OTHER WAYS TO GIVE
There are numerous ways to give to SHINE. The most common is from a bank account or credit card through our online payment systems. These cash donations are the simplest form of giving, but they may not be the most tax-advantaged way of giving. Here are additional ways of giving that may offer additional tax benefits.
Investments
Donating investments that have gained in value for more than one year can offer a double tax benefit. By donating appreciated stocks, bonds, ETFs or mutual funds, you could get the full tax deduction for the current market value of the investment (if you itemize deductions), while also avoiding capital gains tax on the long-term gain. Reach out to kendra@shineintheworld.org for instructions on how to make an investment gift.
Qualified Charitable Distributions (QCDs)
Do you know you can take money out of your IRA and not pay any tax on the withdrawal? This tax-advantaged technique is only available if you’re age 70½ or older. If you make the withdrawal directly payable to a qualified charity, you will be able to avoid adding this withdrawal to your tax return as income. You can make tax-free distributions of up to $100,000 to charity each year. If you have mandatory required minimum distributions (RMDs), these charitable distributions will count toward your RMD! To make a donation to SHINE from your IRA, have your custodian make the check payable to Shine In the World Ministries and mail it to 7520 Golden Valley Road, Golden Valley MN 55427. If your custodian needs our EIN, it is: 84-1677978.
Additional strategies to consider:
Matching Gifts
Some employers match their employees’ charitable contributions, effectively doubling the impact of your donation. If a company employs you, take a moment to look into their matching program. If your company has one, reach out to Kendra at kendra@shineintheworld.org to help you complete the form.
Donor-Advised Funds
Many people have donor-advised funds. We can accept contributions from your fund. Search for Shine In the World Ministries and mail it to 7520 Golden Valley Road, Golden Valley MN 55427. If we are not already set up in the system, you can ask for us to be added by offering our EIN number: 84-1677978
Legacy Giving
Consider leaving a legacy gift when you pass away. You can name a charity as a beneficiary of your life insurance policy, annuity, retirement or investment account, or estate plan (will or trust). You can leave a portion to your preferred charities and also include individuals as beneficiaries to receive upon your passing. We would greatly appreciate any legacy gifts you leave.
When considering charitable giving, it’s essential to consult with financial advisors or tax professionals to understand the potential tax implications while ensuring that your donations align with your financial goals and philanthropic objectives.