Additional Giving Resources
This page is a work in progress. For more information, contact us.
Gifts of other assets, especially appreciated financial assets, may help you avoid capital gains taxes. Because CLC is a tax-exempt organization, it can accept appreciated assets and then liquidate them without having to recognize capital gains. The donor, in turn, may be allowed to take a charitable deduction in his income tax reporting for the full value of contributed assets.
An example:
A donor wishes to make a $10,000 contribution to Christian Life Center. He owns stock purchased some years ago for $2,000, which has a current market value of $10,000, giving rise to a capital gain of $8,000 ($10,000 - $2,000 = $8,000) on which capital gains tax would be due if the stock were sold.
The donor could avoid paying any tax on the capital gain by contributing the stock directly to CLC. And, he is still eligible for an income tax deduction for the full $10,000 as a charitable gift.
Donate Stock
Donate stock and you won't have to pay capital gains taxes on the profits, and the full value of the stock can be deducted as a charitable donation. Please use the following information when using your broker to transfer stocks: DTC # _______
Bequests
Specify either a fixed amount or a percentage of your estate. Also remember to include Christian Life Center as contingent beneficiary in your will and in your retirement and life insurance programs (in the event your intended heirs predecease you). There is no limit on federal estate tax deductions for charitable contributions.
Christian Life Center is a non-stock corporation incorporated under the laws of the State of Ohio and is tax-exempt under Section 501 (c)(3) of the Internal Revenue Code. CLC's tax-identification number is __________.
Suggested Wording for Bequests:
"I give and bequeath to Christian Life Center, of Dayton, OH, ___________ (insert dollar amount, percentage of estate, or description of securities or property, etc.) to be used for its general purposes (or insert the name of a program)."
Donate Retirement Assets
If, in your estate plan, you would like to do any of the following:
• Provide for your heirs and make a contribution to Christian Life Center
• Minimize the tax consequences of your designations
• Leave a legacy in a tax-efficient way
• Make good use of your retirement assets
You may wish to consider directing a portion of your retirement assets to Christian Life Center. These assets may include 401(k), 403(b) and 457 Plans, as well as annuities, profit-sharing plans, defined benefit plans, deferred compensation plans, and Individual Retirement Accounts (IRAs).
Wills can be drawn and beneficiary designations can be made to avoid both the income and estate taxes on retirement assets, and to create an important charitable gift to Christian Life Center. Christian Life Center is not required to pay income taxes on retirement assets directed to us, and your estate will receive a deduction for the full value of your charitable contribution. By designating retirement assets to Christian Life Center and bequeathing other assets to family members, you can make a significant contribution at greatly reduced cost to your heirs.
