Cash, Check, or Credit Card
Gifts of cash are the most common form of contribution to the Cathedral of St. Philip. A gift of cash is easy to do, and the gift is not subject to gift or estate taxation. A contribution that you postmark in December is deductible for that tax year—even if the Cathedral of St. Philip receives it in January—provided the account against which the check was written had sufficient funds to cover it in December.
A cash gift entitles you to a charitable deduction for the amount of your gift. You may deduct up to 50 percent of your adjusted gross income for the year of your gift. If all deductible gifts in a year exceed the 50 percent limit, you may carry the excess amount over as a deduction for up to five years.
For example, Edna Smith has an adjusted gross income of $50,000 this year. She contributes $35,000 to the Cathedral of St. Philip. She may deduct $25,000 this year and carry forward $10,000 to deduct next year.
Pledges
Pledges provide you an opportunity to make a larger gift than you otherwise thought possible by committing your gift over a period of three to five years. Ideally, your pledge should be documented in writing.
