Charitable contributions to Faith Ministries are always welcome. Many of the giving options listed below provide tax deduction and tax credit benefits
Checks
Many gifts to Faith are in the form of cash, usually by check. Please make checks payable to Faith Legacy Foundation. Feel free to use the memo line to inform us which specific ministry you want to assist.
Credit Cards
Contributions by credit card are welcome. Faith Ministries can accept donations via Master Card, Visa and Discover. For more information, please contact Faith's finance department at (765) 448-1986 or e-mail Jamie Johnson.
Gifts of Stock or Appreciated Securities
Gifts of stock or appreciated securities are welcome. The contribution deduction for stocks and bonds held long-term (held 12 months or more), is the mean between the highest and lowest selling prices on the date of the gift where there is a market for listed securities. The contribution deduction is limited to cost for securities held short-term. It is the policy of the foundation to convert these gifts into cash (for deposit) promptly upon receipt. For more information, please contact Arvid Olson at (765) 448-1986.
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Example: An individual taxpayer plans to make a gift of $50,000 to Faith Community Ministries. To provide the capital, the taxpayer planned to sell stock that had cost $20,000 some years earlier yielding a long-term capital gain of $30,000. The taxpayer decides to donate the stock itself instead of the proceeds of its sale. The taxpayer receives a contribution deduction of $50,000 and the unrealized gain on the stock is not taxable. By contributing the stock, the taxpayer’s taxable income is $30,000 less than if the stock were sold. |
Real Estate
The contribution deduction for a gift of real estate is based on the fair market value on the date of the gift. If there is a mortgage on the property, the value must be reduced by the amount of the debt.
Life Insurance
The owner of a life insurance policy may choose to give it to a charitable organization. The gift will produce a tax deduction equal to one of several amounts. The deduction may equal the cash surrender value of the policy, its replacement value, its tax basis or its “interpolated terminal reserve” value (a value slightly more than cash surrender value). The deduction cannot exceed the donor’s tax basis in the policy.
Bargain Sale
A bargain sale is part donation and part sale. It is a sale of property in which the amount of the sale proceeds is less than the property’s fair market value. The excess of the fair market value of the property over the sale’s price represents a charitable contribution to the organization. Generally each part of a bargain sale is a reportable event so the donor reports both a sale and a contribution.
Automatic Bank Payment
Some individuals manage their giving through monthly/quarterly automatic bank payments. For more information, please contact Faith's finance department at (765) 448-1986 or e-mail Jamie Johnson.
Matching Gifts
Some employers have matching gift programs through which your generosity to Faith can be multiplied. For more information, please contact Arvid Olson at (765) 448-1986.
Wills
By remembering one of the ministries of Faith with a bequest in your will, you can have an impact on rehabilitative progress that will continue beyond your lifetime. Please see our section on Making a Bequest or please contact Arvid Olson at (765) 448-1986.
Gifts of Property or Assets
Gifts of fixed assets (property, vehicles, collections) can be accepted based on the approval of the directors of the foundation. For more information, please contact Arvid Olson at (765) 448-1986.
Charitable Gift Annuity
With a charitable gift annuity, the donor purchases an annuity contract from a charitable organization for more than its fair value. This difference in values between what the donor could have obtained and what the donor actually obtained represents a charitable contribution. The contribution is taxdeductible in the year the donor purchases the annuity.
Deferred Charitable Gift Annuity
A deferred gift annuity is similar to an immediate payment annuity except that the annuity payments begin at a future date. This date is determined by the donor at the time of the gift.
Memorial Gifts
Gifts in memory of a family member or friend, in honor of an individual, or in recognition of a special occasion provide important support of Faith. Especially thoughtful are those who donate annually in memory or someone departed. To make a memorial gift, you may simply inform us of your wishes when presenting your gift. For more information, please contact Arvid Olson at (765) 448-1986.