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December 14, 2022Our parishioners are extremely generous. In addition to on-going donations of time, service, and helping those in need, some also ask how they can help give back in other ways. There are some short-term and long-term methods that some parishioners have used in the past, but are not always immediately known.
As the holiday season and end of the year approaches, here are a few different vehicles some people have used for their charitable giving.
Tax Efficient Ideas
Please be sure to consult your tax accountant or financial advisors in regard to the effect of these ideas based on your individual income tax situation.- Invest In Kids Tax Credit Scholarship Act. Contribute to a scholarship fund that will directly benefit Saint Hubert School families while reducing your state income tax bill. Beginning December 1 there is a 1:1 Matching Gift incentive for donations received through Empower Illinois—the organization that coordinates the scholarships. Donations will be matched up to $75,000 school while funds remain available. For more information visit sainthubert.org.
- Gifts from an IRA. If you are over 70-1/2, you must take Minimum Required Distributions from your IRA or pay a penalty on the amount not taken. Funds transferred from the IRA directly to the parish by check or wire transfer are considered Qualified Charitable Distributions, which may be excluded from taxable income on the Federal and State of Illinois income tax returns up to $100,000 annually.
- Gifts of Appreciated Stock. These may be tax advantageous when it comes to capital gains. The parish works through the Archdiocese of Chicago to accept gifts of stock or other securities. If this is of interest, please contact our parish Operations Director, Joyce Manfre, for more information.
- Matching Gifts. Parishioners and friends of the parish can double their gift to St. Hubert if their employer has a matching gift program. Contact your employer’s HR or benefits manager to learn more.
- Special Donations. If you would like to make a special end-of-the-year donation, you can do so through the regular collections at Mass, electronically through Give Central at givecentral.org, through the mail, or dropping off a donation at the parish offices. The amounts received will be included on the contribution report you receive at year end.