Dear Father Harry,
As 2024 draws to a close, we reflect on the blessings of this year and the steadfast support of our generous donors. Your contributions sustain the mission of Hellenic College Holy Cross (HCHC) to educate and inspire the next generation of Orthodox Christian leaders.
As you consider your year-end giving, we want to share some best practices and strategies to maximize the impact of your generosity while taking advantage of tax benefits available before December 31.
1. Donate Appreciated Securities
Gifts of stocks, bonds, or mutual funds that have appreciated in value can provide significant tax advantages:
- You may avoid paying capital gains tax on the appreciated value.
- You can claim a charitable deduction for the full market value of the securities if held for more than one year.
This is an excellent way to support HCHC while mitigating your tax liability.
2. Make a Qualified Charitable Distribution (QCD)
If you are 70½ or older, you can make a tax-free distribution directly from your IRA to HCHC:
- QCDs can satisfy your required minimum distribution (RMD).
- They reduce your taxable income, even if you do not itemize deductions.
3. Give Through a Donor-Advised Fund
A donor-advised fund (DAF) allows you to recommend grants to HCHC while simplifying your charitable giving:
- Contribute cash, securities, or other assets to your DAF for an immediate tax deduction.
- Recommend a grant to HCHC and other charities at your convenience.
4. Maximize Your Deduction with Cash Contributions
Cash donations remain one of the most straightforward ways to give:
- Cash contributions to HCHC are deductible up to 60% of your adjusted gross income (AGI).
5. Plan a Legacy Gift
Consider including HCHC in your estate plans or naming us as a beneficiary of your retirement account, insurance policy, or other assets. Legacy gifts often provide estate tax benefits and ensure that your values continue to make an impact for generations to come.
Important Deadlines
To take advantage of current US laws regarding tax-deductible gifts, please ensure your gift is made by December 31:
- Stock Transfers: Initiate transfers early to allow time for processing.
- Mailed Checks: Postmark by December 31.
- Online Donations: Submit before 11:59 PM EST on December 31.
As a faithful supporter of Hellenic College Holy Cross, we are pleased to provide you with a free estate planning guide. Just submit your request here.
Your partnership is critical to our mission, and every gift—large or small—makes a difference. To make your gift today or learn more about how you can support HCHC, please visit us here or contact our Office at advancement@hchc.edu.
Thank you for your steadfast support and generosity. Together, we are building a brighter future for Orthodox Christian education, our parishes, and our Archdiocese.
Wishing you and your family a joyous Nativity and a blessed New Year!
With gratitude for your faithfulness and generousity,
Fr. Jim
Fr. James Katinas, Vice President for Institutional Advancement
PS. For wire instructions, please contact me at 617-999-7373, or at 617-850-1265.
PSS. I thought you might also find this article helpful:
https://www.schwab.com/learn/story/12-tax-smart-charitable-giving-tips?cmp=em-XCS
