Year-End giving: so many ways to keep the faith alive— locally and forever!
Phipps family (left to right: Luke, Danny, Julie, Lisa, and Clayton) enjoying Glacier Park in July 2023.
“Clayton and I were excited for the opportunity to donate to the Catholic Foundation of Eastern Montana for the Greatest Needs Endowment. By donating, we were able to receive a tremendous tax benefit for our business. But more importantly, we know our money is being used to spread the word of God and keep the faith alive locally. We feel good about helping our Catholic community while at the same time making a sensible financial decision for our business.”
– Lisa Phipps
Darell and Tammy Luther – Forsyth
“Tammy and I don’t appear overly religious on the surface, but we have deep-founded roots in believing in God and his son Jesus (and the Holy Spirit) and all the good things they do. We’re pleased to be able to help our local communities with assistance where they need it. We’re also pleased with the tax benefits of supporting endowment, especially the Montana Endowment Tax Credit, which helps us as we share God’s gifts to us with our fellow man.”
– Darell Luther, Miles City
The Catholic Foundation of Eastern Montana is a great resource for you as you look toward year-end giving for the Catholic Church. On this page are ideas that can garner you some nice personal benefits!
Give directly from your IRA:
If you own an IRA and are at least 70 1⁄2 years old, you may transfer any amount (up to $100,000 per year) directly from your IRA to the Catholic Foundation of Eastern Montana, for the sole benefit of your favorite Catholic parish, school, or ministry. This “Qualified Charitable Distribution” can also satisfy your RMD, if you have one, without increasing your taxable income. A smart and efficient way to make a gift!
Take advantage of the Montana Endowment Tax Credit: “Why wouldn’t I give my gift that way?”
That’s a common response from Catholics when they learn they can receive a 40% TAX CREDIT for making an endowed gift for the benefit of their favorite Catholic parish, school, community or diocesan ministry.
This generous tax credit incentivizes Montanans to build permanent endowments so that, in our case, the Catholic Church can build a strong and stable financial future. Basically, you may re-direct what you would otherwise owe in state tax to build up your local church.
A credit is much better than a deduction. It’s a dollar-for- dollar reduction of the Montana tax you may owe in 2023.
Do you own a business or are you part of an LLC or corporation?
Your business can simply write a check for the endowment of your favorite Catholic church, school, or ministry and take a tax credit equal to 20% of the gift.
Charitable Gift Annuities—support the Church, receive lifelong income.
When you create a gift annuity for your favorite endowment, you will help the Church forever! At the same time, you will receive a tax deduction, eligibility for the MT Endowment Tax Credit, and fixed payments for life (partially tax-free). An all-around win!
If you don’t need the income now, but would like to make a gift this year and increase your tax benefits, defer the income payments as far into the future as you like.
Every gift matters when building endowment—there is no small amount.
Sometimes the word endowment conjures up thoughts of “big” gifts, but the truth is that everyone can contribute to the endowment of their parish or favorite Catholic ministry. There is no minimum gift size. Every dollar given makes a difference!
Gifts of stock or mutual funds: Appreciated assets = smart giving.
Consider giving an appreciated asset, such as stock shares or mutual funds. These are great ways to make an everlasting gift for your parish (or other favorite Catholic entity in our diocese) while bypassing tax on capital gains. Some Catholics gift stock and then re-purchase at a higher cost basis with their tax savings.
Gifts of appreciated assets can also fund “planned gifts” which will qualify you for the Montana Endowment Tax Credit.
The greatest reason Catholics support endowments is to create financial freedom for the mission, ministries, and people of the Catholic Church in our diocese. Imagine a parish or school you love—all they could accomplish if they didn’t have to worry about funding. Together, we can make that happen.
Interested, but need a little more information? Contact 406-315-1765 or [email protected] to speak with Judy Held, Foundation President.
