Investing with Faith / Jolinda Moore

Gifting property and treasured assets: What you need to know

We all want to make a difference, but sometimes we may feel we lack the ability or resources to have the impact we want.

Through the years, people have made all kinds of gifts to charity—real estate, grain, vehicles and even treasured jewelry or coin collections.

Personal ties to the treasured property can make the process seem challenging and unexpected, but it is important to know the organization is fulfilling its due diligence to ensure the gift is the right gift for liquidity, ultimately impacting the people we serve.

The Archdiocese of Indianapolis and all our agencies and entities are governed by a gift acceptance policy. It outlines requirements for appraising the value of potential donations and ensures that a donor’s generosity will provide the intended recipient with financial benefit.

Most of the time, gifts like property are sold as quickly as possible, so that much-needed support can reach the people we serve. It’s rare that the archdiocese keeps a gift for its own use. Most are sold to support ministry work. This can be a hard realization when providing a treasured piece of property, but it is necessary to fulfill the ultimate mission, returning the goods that we have been entrusted to the work of the Church.

If you own property or real estate that you no longer need or wish to sell, a gift of these assets is one way you can benefit the Church without impacting your cash flow. You may also benefit from capital gains tax avoidance by giving rather than selling these assets. However, keep in mind that the act of giving will require the archdiocese to work through a review process.

Different kinds of gifts have different rules, especially when it comes to taxes and paperwork required by the Internal Revenue Service. Some gifts take more time and money to handle. For example, a gift of real estate may need a review for unpaid taxes or liens, a land survey, a building inspection and a professional appraisal.

When the formal review process is complete, we will proceed with a transfer of property which allows the donor to experience the impact of their generosity.

If you are considering giving something you own to benefit your favorite parish, school, agency or archdiocesan ministry, it is always best to contact that organization first to determine whether what you intend to give can be accepted. Remember, too, that you should always contact your own financial advisor to determine which available tax benefits may be best for you.

The Catholic Community Foundation (CCF) is happy to provide information and guidance about how your gift can be most effective for those you want to support. Contact ccf@archindy.org to learn more.
 

(Jolinda Moore is executive director of the archdiocesan Office of Stewardship and Development and the CCF. Tax or legal information provided herein is not intended as tax or legal advice. Always consult with your legal, tax or financial advisors before implementing any gift plan. If you would like to learn more about including your parish in your estate plans, please contact us any time at 317-236-1482 or ccf@archindy.org. We exist to exclusively serve you and your parish in planned giving.) †