There are many ways you can support the Market Street Mission. Cash gifts are always welcome. However, there are other ways to help the Mission meet its ministry needs in the future. For example, you could put the Market Street Mission in your will or you can make a gift from your appreciated assets. This type of giving provides long-term support to the Mission as well as an immediate tax benefit to you.
Including Market Street Mission in your will? You can use the following language in your will to be sure your request is honored:
“I bequest [list the $ dollar amount or % percentage] of my estate to The Market Street Mission, 9 Market Street, Morristown, NJ 07960 (Tax ID # 22-6047486) for the general purpose of providing meals, shelter and hope to the hungry, homeless and hopeless in New Jersey.”
Designate Market Street Mission as a beneficiary of your life insurance policy or retirement account assets
As a qualified 501(c)(3) non-profit the Market Street Mission can be named as a beneficiary of your life insurance policy or retirement account assets. You can designate the Mission as a beneficiary for the entire amount or a portion. If benefits are to be shared be sure to indicate the percentage you wish to distribute among beneficiaries.
To list Market Street Mission as a beneficiary on your life insurance form request a Beneficiary Designation Form from your insurance company or plan administrator. There you will list:
The Market Street Mission
9 Market Street
Morristown, NJ 07960
Our tax ID number is: 22-6047486
Be sure to indicate The Mission is a charity on the designation form. Sign and date the form. Make a copy for yourself before returning the original to the insurance company or retirement plan administrator. Be sure to notify Market Street Mission of your intention so we can make a record of your generosity for our files.
FAQ
Does Market Street Mission accept QCD’s?
Yes! If you are 70-1/2 years of age or older you may direct up to $100,000 of your IRA each year to support charitable causes you care about most – like Market Street Mission!
You can make a Qualified Charitable Distribution directly to Market Street Mission (Tax ID: 22-6047486) from a traditional IRA or inherited IRA and the amount you donate is excluded from your taxable income, possibly preventing you from being pushed into a higher tax bracket.
The best news is that donating from a qualified retirement plan to a qualified charity like Market Street Mission can count toward your required minimum distribution (RMD) thereby avoiding the taxes on that distribution. Keep in mind, the required age for RMD’s has shifted to 73 years of age. The same shift was not made to the eligibility of QCD’s which allows you to direct a QCD even before you’re required to take the RMD.
Also note, your QCD does not count towards your charitable deductions. It will only reduce your taxable income.
To make an eligible Qualified Charitable Distribution to the Market Street Mission notify your IRA custodian and let them know you want to make a QCD to the Market Street Mission (tax ID: 22-6047486). You may need to provide a written request that includes the amount, our name and Tax ID, and confirm the withdrawal is a tax-free distribution. QCD gifts should list Market Street Mission as payee and be sent to the address listed below.
Market Street Mission
Development Dept.
9 Market Street
Morristown, NJ 07960
Does Market Street Mission accept gifts of Appreciated Securities?
Yes! Publicly traded securities that you have owned for more than a year and have appreciated in value can be transferred to Market Street Mission, which we will sell and apply the proceeds for maximum impact to help our neighbors in need. You will receive credit for a charitable deduction for the fair market value of the donated securities while also avoiding capital gains tax.
The deductible amount for these types of gifts is limited to 30% of your AGI in that year. Any amount exceeding 30% is carried forward for up to five years.
Does Market Street Mission accept non-cash gifts?
Yes! You can donate real estate, or personal property such as artwork, collectibles, books, cars, boats, and airplanes, which will yield a charitable deduction for the appraised fair market value (FMV) with no capital gains (in the case of real estate) due on the transfer.
Thank you! We genuinely appreciate your interest in helping your neighbors in need through the Market Street Mission!
For more information contact our Chief Development Office, Scott Taylor, at 973-993-4027.
Content is for informational purposes only. It is not intended as legal, accounting or financial planning advice. We recommend you consult with your financial or tax advisor with specific questions about how a donation may impact your situation before making any contribution.