scenario where a Donor Advised Fund would make sense to set up before 2012 ends:

“…a couple earning $200,000 gives $20,000 in cash to a charitable fund this year. They take a 2012 deduction for $20,000, and the money goes into a subaccount in their name at a sponsoring nonprofit organization.

Once in the subaccount, the money is invested and can grow tax-free until the couple designates eligible groups to receive it, at which point there isn’t any deduction. There isn’t a required annual payout, so the couple might give nothing in 2013 and then a large donation in 2014, to one church, charity or school—or many. The sponsor handles all tax paperwork, and some allow payouts of as little as $50.” 

The Stewardship Foundation can assist donors and investors in setting up a Donor Advised Fund and help them receive a tax deduction for 2012 up until December 15, 2012.

For more explanations and charitable giving ideas, visit our ‘Donors’ Webpage.

 

Inspired By The College Kids at SPO

Posted on by

Partnering with inspiring non-profits is one of the many rewards of working with the Stewardship Foundation. The recent Annual Fundraising Banquet for St. Paul’s Outreach (SPO) is an excellent example of how our involvement and financial support for SPO inspires and motivates us to partner with such organizations.mission stPaul
St. Paul’s Outreach gives college students the opportunity to live a faith-filled life modeled after St. Paul – to live an authentic Catholic life, proclaim the Gospel so others might come to faith and maturity in Christ, be examples of holiness in the modern world, lead through servitude, and spread the faith in community and the world.

The banquet theme was Everlasting Joy. Bishop of Columbus, The Most Reverend Frederick F. Campbell, gave the keynote address, and the year’s highlights were presented by Ohio Branch Director, Andrew Kebe.

Among the SPO’s major accomplishments this year were the opening of two new student SPO Households near the Ohio State campus (Households provide a place for young Catholics to live together in supportive Catholic environment of prayer, formation and mission. The Ohio State chapter currently has the largest Household membership with 14 women and 16 men.), the opening of a new chapter near West Virginia University in Morgantown, the training of 34 students from seven Ohio campuses at SPO’s School of New Evangelization in St. Paul, and an overall increase in Missionary Corps members and full time Mission Leaders.

To learn more about the mission and core values of Saint Paul Outreach visit their website or blog or simply contact me here at Stewardship Foundation.