USA and Canada KCOB Centenary Bursary

Kearsney Development Fund Bank Information

Standard Bank
Account No.:25 081 6733
Swift/Chips ID: SBZAZAJJ
Sort/Bank Code: 045726

Bank street address: 3 Inanda Road, Hillcrest, KZN, 3650, South Africa

Reference: USA-KCOB CF/Your Surname

Please send proof of payment to foundation@kearsney.com

General Board of Global Ministries (GBGM) of United Methodist Church (UMC) Bank information

Wire Transfer:

Bank of New York Mellon:

Bank Street Address One Wall Street, New York, New York, 10286
Swift No.: IRVTUS3N
ABA/Routing No. 021000018
Account Name:  General Board of Global Ministries-UMC
Account No:  1096086020

458 Ponce De Leon Ave., NE | Atlanta, GA 30308

Attn: Judy Kelley

EFT Reference: USA-KCOB CF/Your Surname

Contact Details:

Judy Kelley, Senior accountant, Operations and Finance

jkelley@umcmission.org

(T): 404-460-7614; (F): 404-460-7125 | http://www.umcmission.org

Reference: USA-KCOB CF/Your Surname

A suggestion from Michael Hall:

Donating directly from an IRA

For those of us past the age of 70 ½, who are required by the IRS to take a minimum distribution (MRD) from our IRA each year, there is a provision that makes charitable giving very attractive.

You can donate any or all of your MRD directly to Kearsney, through the General Board of Global Ministries and not have to pay any tax on that part of your MRD.

As an example:

Ø      If your required MRD for 2016 is $25,000, you can donate all or part of that to Kearsney without it affecting your taxable income at all. The disadvantage to using this route is that you cannot claim this as a charitable donation when filing your tax return.

Ø      If on the other hand you were to allow that $25,000 to transfer to you as income, it would have the following tax consequences (assuming that you are in a 25% Federal tax bracket and live in a State such as California that has an ~8% State income tax):

You would pay ~$6,250 in Federal taxes

You would pay ~ $2.000 in State taxes (this depends on your total income)

This would leave you with ~ $16,750.

Additionally, that $25,000 would be considered income for 2016 and could raise you into a higher tax bracket, possibly increasing your total tax bill as well as putting you into a higher bracket for Medicare Part B and D.

You could then donate this $16,750, or some part of it, to Kearsney and take that as charitable donation, thus reducing your total tax bill.

Summary:

Ø      Making the direct donation from your IRA would allow you to donate up to $25,000 to Kearsney and reduce your tax bill.

Ø      Taking the MRD as income would allow you to donate ~$16,750 Kearsney, increase your taxable income by $25,000, but would allow you to take $16,750 as a tax-deductible charitable donation