A Generous Gift

A short time later Scriptures in Use received a generous IRA charitable donation noted to be split between the SIU trainer/missionary family they support and our general fund. Little did we know that The CARES Act presents some unique opportunities for giving this year.

“The CARES Act” (legislated on March 27, 2020) that was put into action for the calendar year of 2020, gave opportunities and venues of increased giving.  Many of these benefits are extended into 2021! However, some are NOT. Our partnership with National Christian Foundation (NCF) enables us to highlight these changes.

Did You Know

Did you know there are unique options for charitable giving in 2021?

Before sharing a couple of recently published articles from the National Christian Foundation (NCF) regarding these changes impacting us at the end of the calendar year of 2021 (links at the end of this article), we would like to highlight a couple of these changes that will have the greatest impact to U.S. households:

One of the most important things that is continuing in 2021 is that charitable giving and their associated qualified tax deductions will continue to be allowed up to 100% of one’s Adjusted Gross Income (AGI)! (*please see NCF online publication at the bottom of this article). That means you can continue to be most generous with your charitable giving and receive as much as tax deductions for giving to your favorite charities like SIU or other qualified 501(c3) organizations.

However, one of the “The CARES Act” main waivers/exemptions that is NOT being extended in 2021 will be the waiver of the Required Minimum Distributions (RMDs) for individuals of age 70 ½ or older who are holding assets in Individual Retirement Accounts (IRAs) requiring distributions. This ending waiver is catching a few individuals by surprise, and we want to make sure those of you in our SIU network of friends and supporters are aware of the end of this waiver/exemption (*please see NCF online publication at the bottom of this article).

We are delighted to share with you that SIU is qualified to receive your IRA required minimum distributions (RMDs) should God prompt you to give in that way. You can designate, through SIU, to your favorite “SIU trainer/missionary family”, “Partner Projects” or “Where Most Needed” general fund. Wherever you want your SIU donation to go, we will get it to the place you desire most for Kingdom impact. Please consult your Tax Advisor for advisement.

We thank God for your continued generosity to God’s Kingdom work here at SIU and around the world. We also welcome your comments and interactions in this Blog with a community of those seeking to further advance the Kingdom of God.

National Christian Foundation:

Here are the two NCF online published articles I mentioned earlier (for further clarity and understanding):

https://www.ncfgiving.com/stories/100-agi-giving-extended-through-2021/

https://www.ncfgiving.com/stories/qualified-charitable-distributions-tax-wise-planning-so-you-can-give-more/

Please also note that NCF oversees SIU’s non-cash giving program offering free services for handling appreciated stocks, real estate (houses or land), business interests, personal property, restricted securities, life insurance, retirement plans, and estate plans. https://www.ncfgiving.com/solutions/non-cash/

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