Other Ways to Give
Your gifts are important to the Academy and make a difference in the lives our students. The Academy has been an cherished academic and spiritual foundation for generations of women since 1868. It is now the responsibility of our community to keep Holy Cross strong for generations to come. Please support Holy Cross by giving generously and regularly!
3 Year-End Giving Strategies to Consider – Save Money and Help Holy Cross
Your support of Holy Cross at this strategic moment is more important than ever! If you find yourself in a position to help—we need, welcome and greatly appreciate it. Consider the following ways that help you AND Holy Cross as we get through this COVID time together:
Take advantage of the CARES Act for some personal tax relief.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes important sections that will benefit individual tax payers AND not-for-profits like Holy Cross:
- A limited allowance for an above-the-line charitable deduction for cash gifts of up to $300 per individual ($600 per couple). That means that your Adjusted Gross Income (AGI) will be reduced by the amount you donate to Holy Cross (up to those thresholds) on your 2021 taxes—even if you claim the standard deduction.
- For those in a position to make an impactful gift and who want to seriously reduce taxes, you can increase your gift to Holy Cross up to a maximum of 100% of your 2023 AGI.
Make a Gift from your IRA
Qualified charitable distributions (QCDs) from IRAs are advantageous for eligible individuals. Although no charitable deduction is available, you avoid the tax that is owed on withdrawals.
- Individuals must be at least age 70½ on the date of the gift.
- QCDs can come only from IRAs, not 401(k)s or other retirement accounts.
- A maximum of $100,000 may be given annually.
- The transfer must come directly from the IRA custodian.
- Distributions can be used to satisfy a person’s pledge.
So if you are of an age where you receive a Required Minimum Distribution (RMD) from your IRA, consider making a gift to Holy Cross in this way to have the greatest possible impact.
Donate Appreciated Stock
Despite its ups and downs over this year, the stock market has provided a number of gains on stocks and funds over the past several years. If you are holding any appreciated securities (for at least a year), gifting it directly to Holy Cross before year-end will allow you to avoid paying any capital gains tax, may also allow you to reduce your 2023 taxes, and most importantly, help Holy Cross!
Make a final positive statement on the year 2023: Make a year-end gift to Holy Cross!