SYRACUSE, NY – On December 23, the stock market reached a historic high which can encourage year-end donations to The Salvation Army.
“The Salvation Army offers these year-end strategies that can change lives and provide more benefits for a donor,” said John Gleason, C.F.R.E., CAP, director of Planned Giving for The Salvation Army Empire State Division, covering all of upstate New York.
“Congress passed legislation last week that offered a special tax offer now through December 31 for donors over age 70 ½. Donors now can make a donation to their favorite charity from their Roth or traditional IRA account. However, the payment must be made through their IRA custodian and the donation must be less than $100,000. There is no tax deduction available for this, but it may reduce a donor’s taxable income,” he added.
Another option is donations of stocks and mutual funds that can yield higher tax savings than giving a comparable cash gift.
“In donating either of these ways, you will receive an income tax charitable deduction for the full market value of the shares, while avoiding any capital gains tax on the appreciation,” Gleason said.
To learn more about donating stock or making a gift from your IRA account, please call the Salvation Army Planned Giving office at 315-434-1391.
No matter what type of gift you give The Salvation Army, consult a professional tax advisor or financial planner first.
Other ways to make a donation include:
• mail a check to their local Salvation Army Worship and Service Center;
• make a donation over the telephone by calling 1-800-SALARMY or safely donating online at donate.salvationarmyusa.org and
• if you have been invited to donate to a friends’ or family members’ Online Red Kettle, there is still time as each online red kettle will be able to accept donations through January 31, 2015.
About the Empire Division
The Empire State Division of The Salvation Army covers 48 counties in upstate New York and one city in Pennsylvania (Sayre, PA).
Our annual Red Kettle Campaign in November and December helps our 40 community and worship centers, service areas in Buffalo, Rochester and Syracuse and 167 volunteer driven service units raise funds that remain in each community to help those in need.
To donate: donate.salvationarmyusa.org or 1-800-SAL-ARMY
About The Salvation Army
The Salvation Army, an evangelical part of the universal Christian church established in London in 1865, has been supporting those in need in His name without discrimination for more than 130 years in the United States.
Nearly 30 million Americans receive assistance from The Salvation Army each year through the broadest array of social services that range from providing food for the hungry, relief for disaster victims, assistance for the disabled, outreach to the elderly and ill, clothing and shelter to the homeless and opportunities for underprivileged children.
82 cents of every dollar The Salvation Army spends is used to support those services in 5,000 communities nationwide.
For more information, go to www.salvationarmyusa.org