Our ability to share God’s grace through the gift of reliable transportation largely depends on the funds in our bank account. The love of God we share is free to all; but cars are not. Every time we say “yes” to a new, hard-working client, it costs OnRamp at least $10,000 to purchase, repair, and maintain their vehicle for the upcoming year. Therefore, we are constantly in need of additional funds to partner with more local families on their road to long-term self-sufficiency.
To this end, we wanted to share a few ideas that may be of interest to some of you as you consider how to use your resources to build a legacy of support for this ministry. If any of these ideas interest you, please contact our Operations Director, Stephanie Mason, at stephaniem@onramptx.org.
First, did you know that you can gift stock or mutual funds directly to OnRamp? This is a great way to help us afford vehicles for upcoming clients.
Second, if you are 73 years of age or older and receive mandatory distributions from your Individual Retirement Account (IRA) which you do not need, you can donate a portion of these required minimum distributions (RMD) directly to OnRamp. Charitable gifts made directly from your IRA to a qualified charity will count towards your RMD for the year and will not count as income in regards to taxes. We recommend that you consult with your personal legal, tax and/or financial advisors before funding your gift.
Third, you can create an endowment for OnRamp so that your giving continues indefinitely. As an example, if you currently donate $1,000 per year to OnRamp, you can make provisions in your estate plans to leave a gift of $25,000 to OnRamp in an interest bearing account as an endowment. At a 4% annual distribution, that equals $1,000 of support to OnRamp every year! The endowment will continue to grow and bless this ministry in perpetuity. This endowment from your estate plans can be in the form of a bequest under a will or could be a beneficiary designation of a retirement account or life insurance policy. You should be sure to consult with your tax and legal advisors to give you guidance unique to your personal circumstances.
Fourth, if you would rather leave a simple one-time gift from your estate to OnRamp, here is sample language that you are welcome to share with your attorney or estate planner:
"After taking care of all expenses, debts and other provisions, I give, devise and bequeath _____ percent of the rest and residue [or $______] to OnRamp, Inc., a Texas-based charitable organization, Tax ID# 81-5240446, P.O. Box 9897, College Station, TX 77842. This gift shall be unrestricted as to its use, unless directed by a separate gift agreement."
Again, if any of these ideas interest you, please contact Stephanie Mason at stephaniem@onramptx.org.