Giving

2024 End of Year
Giving Strategies and Tips

The church is grateful that you would consider us as part of your charitable giving strategy at year-end. The ministry we accomplish throughout the year on our city block and around the world could not continue without your faithful gifts and generous spirit.

As you consider your own stewardship this year, here are some basic strategies that may improve the income tax benefit you receive for your year-end gifts.

Important deadlines for your year-end giving

First Presbyterian Church of Orlando will be closed December 25 and December 26 for the Christmas holiday.

Mailed gifts postmarked 12/31 or earlier will be treated as a 2024 contribution regardless of the delivery date.

Online gifts initiated prior to midnight 12/31 will be recorded as a 2024 contribution.

If an individual delivers a check dated 12/31/2024 or earlier in 2025, we will gladly accept, but it will be recorded as a 2024 contribution for tax purposes.

Timing for Asset-Based Giving

If you prefer to donate an asset, like appreciated stock or mutual funds, try to make your donation by 12/23/24. Any asset transfer in process on 12/31/24 may be recorded on the next business day, or a 2025 tax date.

Giving Appreciated Stock or Mutual Funds

Donating stock may be a smarter approach. You may donate the stock directly to church, or you may sell the stock and donate the proceeds. It all depends on whether the stock has increased or decreased in value and how long you have owned the stock.

If you own stock in a publicly-traded company that has appreciated in value, you can contribute shares of the stock to First Presbyterian Church of Orlando without selling it. Under Federal tax law, if you have held the stock for at least a year, you may be entitled to deduct the full value of the stock and never have to pay tax on the gain. This can be much more advantageous than selling the stock (which would create taxable gain) and donating the proceeds from the sale.

You can donate appreciated securities – stock, mutual funds, bonds, and other ‘property’ – and oftentimes receive a greater tax benefit than you would receive as compared to selling the appreciated securities and then donating cash.

Make sure to check with a tax professional before initiating any transfer of securities.

Please contact Tom Levesque, Director of Finance at 321.344.1587, if you are considering this kind of gift so that we can understand how you would like this gift to be utilized and send you a tax receipt in a timely manner. FPCO continues to use the same company to receive all stock gifts (Fidelity Investments, DTC# 0226).

more ways to give

Direct Charitable IRA Distribution

The Charitable IRA rollover provision has become a great way to maximize your giving after the new tax laws came into effect.

Smart, tax-efficient giving for anytime of the year!

The Charitable IRA provision, allowing individuals with IRAs to make direct charitable transfers totaling up to $105,000 per year has become much more popular in the last several years as a result of recent tax law changes. We’ve seen quite a number of members begin giving to First Pres in this way. The doubling of the standard deduction under the provisions of the new tax law effective in 2018 will preclude many from itemizing their deductions, including charitable gifts.

Donors that have reached 70 ½ years of age qualify for this tax-efficient way to make a charitable gift especially if you now do not itemize deductions.

Please contact Tom Levesque, Director of Finance at 321.344.1587, if you have any questions on how to make a charitable gift from your IRA account. The IRS and financial advisors refer to this type of charitable gift as a “Qualified Charitable Distribution” (QCD).