Businesses That Build Homes and Communities

, , , , ,

By Zoe Trout & Beth Russo

We love our business community!

Local businesses know that our entire community is stronger when residents – and employees – have decent and affordable housing. We see this throughout the year at Asheville Area Habitat for Humanity, but never more so than when building the Business Bungalow.

The fourth Business Bungalow started construction last week, and is a house sponsored by local companies of all sizes. Longtime supporters Eaton Corporation launched this year’s Business Bungalow with a $20,000 challenge gift. In their 11th year of sponsorship, Eaton made this gift and encouraged other businesses to get involved at any level. Business Bungalow 4 has raised more than $52,000 so far, with over 40 businesses participating!

This house sponsorship includes all size businesses (from very small to very large), who band together to help build an affordable, energy efficient home. Restaurants like Copper Crown give a percentage of their proceeds from one evening of sales, while Rezaz is running specials throughout the month of March to support this build.

Other companies, like Blue Ridge Orthodontics, use their sponsorship support to bring their employees from the office out to a Habitat jobsite to share a team building experience volunteering to build this house.

The financial support that local businesses provide – whether as a Housing Champion, Blueprint Sponsor or at a higher level – helps make Habitat homes affordable. Every dollar adds up to an affordable Green Built home that a deserving family will purchase. Asheville Habitat is proud to collaborate with so many local businesses to make affordable homeownership within reach for more local families. Click here to see all of our wonderful sponsors! We are especially excited that this year’s Business Bungalow is the first townhome built in our 36-year history. Now offering a mix of housing types, this is another way Habitat is working to create even more affordable homeownership opportunities for folks that live and work in Buncombe County.

If you are interested in joining this diverse group of businesses please contact Beth Russo at brusso@ashevillehabitat.org for more information. Thank you!

Is a Qualifying Charitable Distribution (QCD) Right for You?

,

By Skip Helms, Asheville Habitat Legacy Builders Society Member, former Asheville Habitat Board Member, and President of Helms Wealth Management, LLC

As the end of the year approaches, we want to proactively thank you for considering Asheville Area Habitat for Humanity in your giving budget. We appreciate your generosity and will always use your gifts wisely.

Donors over the age of 70 ½ now have some new opportunities. For many years, the tax code has allowed people over that tender age to transfer up to $100,000 a year from their Individual Retirement Accounts (IRAs) to qualifying charities like Habitat. The gift is a direct pass-through. The charity gets all of the money and there are no taxes due.

People over 70 have to take Required Minimum Distributions (RMDs) from their account every year. If you transfer some or all of that mandatory withdrawal to a qualifying charity, it isn’t considered taxable income.

The provision is called the Qualifying Charitable Distribution (QCD) and donors have been using it for some time now. Recent tax law changes just made it much more important.

The standard deduction has doubled from $6,000 to $12,000 per person or $24,000 for couples. That’s good news. Only about 5% of Americans will still itemize their deductions this year.

Donors over age 70 can increase their tax savings by carefully choosing which account to use for gifts. They still have to take required IRA distributions. If they will be better off using the standard deduction and not itemizing their charitable gifts, giving through their IRA keeps that portion of those withdrawals from becoming taxable income. It’s almost like deducting it twice by checking a different box on the distribution form. Here’s a short example:

You only ever own most of an IRA.  The government owns the rest. You have to pay them their share when you spend it, or your family has to pay them later.  But if you give your portion to charity, you can give them the government’s money too.

That makes IRAs attractive for current giving. It makes them great for legacy planning since your family will get an updated cost basis on your other assets.

Asheville Area Habitat for Humanity can do wonderful things with your generous gift but we are not financial or tax planners. We encourage you to speak with qualified advisors who know your situation. Please call Kit Rains at 828.210.9365 to let us know how we can help.

Thank you again for thinking of Asheville Area Habitat for Humanity and we hope you will forward this link to friends who have questions about supporting Habitat or other great organizations.