ECFA Encourages Donors to Take Advantage of Appreciated Securities and Charitable IRA Rollover
Contact: Ty Mays, 770-256-8710
WINCHESTER, Va., Dec. 19, 2014 /Christian Newswire/ -- ECFA (Evangelical Council for Financial Accountability) (www.ecfa.org) is encouraging donors to churches and other faith-based nonprofits to take advantage of two special opportunities this December to give generously to charities while also keeping their 2014 taxes lower.
The first opportunity involves long-held appreciated securities, while the second relates to the so-called "charitable IRA rollover."
With the stock market recording 49 record highs this year, many taxpayers' securities have appreciated significantly. Giving appreciated securities held long-term — at least a year and a day — to a qualified charity gives taxpayers a Schedule A charitable deduction for the market value of the stock. Additionally, neither the taxpayer nor the charity has to pay capital gains taxes when the stock is sold. That combination can result in a bigger deduction for the donor and a larger gift for the charity.
Secondly, Congress recently approved a bill reinstating the charitable IRA rollover, which President Obama indicated he will sign into law. Givers will only have until Dec. 31 to take advantage of this temporary provision. Under the law, taxpayers age 70-1/2 or older can give up to $100,000 from their IRAs or Roth IRAs to qualifying charities without having to pay income tax in 2014 on the withdrawn amount.
"Time is of the essence for these special giving opportunities," said Dan Busby, president of ECFA. "Generous gifts of appreciated stock or charitable IRA rollovers can make a significant difference for the many worthy ministries striving to be good stewards of their resources."
Founded in 1979, ECFA accredits more than 1,900 churches and nonprofits based on integrity in their governance, financial management and fundraising practices. Donors can determine if a faith-based charity meets ECFA's high standards by visiting www.ecfa.org.
To learn more about ECFA, including information about accreditation and a listing of ECFA-accredited members, visit www.ecfa.org or call 1-800-323-9473.
To schedule an interview with Dan Busby, contact Ty Mays @ 770-256-8710 or firstname.lastname@example.org.