Cash is a simple way for you to make a gift to First Pres or the First Pres Foundation. You will receive a charitable tax deduction that may provide you with savings on this year’s tax return.

A Qualified Charitable Distribution (QCD) is a tax-free donation from an IRA to a qualified charity. It allows individuals who are age 70 ½ or older to now donate up to $108,000 per year for 2025. It may also count toward required minimum distributions (RMDs) for people who are age 73 under current rules. A QCD is not taxed, nor is it included in taxable income.

How QCDs Work

• The donation must be made directly from the IRA trustee to a qualified charity.
• The charity must be a 501(c)(3) organization recognized by the IRS.
• QCDs provide the same benefit as a charitable deduction without the need to itemize.

QCD Benefits

• QCDs can reduce taxable income: The key advantage of a QCD is that it does not count as taxable income, unlike typical IRA withdrawals. This can be especially helpful for retirees who want to minimize their overall tax burden, as the additional income from an RMD could push them into a higher tax bracket.
• QCDs can reduce adjusted gross income (AGI), which may lower Medicare premiums and taxable Social Security income.
• QCDs can help satisfy RMDs.
• QCDs can be used to satisfy a Pledge without violating rules against self-dealing.

Who can make QCDs

• IRA owners who are 70½ or older.
• Married couples with separate IRAs can combine their QCDs up to the annual limit.

How to Make a QCD Gift to First Pres

• Before making a QCD, consult with a financial advisor or tax professional.
• Check Eligibility: Make sure you are at least 70 ½ years old at the time of the donation.
• Contact your IRA Custodian: Instruct your IRA administrator to transfer the funds directly to First Presbyterian Church or First Presbyterian Foundation.
• It is important to note that you cannot withdraw the funds and donate them yourself.

First Presbyterian Church is a 501(c)(3) non-profit organization, EIN: 84-0416230 and your gift is tax-deductible to the extent allowed by law.

Donating an IRA and other retirement assets as part of an estate plan:

Retirement Funds may be taxed at ordinary income tax rates as they pass to non-spousal heirs, so making a charitable gift is an excellent way to save the taxes. In addition, most people do not use up all of their retirement funds within their lifetime, so if you do not plan to pass your retirement funds to heirs, you can make First Pres or the First Pres Foundation a beneficiary of your retirement fund. This includes IRAs, 401(k)s and 403(b)s.

Do so by asking your plan administrator for a Change of Beneficiary form. You can make a gift of a fixed amount or a percentage of your retirement fund. You will want to indicate on your beneficiary form how you want the funds to be used in the ministry of First Pres.

Benefits of retirement plan gift:

• You avoid any income taxes to be paid by individual heirs and the estate.
• You can continue to withdraw funds as long as you have need during your lifetime.
• You can change the beneficiary if your circumstances change.

Make a gift of life insurance by:

• Transferring ownership of a paid-up policy and naming First Pres or the First Pres Foundation as the beneficiary.
• Naming First Pres or the First Pres Foundation as a beneficiary or all or a portion on an existing policy of which you are the owner.
• Purchasing a new policy and naming First Pres as the owner and beneficiary, then making an annual tax-deductible gift for the premium payment.
• Transferring ownership of a policy that is not fully paid up with the assurance that you will make the necessary contributions to cover the premium payments.
• Naming First Pres or the First Pres Foundation as a contingent beneficiary of a policy.

Benefits of making a gift of life insurance:

• You can make a significant gift from income rather than using capital assets.
• You receive an income tax deduction for the amount of the cash value in the policy or for gifts you make for premium payments for a policy that First Pres or the First Pres Foundation owns.

Deed your home, vacation home, commercial property or investment property to First Pres or the First Pres Foundation. The church will likely sell the property and the proceeds will be transferred to First Pres or the First Pres Foundation. You also have the option of giving a fractional interest in real estate or establishing a life estate, which reserves for you the right to live in your home for the rest of your life before your home passes to the church or the Foundation.

Not all real estate gifts can be accepted by First Pres or the First Pres Foundation. We will gratefully review your offer of a real estate gift and determine whether the donation is appropriate for all parties. In order to donate real estate, you must obtain a qualified appraisal, which becomes the amount of the permitted tax deduction.

Questions that could affect the acceptance of the property:

• Are there any environmental concerns?
• Is there a mortgage on the property?
• Is the property marketable and saleable within a reasonable period of time?
• Are there costs associated with accepting the property?
• Does the property have any liens?
• Do you have plans to continue to use the property?

Benefits of a gift of real estate:

• You receive an income tax deduction for the fair market value of the property.
• You avoid the potential capital gains taxes that would be incurred upon the sale of the appreciated property.

Real Estate can also be transferred to a Charitable Remainder Trust and provide you an income for life.

A gift of appreciated securities that you have held for at least one year and one day can be a wise way to make a gift. If you were to sell the stock, you would be obligated to pay federal capital gains tax of 15 percent on the appreciation over the original cost of the stock (assumes an income tax bracket of 25 percent or above) and Colorado capital gains tax of 4.63 percent. With a gift of stock, you avoid the capital gains tax and you receive an income tax deduction for the full value of the stock.

In any of the cases listed above, we recommend you work with your tax advisor. The tax laws change from time to time and your tax advisor will be able to advise you best as you consider a potential gift to First Pres.

Stock given to First Pres or the First Pres Foundation is sold immediately and the funds are used for the purpose you designate.

Our brokerage firm is:

Raymond James & Associates

The name of our charity account is:

First Presbyterian Church of Colorado Springs

219 E Bijou St.

Colorado Springs, CO 80903

Our account number is: 2968K569

The DTC number is: 0725

Contact name and number at Raymond James is:

Lawrence N. Gorab, Jr. 719-419-3866

Assistant: Ann Polonsky 719-419-3862

Raymond James Branch 3CC

102 N Cascade Ave, Ste 600

Colorado Springs, CO 80903

FPC Tax ID 84-0416230

Tax Exempt No. 98-04593

NOTE: It’s helpful if you as the donor, advise the delivering firm to disclose your name and address to Raymond James so that we can give proper contribution credit and send a donor letter.