Paul reminds us in 1 Corinthians that we are to be faithful and trustworthy stewards of all that God has entrusted us with. If you are exploring creative ways to make an impact now or plan your approach for the ultimate disposition of your assets at an unknown time in the future, we invite you to consider a gift option below that would significantly impact the Kingdom through camping ministry at Covenant Harbor.
Planned giving vehicles can assist you in realizing current philanthropic goals and also allow you leave a legacy well into the future. Did you know that it is possible to simultaneously protect your assets, provide income for you or for your family and generously support organizations that are important to you? Review the gift opportunities below and contact our development staff if you are considering
Please note that the complexity of these gifts requires help from professional advisors. We are pleased to partner with Covenant Trust Company as a preferred provider of Planned Giving Services. If you prefer, we will work with your personal advisors to ensure that your financial needs and priorities are met.
Planned Giving Options
Gifts by Will or Estate
Naming Covenant Harbor as a beneficiary in your will allows you to make a gift to the ministry upon death while maintaining control over your assets during your lifetime.
Transfer your personal residence, vacation home or other property to a life estate, which allows you to continue living in or using it for a specified time or until your death.
Gifts That Provide You Income
A gift of this type allows you to claim a current tax deduction for your investment in an annuity, which provides a guaranteed stream of income for the rest of your life.
Gifts From Retirement Plans
You may opt to gift a portion or all of your assets that are held in individual retirement accounts (IRAs) or 401(k) or 403 (b) plans. Charitable IRA Rollover contributions can be made annually to reduce your annual taxable income from your IRA.
Charitable IRA Rollover
- Is the IRA Charitable Rollover? The IRA Charitable Rollover was passed into law in 2015 allows taxpayers age 70 ½ or older to transfer up to $100,000 annually from their IRA accounts directly to charity without first having to recognize the distribution as income.
- How does this work? When you roll a designated amount of money from your IRA (roth or traditional) to a qualified charitable organization, that amount is deducted from your income and reducing the amount of taxes you owe on your income that year. Your rollover is not eligible for a tax deduction, nor is it taxable. To summarize – you gift money from your IRA to Covenant Harbor, reducing your income and the taxes you owe.
- How do I know if I am eligible? As long as you are 70 ½ years or older at the time the gift is made and you are eligible to donate up to $100,000 at any time throughout the year. The gift must be 100% charitable, meaning no goods or services can be offered in exchange.
How do I make my gift? Contact your tax professional to confirm that you meet eligibility requirements. Next, contact your IRA custodian to transfer your designated gift amount directly to Covenant Harbor (Federal Tax ID: 36-2183808). Complete the quick form below to let us know we can anticipate your gift.