Giving to Big Valley Grace at Year End
We thank our church family for faithfully and generously giving to support the Lord’s work at Big Valley Grace throughout the year. Like most churches and Christian ministries a large percentage of our annual support is received in December. For many people, one of their traditions during this season is to give a financial gift as another way of celebrating the birth of our Savior. For some, this season is an opportunity to catch up on the giving they intended to do during the year. For others, end-of-year giving is part of their tax planning through the charitable tax deduction.
Whatever the reason, we encourage the Big Valley Grace family to consider a special extra gift to support our ministries as part of your year-end giving plans.
To assure that all contributions are properly recorded for tax purposes, please review the following guidance as you consider your year-end gift:
Gifts of Cash or Check
Gifts must be physically received at the church by Thursday, December 31, or postmarked by that date, to be reported as 2020 contributions on your giving statement. Gifts dropped off at our office or postmarked after December 31 must be reported as 2021 contributions.
For gifts made online through our website, bigvalleygrace.org/give, you should allow at least a 2-day processing time if it is important for your gift to be reported as a contribution in 2020. While most credit and debit cards will usually process the same day, a gift online from your bank account will not process until the next banking day.
Gifts of Securities (Stocks, Bonds, Mutual Funds)
There are tax advantages available for a charitable donation of securities that have appreciated in value that can be beneficial for some as they plan their taxes at year-end. In order for such gifts to count for tax purposes in 2020 extra time and planning is needed. We are happy to help you with the details by contacting Pastor John Fraioli at [email protected] or 209.571.4347.
Charitable IRA Rollover
A relatively new tax planning tool is the charitable IRA rollover, a special provision allowing donors age 70-1/2 or older to make charitable gifts from Individual Retirement Account (IRA) assets that are excluded from income and count toward their required minimum distribution (RMD). This may benefit those with significant assets in an IRA and have not satisfied their required minimum distribution for the year. The gifts must be transferred directly from the IRA provider to Big Valley Grace and meet certain other requirements. Since situations vary, we encourage you to consult your tax or financial advisor regarding retirement account gifts.