There are a number of innovative giving strategies that benefit both you and Interfaith Outreach. Here are just a few stories of the life-changing gifts from donors over the years. If these ideas inspire you, we encourage you to contact Andrea Fahrenkrug to discuss a transformational gift that’s right for you and your family. For your reference, the Interfaith Outreach & Community Partners Tax ID# is 36-3482724.
1. QUALIFIED CHARITABLE DISTRIBUTION
- Interfaith supporters are now taking advantage of giving to Interfaith directly from their IRA accounts. If you are 70 ½, this gift may help you meet your required minimum distribution and provide you tax benefits as well.
2. GIFTS OF APPRECIATED STOCK
- Interfaith currently receives gifts of stock from more than 30 supporters each year. Last year those gifts totaled over $360,000. Our donors have found that a gift of appreciated stock is a great way to give larger gifts to Interfaith than they thought they could make, while receiving a significant charitable income tax deduction.
3. BENEFICIARY DESIGNATION OF LIFE INSURANCE OF OTHER FINANCIAL ACCOUNT
- We are humbled and flattered by legacy gifts made by ardent supporters. One of the “founding fathers” of Interfaith Outreach recently passed away. The Interfaith Endowment received a surprise donation as a beneficiary of his life insurance policy. It is a simple process to add Interfaith as a beneficiary to your policy or account.
- Another supporter purchased a new insurance policy for the value of his current estate (at about half the cost of the estate) and named his kids as beneficiaries. This freed up the remainder of his estate for charitable giving, including a significant gift to Interfaith Outreach, without reducing his kids’ inheritance.
4. GIFT OF REAL ESTATE
- In 2005 a generous supporter of Interfaith Outreach donated a family-owned property in Wayzata and received a charitable income tax deduction for the value of the property. In partnership with Habitat for Humanity, Interfaith Outreach volunteers built a twin home for two families served by Interfaith. These homes will be affordable into perpetuity.
- Recently a generous supporter named Interfaith on a “transfer on death deed” (TODD) for her house. A TODD allows her to live in the home for her lifetime and transfer it at death to Interfaith without the need for probate. The sale of the home will provide a significant cash donation to the Interfaith Outreach Endowment Fund.
5. GIFT OF PERSONAL PROPERTY
- Interfaith has been the beneficiary of several interesting gifts of personal property. Several years ago a supporter donated the new materials for a pole barn that had not been built which was subsequently sold on our behalf at a farm auction, resulting in a donation of $20,000+!
- A recent bequest following the death of a long time local philanthropist provided $50,000 to seed the 40th Anniversary Founder Fund to pursue strategic growth of partnerships in Interfaith’s three priority areas of education, housing and mental health.
- Other giving options are also available including a grant from a donor advised fund, a gift of agricultural assets, business assets, mineral interests, etc.
Contact Andrea Fahrenkrug, Director of Individual Giving, at 763-489-7512 or firstname.lastname@example.org.
Interfaith Outreach & Community Partners and the Interfaith Outreach Endowment Fund are both 501(c)(3) nonprofit organizations. Gifts to either organization are tax deductible to the full extent allowed by law. Please consult with your financial adviser to determine which giving option is best for you.