Year-end charitable giving can have a substantial impact on your tax situation. Here, we will provide information on some common year-end giving strategies. Please contact Jennifer Winnett Denniston, Esq. '98, director of gift planning, at (574) 284-4600 or firstname.lastname@example.org if you have any questions about the information found here.
Enjoy Tax Savings
As you consider your charitable gifts between now and the end of the year, remember that gifts made now can generate income tax deductions that could help reduce your income tax bill.
The amount you save depends on tax rates and the portion of your gifts you are allowed to deduct.
Only gifts made by December 31 can help reduce the amount of taxes you will owe next April.
Timing of Gifts (back to top)
To receive tax benefits, the timing of your gift is critical and varies depending on what you give and how you give it.
Checks: The date your check is received by the College will be reflected on your receipt.
Credit Cards: The date your payment is processed is considered the date of the donation. The College processes credit card transactions on the date we receive the authorization (by mail, phone, or online). If mailing a credit card donation in December, please allow ample mail time. Better yet, make your donation online at www.saintmarys.edu/donate or by telephone at (800) 762-8871 to ensure timely processing of your gift.
Please be advised that the date on your receipt from Saint Mary’s reflects when the College received your gift and does not imply the date the gift was made. To determine the tax consequences of your gift, please consult your tax advisor.
Indiana Tax Credit (back to top)
As an Indiana resident, when you make a gift to Saint Mary’s College, the State of Indiana will give you a tax credit on your Indiana income tax return. The credit will equal half of your gift to the College—up to $200 if filing jointly and $100 if filing individually. The tax credit is applied directly against the "bottom line" of your state income tax return, either reducing the amount of taxes owed or providing a refund on taxes paid.
To take advantage of this opportunity, you must use the Indiana Department of Revenue Schedule CC-40 when filing your state income tax return.
Deciding What to Give (back to top)
Important Information for Making a Gift of Stock (back to top)
Gifts of stock can be made with your broker’s assistance by electronic transfer. This process works for all publicly traded shares of stock. Request your broker to transfer the stated number of shares electronically to:
National Financial Services DTCC# 0226
For the benefit of: Saint Mary’s College, Notre Dame, Indiana
If you or your broker has questions, please contact Adaline Cashore at (574) 284-4706. For a printable version of stock transfer instructions, click here.
Gifts from Retirement Accounts (back to top)
Retirement plan assets can be a practical source from which to make gifts. For more information on making a gift from a retirement plan, click here. Please contact Jennifer Winnett Denniston, Esq. '98, director of gift planning, at (574) 284-4600 or email@example.com for assistance.
© Saint Mary's College. This information reprinted with the permission of Robert F. Sharpe and Company.
The purpose of this information is to provide general gift, estate, and financial planning information. It is not intended as legal, accounting, or other professional advice. For assistance in planning charitable gifts with tax and other financial implications, the services of appropriate advisors should be obtained. Consult an attorney for advice if your plans require revision of a will or other legal document. Tax deductions vary based on applicable federal discount rates, which can change on a monthly basis. Some opportunities may not be available in all states.