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Non-Cash Assets Q&A

Q:  Can I give a gift to Westminster Seminary California (WSC) from my IRA?

A:  Absolutely! If you are 70 ½ or order, gifts from your IRA are smart, tax-wise ways you can support the mission of WSC! Not only do these gifts satisfy your required minimum distribution, but they also reduce your taxable income.

To learn more about making a gift through your IRA and other smart and powerful giving options, contact WSC at 760.480.8474 or info@wscal.edu.

Q:  What are the benefits to giving stock, real estate or other non-cash assets to WSC?

A: By giving non-cash assets, you can…

  • Receive a fair market value deduction at the time of your gift and avoid tax liability on the sale of appreciated assets.
  • Give assets you no longer need or want to manage (such as rental properties or vacation homes) for the benefit of ministry.
  • Give from your excess resources without restricting cash flow.
  • Eliminate potential taxes or complications for your heirs by giving complex or burdensome assets to ministry in the here and now.

To learn more about giving stock, real estate or other non-cash assets, contact WSC at 760.480.8474 or info@wscal.edu.

Q:  What’s my deadline for making an end-of-year IRA gift to WSC?

A:  There are a couple things to consider when making an end-of-year IRA gift to WSC.

  • If your gift is coming directly from your IRA administrator, you must complete your paperwork in time for your administrator to send a check to WSC on or before December 31. 
  • If you have been given an IRA checkbook, your check must be received AND PROCESSED by December 31 in order for it to count toward your required minimum distribution. It is NOT enough that personal IRA checks are postmarked or even hand-delivered by December 31.

Bottom line, allow extra time at the end of the year to ensure your IRA gift is mailed, received and processed well before December 31.

Furthermore, since IRA checks do not include your name and look very similar to standard bank checks (which have different guidelines), it’s a good idea to alert WSC when giving in this manner.

To learn more about making an end-of-year IRA gift, contact WSC at 760.480.8474 or info@wscal.edu.

Q:  I’d like to make a gift of real estate to WSC. Is there anything I should consider before doing so?

A:  Whether you are wanting to sell a vacation home, farm or rental property, giving real estate holds significant benefits for you AND God’s Kingdom. However, there are a few things you should consider when giving real estate:

  • A qualified appraisal of the property by a professional is required to claim your charitable deduction on your tax return.
  • The property must be given before signing any legally-binding obligation to sell.
  • It is best that the property is debt-free and marketable.

To learn more about gifting real estate to benefit God’s Kingdom, contact WSC at 760.480.8474 or info@wscal.edu.

Q. How can I determine what is the most tax-efficient way for me to give to WSC?

A. Through WSC’s partnership with Barnabas Foundation, you have complimentary access to trusted planning support, all from a Christian perspective. A planner will answer your questions with clear, easy-to-understand information so you can identify the best giving solutions to achieve your personal and charitable goals.

To learn more about smart and powerful ways to give, or to be connected with a Barnabas Foundation planner, contact WSC at 760.480.8474 or info@wscal.edu.