Ways to Give

Most of the information on this page is concerned with the mechanics of ways to make financial contributions to the Chapel of the Cross. We recognize, however, that there are many ways to contribute that are other than financial. Nothing here should be considered as denigrating those contributions in any way. It remains true, however, that we tend to use our money for the things we value the most, and, for those who are seeking information about how to effect a contribution to the Chapel of the Cross, we offer these suggestions and directions.

Types of Giving

We encourage you to consider the following:

I. An Annual Pledge to help fund the ongoing ministries of this parish. We need the commitments of all to grow stronger.

II. A Capital Pledge to assist in providing new and improved facilities to serve the parish and the community. 

III. A Legacy Gift whether as a bequest or a planned gift to perpetuate, preserve, and grow all that is valuable and will be sustained at the Chapel of the Cross. There is something especially rewarding about leaving a legacy gift. It becomes an investment in the long term future of the Chapel of the Cross.

Gift Options

Here are several gift options that you may wish to consider.

Gifts of Cash
Cash contributions may be made. Donors receive full tax benefits.

Gifts of Marketable Securities
A gift of appreciated securities may provide greater tax advantages than gifts of cash. You may deduct the current fair market value as a charitable gift, and in most cases, avoid capital gains tax on the appreciation.

Gifts of Cash Value of Life Insurance
A parishioner may have one or several life insurance policies that are paid up. You may consider gifting the policy during your lifetime, which will entitle you to a charitable deduction for the cash value of the policy. Thus, you can receive a current income tax deduction and you will be giving away an asset that wasn’t generating a current income stream.

Gifts of Appreciated Property
If you gift real property that has appreciated, you would not recognize the appreciation as a capital gain and you do not pay capital gains tax. Further, the gift can be claimed as a charitable contribution on your current income tax return.

Bequests
A bequest is not payable until death, so it does not affect the donor’s assets or cash flow. A charitable bequest reduces the taxable value of an estate for federal estate tax purpose and is exempt from state inheritance taxes. It is easy to arrange. We can assist by providing the language that you would bring to your attorney to add a bequest to your will.

Gifts of Retirement Plan Assets
Tax-deferred retirement plan assets are not always a good choice for making gifts to heirs. Income taxes are deferred but not avoided. Distributions to an heir are subject to federal and state income taxes. Further, retirement plan assets owned at death in a taxable estate are subject to estate tax at federal tax rates. This applies to IRAs, 401(k)s, 403(b)s and Keogh Plans for example. However, assets left to the Chapel of the Cross are exempt from both income and estate taxes. Naming the Chapel of the Cross as the beneficiary is one of the easiest ways to make a planned gift.

Charitable Remainder Trusts
You may wish to make gifts through a Charitable Remainder Trust. Then you can retain income and receive substantial tax benefits. If you already have a CRT, it is easy to name the Chapel of the Cross as an additional beneficiary.

Stock Gift Procedures

The normal procedure for making a gift of appreciated securities is to ask your broker to transfer them electronically to the Chapel of the Cross brokerage account at Edward Jones (account number 293-00200-1-7, DTC number 0057, phone number 919-967-0700, broker Steve Richards) and to notify the parish accountant, Debby Kulik, or the senior associate treasurer, Barney Varner, that such a transfer has been made. Please include in the notification your instructions for the use of the gift (current year pledge, future  year pledge, capital gift, other).

Please do not assume that donor information will be available from the broker. Sometimes it is, but often it is not. And knowing the donor does not always identify the purpose of the gift. So please let someone know whenever you make a stock gift. Messages can be left for either Debby or Barney at the parish office (919-929-2193).

A letter from the treasurer acknowledging each stock gift is sent to the donor. The letter identifies the securities given, the date they were received by the Chapel of the Cross, the amount credited to your contribution record for the gift, and the distribution of that amount to the particular funds within the Chapel of the Cross, based on the stated (or assumed) purpose of the gift. The total amount credited is determined by the average market price of the securities on the date they are received in the Chapel of the Cross account. Please review this information to make sure that your wishes have been followed. If no such letter is received within three weeks of making your gift or if you have questions about the information in the letter, please contact Debby or Barney.

Year-End Giving Procedures

In order to be included in year-end contribution records for both operating and tax records, gifts must be received by December 31. Checks must be dated in that year and must be in the parish office or, if mailed, postmarked before January 1. Stock gifts that are electronically transferred to the Chapel of the Cross must be received in the Chapel of the Cross brokerage account before January.