Reports & Presentations
The following link will take you to the most recent annual reports and audited financial statements. If you have any questions, please contact Brian Stanton, Chief Financial Officer, at [email protected] or (212) 808-4460, ext. 1403.
IRS Tax Law Updates on Charitable Contributions
In August 2006, Congress enacted the Pension Protection Act of 2006. While primarily a pension reform law, the Act contains the following provisions pertaining to charitable contributions:
Recordkeeping Requirements for Cash Contributions
All cash gifts made to qualified charities in tax years beginning after August 17, 2006 (2007 for most taxpayers) must be supported by a dated bank record (such as a cancelled check) or a dated receipt. The receipt from the charity must show the name of the charity, date of contribution, and the amount of the contribution. The Redeemer Giving Statement, which is mailed home quarterly, is an acceptable receipt for gifts made to Redeemer.
Tax-free distributions from IRAs for charitable purposes
IRA owners who are at least 70 1/2 years of age can make tax-free distributions of up to $100,000 from a traditional IRA or a Roth IRA to a tax-exempt church or charity. This provision is effective through 2012.