Lutherdale has recently been blessed with a $500,000 pledge to our Share the Adventure campaign from a generous and faithful donor. This wonderful donation brings our total pledged to $2.5 million – 86% of our $2.9 million Phase 1 goal. Thank you to everyone who has been a part of this campaign – together we are opening the next generation of ministry at Lutherdale.
Work is on the construction of Lutherdale Lodge is beginning to get underway. Currently the building site is being cleared of trees, utility lines, and other obstructions in preparation for the beginning of foundation work. The foundation work will begin in mid-September and be completed before the end of the year. Construction of the building structure in will begin in spring 2019.
With the foundation of Lutherdale Lodge set to be put in place this fall, a ceremony to celebrate the groundbreaking of this exciting project as been set for Saturday, September 15th. The event will begin with lunch in the Dining Hall at noon, followed by the groundbreaking ceremony after.
With less than $1 million remaining in pledges towards our $2.9 million Phase 1 goal, we are excited to be closing in on opening new ministry at Lutherdale.
What’s the Biggest Change?
Because the amount of the standard deduction was virtually doubled in the recent tax reform legislation, fewer people will be itemizing their deductions. You can only use your charitable gifts as deductions if you itemize, therefore there will be fewer people that will be able to use gifts given out of their standard accounts (via cash, check, credit card, etc.) to lower their taxable income.
While most people who give to Lutherdale do so because they believe in our mission of providing Life Changing Adventure and not just because they want a tax deduction, we recognize that many people took advantage of their yearly contributions for their tax purposes. For those looking to gain tax benefits from their contributions to Lutherdale, here are two options that may be of interest:
The IRA Charitable Rollover: If you are taking a yearly required distribution from an IRA and are at least 70 1/2 years old, you can direct your distribution to charity. This transfer is called a Qualified Charitable Distribution (QCD). While you cannot use a QCD as a tax-deduction, it does reduce your taxable income. Because an IRA distribution is taxable income, if you direct it to Lutherdale before withdrawal, you lower your annual income. This may mean a lower income tax rate, less tax on Social Security Income, lower Medicare premiums and more. Talk to your tax professional for more info. The QCD transfer is an easy process that you set up with your IRA provider before taking the distribution. A check is sent directly from your IRA provider to Lutherdale and we send you a gift acknowledgement letter.
Stock Transfer: If you own stocks, mutual funds, or other securities and have owned them for more than one year, it can be a tax advantage to use them as a charitable gift. When you give in this way, you can still claim a deduction for the full market value of the security, and you avoid paying capital gains tax that would be owed if you sold those securities. This opportunity is available regardless of whether you itemize deductions or not. Making a charitable donation of a security to Lutherdale is an easy process. Instruct your financial advisor to transfer the shares through our Brokerage Account (contact us for the account info). We sell the shares and receive a check for the amount. Once we receive the check you receive a gift acknowledgement letter.
Questions about utilizing these options for your donation? Use the Contact Form below.
The Share the Adventure Campaign is nearly 65% of the way towards its $2.9 million Opening Phase Goal. We have already received over $1,655,000 of the amount pledged, meaning that 57% of our goal is already in hand. Click on the link below for more campaign info from our Winter 2018 Update.