St. John's Gloucester
Nurture and Challenge Your Spirit
Season of Plenty Good Room
for Giving and Receiving in Action
Creative Ways to Give
This is intended as general information and not specific tax advice.
As rules and laws change over time, please consult a tax professional or qualified financial advisor.
Cash
Most gifts we receive are cash directly from checking accounts or credit cards. Many people use some type of electronic or autopay system. You can also mail checks to 48 Middle St. Gloucester, MA 01930 or put them in the Plate on Sunday.
Our on-line giving platform, called Realm, lets you create an annual pledge, make a gift towards that pledge, or make a one-time gift as a general donation or toward our many ministries. It only takes a few seconds to fill in your bank account or a credit card, but remember that St. John’s has to pay a credit card processing fee of ~3% per transaction. Unless you check the box to pay this fee, that amount is deducted directly from your donation.
Stocks
If you’re looking for a tax-savvy way to donate, consider donating shares of appreciated stock (which are shares that have increased in value over the time that you’ve owned them).There are many benefits to donating stock. In particular, donating stock gives you the opportunity to save on both capital gains taxes and income taxes. These tax savings can increase the size of your donation, making your dollar go further than if you were to sell the stock and donate cash.
To donate stock, you’ll fill out a stock transfer form from the financial institution that manages your stock assets (like Charles Schwab or Fidelity). In the form, you’ll provide information about the stock you want to donate. Please contact the St. John’s Treasurer to coordinate the transfer, including the necessary exchange of institutional information.
Make Qualified Charitable Distributions (QCD)
from your retirement account
People 70.5 and older can donate funds from their IRA accounts directly to qualifying nonprofits. This type of gift is called a Qualified Charitable Distribution, or QCD.
When you reach 73 years of age, you’re required to start making withdrawals from your pre-tax retirement accounts, including your 401(k)s and IRAs. The minimum dollar amount you must withdraw each year is called your Required Minimum Distribution (RMD).
The amount of your RMD depends on several factors, including your age, life expectancy, and whether you’re married. Any time you withdraw money from your pre-tax retirement account, it’s considered taxable income and will be taxed according to your income bracket. This includes money you have to withdraw as part of your RMD. That’s where QCDs come in. Making a donation as a QCD counts towards “withdrawing” your RMD for the year. And the amount of your donation isn’t counted toward your taxable income, which may help you save on income tax. To make a QCD, you’ll have to fill out an IRA Charitable Distribution Form and submit it to your IRA custodian (the institution that manages your account). You’ll need your account information and the St. John’s EIN number: 04-2197702.
Create a Donor-Advised Fund (DAF)
A Donor-Advised Fund (DAF) is an investment account where all the assets go to charity. Everything you contribute including cash and stock is managed and invested by a sponsoring organization such as Fidelity. Your contributions grow tax-free, and over time you can distribute grants from your fund to qualifying charities including St. John’s Gloucester. When you contribute to a DAF, you can qualify for an income tax deduction for the amount you contribute in that tax year. You can then choose which organizations you’d like to support and when those donations should be made.
Keep in mind that donations to a DAF are irrevocable. This means that once you contribute assets, you aren’t allowed to withdraw them and use them for a different purpose. They must be donated in support of a qualifying charity.
St. John’s EIN is: 04-2197702.
Leave a Bequest to St. John’s in your Will through our Safe Harbor Society
You can donate to St. John’s in way that extend beyond your lifetime. These bequests are often called planned gifts or legacy gifts. In your will, you can name St. John’s Gloucester as the primary beneficiary for a specific gift, like a certain amount of money or stock. You can also allocate a percentage of your total estate to St. John’s
A big benefit of leaving a gift to St. John’s in your will is that it costs you nothing now. Your gift will make a difference for a cause you care about without having any financial impact on you during your lifetime. Learn how to name St. John’s Gloucester in your will in three simple steps.
Name St. John's as the beneficiary of your non-probate assets
Certain assets like a 401(k) account and life insurance policy pass on to your beneficiaries outside of your last will and testament. Use the beneficiary designation forms to name St. John’s Gloucester as your beneficiary. This is another fantastic way to give in a way that doesn’t cost you anything during your lifetime. Learn more about how to make beneficiary designations. https://www.freewill.com/learn/beneficiary-designations-for-non-probate-assets