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As 2006 approaches, many people are making their
final decisions about how to position their assets for the end of
the year. Investing in your community through charitable donations
should be an important part of anyone's
financial portfolio.
Prior to making a
donation to any organization, please read the
Donor Bill of Rights ( ),
provided by the AFP (Association of Fundraising Professionals).
Este documento tambien esta disponible en
Espaņol.
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Click
here to donate online. |
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This year, there are some special circumstances that may affect the
tax implications of your donations. Several of the larger changes
are highlighted below, primarily as a result of the Katrina
Emergency Tax Relief Act of 2005 (KETRA).
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For donations made between August 28 and
December 31, 2006, you can deduct an amount up to 100
percent of your Adjusted Gross Income (AGI). This is
double the usual limit of 50 percent of AGI.
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As in previous years, excess donations
(i.e. above 100% of AGI) can be carried forward for up to five
years.
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This applies only to gifts of cash
assets (including donations through IRAs, annuities, CDs,
etc.). This does not include in-kind donations,
deed/stock transfers, and donations of other non-cash assets.
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For high-income donors (i.e. those with an
AGI over $145,950), there is also a temporary waiver to the 3%
"itemized deduction reduction" for charitable gifts. 100% of
your pre-2006 donations will be deductible.
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This does not include donations to private
foundations or donor-advised funds, only donations to
qualified public charities like Central Dallas Ministries.
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Although you will need to consult a tax
specialist, estate planner or financial advisor to ensure that
your contribution meets the standards outlined in the new
legislation, you may also be able to deduct the following
non-cash contributions:
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Housing provided to refugees,
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Mileage costs incurred while performing
charitable work
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Food Inventory Gifts, which are normally
reserved for corporations, but which can be deducted by
individuals this year.
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90 cents of every dollar
is invested in direct services. |
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If you are interested in exploring these options,
feel free to contact me at any time. However, your financial advisor
or estate planner can also provide you with many wonderful options
that can make a significant impact on our community while also
providing you with some valuable financial and/or tax benefits.
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IMPORTANT TAX DOCUMENTS
Click
here for more stewardship
documents.
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I strongly encourage you to consult a
professional third-party advisor prior to making any donation from
which you would like to draw a financial/tax benefit for you and/or
your heirs.
Thank you for considering this opportunity to
invest in the future of our community. I would be honored to meet
with you at any time to discuss your plans, and to provide whatever
advice I can on your year-end giving. Feel free to contact me at any
time.
Yours, in the service of our city,
 Jeremy Gregg
Director of Development
214.823.8710 x 27
jgregg@cdm-hope.org
p.s. To make a donation today, please
click here.
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