|
IRS Discount Rate: August 1.0%
The valuation rate for new pooled income funds in 2012 is 1.8%.
|
|
|
FEATURED ARTICLE
|
|
|
Best Practices for Stewarding Bequest Donors
It is immensely important that organizations not forget about a ‘known bequest’ after the eureka moment when an intention is revealed and before the donor’s passing. Good stewardship serves to strengthen a donor’s relationship with your
organization and is a vital part of a successful bequest program.
|
|
|
|
|
|
|
IN THIS ISSUE
|
|
|
|
|
Quick Tip: Payment Timing
Many of our clients ask us about payment timing. Specifically, they want to know whether to select Beginning of Period or End of Period when choosing the payment timing for a gift annuity.
The correct answer is almost always End of Period, even when the annuity makes payments on the first day of each calendar period (for example 1/1, 4/1, 7/1, and 10/1).
|
|
Update: Michigan Amendment Exempts Gift Annuity Payments from Withholding
As noted in the March eRate, Michigan revised its tax law to provide for withholding of Michigan income taxes from pension and annuity payments, effective January 1, 2012. While the revision did not specifically mention gift annuities, it did appear that in certain circumstances they could be subject to the withholding requirement.
In late April a bill seeking to amend the recently revised law was introduced, and included a provision that exempts gift annuities from the withholding requirement. That bill (SB 1104), was adopted and signed by the Governor on June 25, 2012. Relevant to gift annuities, the amendment provides:
“(15) A person who disburses annuity payments pursuant to the terms of a qualified charitable gift annuity is not required to deduct and withhold a tax on those payments as prescribed under subsection(1). As used in this subsection, “qualified charitable gift annuity” means an annuity described under Section 501(m)(5) of the internal revenue code and issued by an organization exempt under section 501(c)(3) of the internal revenue code.”
For the full text of SB 1104 (Public Act 217 of 2012), click here. |
|
|
Details on Amendment to TN Gift Annuity Law
In the June eRate we noted a recent amendment to Tennessee’s gift annuity law had been adopted, but held off on providing details until more was known on the practical implementation of those changes. To read more about the changes, click here. |
|
|
Free Download: Content Marketing White Paper
Our latest white paper will help you manage a content marketing program that provides a boost to your key goals. Download The Cultivation Funnel: How Content Marketing Can Help You Move Planned Giving Prospects from Awareness to Close today. |
|
|
Client Story: Our Lady of Victory Homes of Charity
Andy Mantione, the Director of Planned Giving at Our Lady of Victory Homes of Charity, says “At our organization, the planned giving program is responsible for all aspects of the administration of our charitable gift annuity program, including the production of checks and electronic funds transfers, tax reporting, etc. We use PG Calc’s GiftWrap software to complete these important tasks.
“For almost 20 years, PG Calc has been an integral part of our success with planned gifts, and having GiftWrap has been an invaluable part of this success. We value PG Calc’s expertise in all aspects of our charitable gift annuity program, and view them as true partners in our Mission".
PG Calc’s GiftWrap is the right solution for individuals who are interested in administering planned gift programs accurately, professionally, efficiently and with more insight into the future - not only when compared to offline, manual solutions, but also when stacked up against any other planned gift administration software.
|
|
|
OUR BLOG: THE LATEST
|
|
Gift Planning and the Medicare Surtax
|
|
UPCOMING WEBINAR
|
Family Matters: Stewardship of Your Planned Giving Donors
Presented by
Dyan Sublett
Thursday, July 26
1 PM - 2:30 PM EST
|
|
MARKETING CORNER
|
What’s New in Planned Giving Marketing?
|
|
HELPCLIP
|
Customize Features Added To Planned Giving Manager 6.6!
|
|
UPCOMING TRAINING
|
August 6-7
Boston, MA
Gift Planning with Planned Giving Manager
August 8-9
Cambridge, MA
Gift Administration with GiftWrap
|
|
