Planned Giving Frequently Asked Questions (FAQ)
“Ask, and it will be given to you; seek, and you will find; knock, and it will be opened to you.” Matthew 7:7
There are many ins and outs to Planned Giving, and they can be radically different depending on a number of different factors. Here we’ve listed some common questions that we encounter working with donors wishing to make these planned arrangements. Where we hope answers can be helpful, they should not be taken as financial advice. One should always speak to a financial advisor or estate planner for any financial advice. That being said, if you have any questions regarding the facilitating of planned gifts, please reach out to us at: 816-714-2346 or firstname.lastname@example.org
General Planned Giving
Question: ‘Why can’t I just send the gift directly to my parish?’
Answer: As the processing and recognizing planned gifts can be more complicated than simply depositing a check, the diocese is happy to process these as a courtesy to most of our parishes. Your parish office should be able to tell you the donation method they prefer.
Question: ‘What is the latest I can send a planned gift for it to count as a charitable contribution in 2021?’
Answer: Providing a gift (IRA, Stock/Securities, DAF, etc.) is received or post-marked before December 31, 2021 (midnight) we can recognize it as a charitable contribution in that calendar year; and will state as much in the tax letter sent.
Question: ‘I didn’t receive my tax letter for a contribution, how can I secure one?’
Answer: We issue tax letters to all donors, after the gift has been received.
In the instance of stock/securities gifts the process can take roughly two (2) weeks from receiving before a parish/ministry will see the funds from the gift. Once their check has been issued, we send tax letters to the corresponding donor(s). If you made a gift, and after a few weeks have not received a tax letter, please contact us at 816-714-2346 or email@example.com. It could have lost in the mail, or it’s possible we lacked the information to tie a received gift to you.
Question: ‘Can I donate cryptocurrencies (Bitcoin, Ethereum, etc.) to my parish or diocese?’
Answer: At this time, we are not accepting donations of this kind.
Question: ‘My financial officer says I don’t need to fill out the diocese forms when making a gift.’
Answer: In our experience, finance offices sending funds through planned means rarely include all beneficiary information with gifts they send. It is for this reason that we ask that all Planned Donors send the proper paperwork ahead of their gift. The unfortunate situation of a gift arriving with no beneficiary information is an all too common occurrence, that can often lead to a delay or outright prevention of the funds being delivered to the correct parish or ministry.
This paperwork is especially important in the instance where a gift is split between different causes or parishes. The diocese must know exactly how much needs to go to each beneficiary, even if a gift is being divided between a parish and its school. If the exact amount is unknown, we need to know the split and where the overage should go, on a completed DTC form. All required paperwork and instructions are available below:
Question: ‘My financial officer says they can’t put all the needed information on an IRA check. What’s the minimum amount that can be included, while still ensuring that the funds get to the right place?’
Answer: Providing any check is made out to ‘Diocese of Kansas City – St. Joseph (Diocese of KCSJ) and we have a completed QCD on file for the gift in question we can get the funds to the correct place. From there it’s a matter of ensuring that the gift is mailed to our offices at: 20 W 9th St, Kansas City, MO 64105
Question: ‘What kind of check can I send for it to count as an QCD?’
Answer: In order for us to recognize a gift as a QCD, it must come directly from an IRA; and include any required supporting materials regarding the beneficiary. We cannot recognize checks or cashiers checks that have been ‘funded’ through cashed out IRA funds.
Stock and Securities
Question: ‘How much money does the diocese or Wells Fargo take from my stock donation before it gets to my parish?’
Answer: Unless stated that the diocese is the beneficiary, we do not take a cut of Planned Gifts processed. Wells Fargo (our receiver) does have a very small, algorithmically determined, fee for each share processed, however, it is the lowest they offer. This is not a number that is shared ahead of time, but it is not enough to make a great impact on donated stock gifts.
Question: ‘Why can’t a donor sell x shares and donate the proceeds?’
Answer: Whereas there is nothing to prevent a donor from doing this, the sale of shares opens one up to owing taxes on those sold assets. By donating the shares outright, one is able to contribute the most while not worrying about owing taxes.
Question: ‘Can I donate my car to my parish, the diocese, etc?’
Answer: At this time we do not accept the donation of cars, however there are some of our ministries that have the programming established in order to process these gifts. If in doubt, speak with a representative from a ministry in question.
Gift of Grain/Livestock
Question: ‘Why can’t a donor sell x and donate the proceeds?’
Answer: Like with the donation of stocks and securities, there is nothing preventing one from doing this; however, following this course of action can open one up to taxes on the sale of their assets. By donating said assets directly to us, it allows us to liquidate/sell and allocate the full amount to your intended beneficiary.