The end of the year is a time of reflection and anticipation, and a time to review projects and missions that are close to your heart. It is also a time of deadlines. If you choose to make gifts to not-for-profit organizations, here are a few things to consider before December 31st.

• If you are 59 1/2 or older, you can take a distribution from your IRA and then make a gift without penalty. And, if you itemize your deductions, you may be able to take a charitable deduction!
• In 2024, if you are 70 1/2 or older, you can give any amount up to $105,000 from your IRA directly to your preferred organization, such as the Grace Lutheran Church Foundation. If you are over 73, a qualified charitable deduction can be used to satisfy your required minimum distribution. (Note: The change in the required minimum distribution age from 72 to 73 only applies to individuals who turned 73 on or after January 1, 2023.)
• Consider giving long-term appreciated stock (securities) instead of cash. If you have held the security for more than 12 months, you will owe no capital gains tax. And, if you itemize your deductions, you may claim the fair market value of the securities.
• An option to increase tax benefits is to bunch charitable donations - give extra in one year and less in another. The extra may be enough to allow for itemized deductions for a tax deduction.

Some other considerations for a year-end checklist.

• Ensure that your will or trust is up to date and includes appropriate designations and charitable intentions. And, if you don't have a will or trust, add "schedule an appointment" to get a will or trust prepared during 2025.
• Assess your retirement plan beneficiaries to ensure you have considered your loved ones and favorite causes.

As you ponder the end of 2024 - what is your spiritual mission? How might you support that mission within Grace and the Grace Lutheran Church Foundation?

The Foundation has designated funds to support various types of music at Grace, including the organ; to keep up with technological advances and maintaining current equipment, including the ability to stream services; to support the library at Grace; to support youth education and activities; and to assist with many other ministry endeavors.

See a complete list of projects supported by the Foundation since its founding in 1995 at projects.

Contributions

Foundation Total Assets *

Expenses

$8,720.47

$821,078.02

$34,982.00

$5,000.00
 

$1,000.00
$500.00
$10,000.00
$200.00
$20,000.00
 

$2,500.00

In memory of Ted Carlson

In memory of Millie Babb

In memory of Millie Babb

In memory of Helen Hildebrandt

In memory of Terry Renshaw