Donor Directed Funds (DAF)
Donor Advised Funds (DAF) are an easy and tax-efficient way to manage charitable giving. These funds allow donors to receive an immediate tax deduction for their charitable contribution, and then recommend grants from the fund on the donor’s own timeframe. This gift comes from money you have already set aside for charitable purposes, so there is no reduction in funds available to meet your current needs and goals.
How does it work?
- Establish your DAF by making an irrevocable, tax deduction donation to a public charity that sponsors a DAF program.
- Advise the investment allocation of the donated assets (any investment growth is tax free).
- Recommend grants to the charities you support, with the option of being recognized or remain anonymous.
If you are a client to the funds below, you can conveniently click the link below, access your account, and designate the Kokomo Rescue Mission for your giving. Kokomo Rescue Mission’s tax ID 35-1104430
For more information contact: Van Taylor | Executive Director : vtaylor@rescuekokomo.org
Fidelity Charitable Gift Fund
Schwab Charitable Fund
Vanguard Charitable Endowment Fund
Wills, Trusts, Estates
A Will or a Trust is a personal document that ensures that your finances and property will be allocated to care for loved ones in specific ways. You can also use your Will or Trust to make charitable donations. Along with providing for your beneficiaries, you can also leave a particular asset, a specific amount of money, a percentage of your estate, or the remainder of your estate to a charitable organization like the Kokomo Rescue Mission.
If you are interested in naming the Kokomo Rescue Mission as a beneficiary in your Will, Trust or Estate-planning instrument, your attorney will find the following information valuable:
Kokomo Rescue Mission
P.O. Box 476
Kokomo, IN 46903-0476
We are a 501 (c) (3) organization incorporated in the state of Indiana.
Tax ID: 35-1104430
If you have included the Kokomo Rescue Mission in your Will, please contact us at 765-456-3838 or email vtaylor@rescuekokomo.org
Beneficiary on Life Insurance or Retirement Plan
Sometimes situations in life can alter your life insurance and retirement plan needs. These changes could play a major role in your charitable giving. If the Mission is the primary beneficiary, we would receive the proceeds first. If we were a secondary beneficiary, we would receive proceeds only if the primary beneficiary cannot. Your insurance advisor or retirement plan administrator can provide the forms needed.
Charitable Gift Annuity
When making a gift to Kokomo Rescue Mission in exchange for a Charitable Gift Annuity, you can defer Capital Gains tax and provide you with an immediate tax deduction. Below are benefits you’ll receive:
- An immediate tax deduction on a large portion of the gift;
- Capital gains tax deferral;
- If you donate appreciated securities, you won’t owe capital gains tax when you make the transfer either;
- And increased income stream for life.
IRA Giving Opportunities
You can make tax-free distributions directly to a church or charity without incurring tax on the transfer.
Thanks to tax law provisions made permanent in 2016, taxpayers age 70-1/2 or older can make tax free distributions directly to a church or charity from traditional IRAa or a Roth IRA up to $100,000 per year. (IRA direct charitable contributions to donor advised funds, supporting organizations, private foundations or charitable remainder trusts do not qualify.)
Under these new rules, taxpayers can transfer IRA funds from an IRA custodian to the Kokomo Rescue Mission without incurring income tax on the transfer. The donor may claim a charitable deduction only to the extent that the IRA was funded with after-tax dollars. Individuals may have made both pre-tax and after-tax contributions to a traditional IRA. Roth IRA’s are funded with after-tax contributions.
Stock
Do you own stock that has increased in value since you purchased it? Have you had it for more that one year? By transferring the shares directly to Kokomo Rescue Mission, you’ll receive a valuable income tax deduction and reduce or even avoid the capital gains tax you would have paid if you sold the shares yourself.
