There are many ways you can make the most of your cash donations. Here are a few things to keep in mind:
The Faithful Journey Foundation understands the importance of allocating the resources entrusted by donors to the causes that they value most of all. A Donor Advised Fund (DAF) empowers you to make tax-deductible contributions—cash, stocks, securities, and other financial assets—into a charitable giving account, and then you can recommend grants to the charities the Lord has put on your heart to support.
- Exceed the standard tax deduction by “clumping” gifts into a DAF in an amount that allows you to itemize your gifts.
- Immediately utilize the tax deduction afforded by a DAF, then allocate the funds to preferred charities later.
- Cash gifts are eligible for up to 60% of your adjusted gross income (AGI).
- Non-cash gifts limited to a deduction of 30% AGI can be paired with cash gifts—bringing the combined deduction all the way up to 60% AGI.
- From an established IRA, make a qualified charitable distribution (QCD) directly to a charity.
- Limitations Include:
- You must be 70 ½ or older
- Distributions are capped at $100,000 annually
- Limited to public charities (DAFs, CRTs, and CGAs do not qualify)
- Any distribution to a specially crafted, single-charity fund at the Faithful Journey Foundation qualifies as a QCD.