Your financial or in-kind donation to the Dominican Sisters of Peace enables us to minister to those in need in myriad ways and to support our aging and infirmed Sisters who have lived lives of service to the Church. In giving to the Sisters, you can trust that any gift, no matter how large or small, will be cherished and used with utmost care.
When considering a charitable gift, a confidential and candid discussion with the Mission Advancement Director is recommended as a preliminary step. Working with your personal financial advisor, banker, insurance agent, or broker is highly recommended as well. Your gift is a share in our Dominican Mission and will enable us to continue to support our outreach to those who are vulnerable and in need.
Below is a list of the ways you can give.
For further information, contact us by email or call us at 614.416.1020.
Cash, usually in the form of a check or credit card donation, is the most common form for a charitable gift. Cash gifts enable you, the donor, to claim income tax deductions of up to 50 percent of your adjusted gross income in the year the gift is made with a five-year carry-forward period. The actual savings from gifts of cash will depend on the individual donor’s tax bracket. The higher the tax bracket, the less the cost of the gift. Employers may also have a matching program for charitable gifts you make.
Donors who contribute long-term appreciated securities to the Dominican Sisters of Peace receive a double federal tax benefit. Gifts of appreciated stock are deductible at their full market value if held longer than 12 months. Fair market value is the mean between the high and low trades on the date of the gift.
The capital gains tax on the stock’s appreciation (the difference between the property cost basis and its present fair market value) is completely avoided. The fair market value of the donated securities can be deducted up to 30 percent of the donor’s adjusted gross income, with a five year carry-forward if required. Donors who have stock that has not appreciated or which they no longer care to hold may find a charitable donation of the stock to be a better option.
Closely held stocks are shares in a privately owned business. The shares are usually owned by family members, top management and the corporation itself. The stock can be contributed outright to the Dominican Sisters, and the donor is entitled to a deduction for the appraised fair market value. The donor avoids the potential capital gains tax on any appreciation in the value of the stock.
Subsequent to the gift, the congregation may sell the stock to the corporation or to other shareholders for cash. There can be no prior agreement between the charity and a potential buyer before the gift is made.
The donor is entitled to a deduction for the full value of the stock up to 30 percent of his or her adjusted gross income. A “qualified appraisal” is required if the claim exceeds $10,000.
In considering a charitable gift, life insurance is a common resource that is often overlooked - and a convenient gift. You may have an individual policy that has outlived its original purpose or have group life insurance as a benefit through your employer. Using an existing policy or purchasing a new one is an easy way to make a significant gift to the Dominican Sisters of Peace.
HOW: To add the Dominican Sisters of Peace as a beneficiary to an existing policy, simply contact your insurance agent and ask for a “change of beneficiary” form. Then complete the form to include the “Dominican Sisters of Peace” as a beneficiary and return it to your insurance company. While no income tax benefits are available for naming the Dominican Sisters of Peace as a beneficiary, any funds that are finally paid to the Dominican Sisters will be deductible as a charitable gift for federal estate-tax purposes. You could designate that your existing beneficiary will receive 60 percent of the insurance proceeds and name the Dominican Sisters of Peace as the beneficiary of the remaining 40 percent.
Give an existing policy.
Perhaps you purchased an insurance policy for a specific purpose, but now find that the need for the policy no longer exists. In that event, you may want to consider giving the old policy to the Dominican Sisters of Peace.
HOW: A gift can be accomplished by simply completing an “assignment of policy” form obtained from your insurance agent. Because you are transferring the ownership of the policy to the Dominican Sisters of Peace, you are entitled to a current charitable deduction for federal income-tax purposes. The amount you can deduct is the “interpolated terminal reserve” value of the policy which your insurance agent can calculate for you.
Buy a new policy.
You may be able to make a significant gift to the Dominican Sisters of Peace by purchasing a new life insurance policy with the Dominican Sisters as the beneficiary. If you name the Dominican Sisters of Peace as the owner of the policy as well as the beneficiary, the yearly premiums you pay are tax deductible.
WHY: the premiums are deductible as a charitable contribution. For example, if you purchase a single-premium life insurance policy for $5,000 and name the Dominican Sisters as the owner and beneficiary, you would receive an immediate income-tax deduction of $5,000. The policy begins to earn interest on the cash value plus interest in addition to the face amount of the insurance. In this way, you can ultimately make a very substantial gift to the Dominican Sisters of Peace.
Mutual Funds can be excellent assets to contribute to the Dominican Sisters of Peace. The fair market value of a mutual fund share is its public redemption price on the valuation date. Gifts of mutual funds are deductible at their fair market value up to 30 percent of the donor’s adjusted gross income.
Retirement plan assets can make an excellent charitable gift. Qualified retirement plans enjoy favorable tax treatment prior to retirement but are severely taxed at the death of the plan participant.
Primary among the incentives in the CARE Act passed by Congress is the IRA Rollover, which would allow individuals to transfer funds tax-free from an Individual Retirement Account or other qualified retirement vehicle to a charitable organization. Under the provision, funds folded into a planned gift could be transferred when the donor reaches age 59½ years. A direct contribution to a charity could be transferred when the donor reaches age 70½ years.
You can arrange to leave a Legacy Gift through your estate planning. Some planned gifts, like charitable gift annuities, can provide income to the donor during their lifetime, while the residual goes to the Dominican Sisters of Peace at the death. The Dominican Sisters follow the suggested rates of the American Council on Gift annuities. For more information, see the American Council on Gift Annuities
For further information about supporting our Dominican Mission and enabling us to continue our outreach to those who are vulnerable and in need, contact us by email or call us at 614.416.1020.