Charitable Gift Giving
PLANNED GIVING
The financial stability of the Diocese of Salina is essential to its mission and we are grateful for the ongoing generosity of all of our benefactors. While many support the Diocese through outright gifts of cash or other property, there is a growing awareness of the value of providing long-term benefits to the Diocese through Planned Giving. Planned Giving offers the Catholic community the opportunity to participate in accomplishing our Lord’s work in a variety of ways, some of which provide mutual benefits for both the donor and the Diocese. A Planned Gift can also be a profound expression of faith and a lasting memorial of your Christian witness.
Planned Gifts, as well as outright gifts, can be funded in a variety of ways, including:
v Cash
v Appreciated Securities
v Mutual Funds
v Retirement Plans
v Real Estate
v Business Interests
These gifts also represent a sound “spiritual investment” in the work of the Diocese for generations to come. Besides simple “will” provisions, a number of life income plans are available which can sometimes result in larger gifts than originally anticipated while also enhancing your income stream. Some of the ways to provide for the Diocese through Planned Giving are as follows:
v Bequests
v Charitable Gift Annuities
v Endowments
v Life Insurance
v Charitable Remainder Trusts
v Retained life estates
The Diocese will work closely with you to help develop a plan that is best suited to your wishes and desires. Your Gift may be designated for the use of the Diocese or Catholic Charities or Catholic Schools.
BEQUESTS
Charitable bequests are considered by many to be the heart of most Planned Giving programs. They are the most common form of planned gifts and one of the easiest ways to insure that your assets are distributed according to your wishes after your death. Bequests are flexible, easy to establish and can vary in size and form. Sometimes, a simple codicil making provision for the diocese can be added to an already existing will or a trust can be amended to provide for a bequest to the Diocese.
CHARITABLE GIFT ANNUITIES
Charitable gift annuities are one of the oldest and most reliable charitable tools available to donors. A charitable gift annuity is a combination of both a gift and an investment. It is an excellent way to help support the Diocese while also helping to insure your own financial security with a guaranteed fixed income for life.
ENDOWMENTS
Sometimes referred to as the "gift that lasts forever," an endowment is another way to exercise good stewardship while directing how your gift will be used in the future. Examples include seminary education, scholarships, retreat ministry, capital improvements and future development of the Diocese. An endowed gift is generally one in which the principal is left intact and only the income is used to provide support in perpetuity or for a designated period of time.
LIFE INSURANCE
Life insurance offers a donor the opportunity to make a generous gift to the Diocese either at no cost or with a relatively modest cash outlay. You can donate a life insurance policy by assigning ownership of the policy to Diocese of Salina and designating the Diocese as the beneficiary. In this case, there are no out of pocket costs to you and you receive an income tax deduction for your gift.
CHARITABLE REMAINDER TRUSTS
Generally, the purpose of a trust is to set aside money or other assets to provide an income for yourself or another person. Charitable trusts have the additional advantage of establishing a tax-deductible gift for non-profit organizations. Since the trust is tax-exempt, it will not have to pay capital gains taxes on the disposition of appreciated assets. You may designate yourself and another individual to receive income for your life/lives and, at the conclusion of the income payments, the remainder of the trust principal will be paid to Diocese of Salina.
RETAINED LIFE ESTATES
One way of giving a gift and keeping it is through a life estate. This is an attractive option for people who would like to donate their residence to charity yet remain in it during their lifetimes. A retained life estate allows a donor to give a personal residence to the diocese and live in it for life. By transferring the property currently, rather than waiting until death, and retaining a life estate, the donor keeps the benefits of the property while obtaining a current charitable income tax deduction.
Many faithful people who would like to give, and feel like they can't, may be surprised by the opportunities available through planned or deferred giving. Others may find that planned giving enables them to make a larger charitable gift because of the benefits of tax savings and income provided by some plans. For more information, or if you have any questions, please contact the Finance Office at: Rev. Jerome Morgan - P. O. Box 980, Salina, KS 67402-0980 - 785-827-8746 or finance1@salinadiocese.org.