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Year-End Giving Season Resources for 2020

October 29, 2020

It’s an honor to help you with your charitable goals and interests. We've put together a resource guide to help and hope the following information is useful as you plan your year-end giving. You can ask any follow-up questions by contacting Major Gifts Officer Sofía Larkin directly at 915-433-2003 or slarkin@elpasodiocese.org. Thank you for your partnership with the Foundation for the Diocese of El Paso.

Important Year-End Giving Deadlines

Gifts of Stock
Please notify us when you plan to transfer a gift of securities and provide a description of the security (for example, 50 shares of XYZ Inc. stock). Please contact Major Gifts Officer Sofía Larkin for the account information to send your stock gift.

Gift Planning Strategies: the IRA Charitable Rollover
The IRA Charitable Rollover is a unique federal provision that allows anyone 70½ years or older to make an outright gift directly from their IRA to the Foundation for the Diocese of El Paso of up to $100,000, without paying income tax on the distribution. This is also known as a qualified charitable distribution.

Who can make a gift through the IRA Charitable Rollover?
Anyone with a traditional or Roth IRA who is 70½ years old and above.

How much can be donated this way?
Up to $100,000 in 2020, no matter what your income is.

If I make a gift from a traditional IRA, am I required to take a required minimum distribution (RMD)?
As part of the CARES Act, most donors will not have to take their required minimum distribution in 2020. Also, in most cases, required minimum distributions that would have started in 2020 have been delayed to 2021. We encourage you to consult with your financial advisor to discuss your specific retirement plan(s) and how this may affect your personal tax situation.

Do I get a federal income tax deduction?
No, but you are not required to pay federal income tax on the withdrawal either. NOTE: Some states may not exclude gift amounts withdrawn from an IRA for state income tax purposes. We encourage you to consult with your tax advisor to discuss your personal tax situation.

Do gifts from other retirement accounts qualify?
Gifts from retirement accounts other than IRAs—such as 401(k), 403(b) and SEP accounts—are not eligible to make direct transfers. However, donors may be able to make qualified, tax-free transfers to their IRA, and then make the IRA charitable rollover gift. We encourage you to consult with your tax advisor to discuss your personal tax situation.

Contact your retirement plan administrator well before the December 31 deadline to learn how to initiate the gift. We recommend you do so by December 4.

All check donations should be mailed to the Foundation at:
The Foundation for the Diocese of El Paso
P.O. Box 17993
El Paso, TX 79917

Can I use my IRA checkbook to make this gift?
Yes, and please note, unlike a cash or credit card donation, the date of your IRA gift is determined by the date that the Foundation for the Diocese of El Paso deposits the check, not the date that you dropped it in the mail.  Therefore, if we do not receive your check in time to deposit by noon on December 31, then the gift is not considered to be in that tax year. This may impact your required minimum distribution for the year and your personal tax situation.

Our team is here to support you!
We look forward to answering your questions, conducting research for you, and providing information on products, services, and programs that help support your charitable goals and interests. Contact Major Gifts Officer Sofía Larkin directly at 915-433-2003 or slarkin@elpasodiocese.org.


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