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Giving Opportunities

Giving Opportunities To First Evangelical Church 

 

First Evangelical Church is thankful for the many faithful members and regular attendees who consistently give tithes and offerings to the Lord. Our Church is greatly blessed through your generosity. Although we do not pass a collection plate during worship services, there are collection boxes conveniently located at the entrances of the sanctuary to collect cash offerings. Checks and cash are wonderful and convenient ways to give to the ministries of First Evan, and are the primary method used for most of the gifts that we receive. Outlined below are a number of other ways in which you can give to First Evan that we want to bring to your attention.

 

Stock Gifts

Even with the uncertainty of the stock market, many people still have stock worth more than they paid for it. A long term appreciated stock offers two tax savings. First you avoid capital gains tax. Second, you receive an income tax deduction-based on the increased value of the stock instead of the cost basis-of up to 30 percent of your adjusted gross income. 

 

An Insurance Policy

A gift of life insurance policy you no longer need makes a perfect year-end gift. To qualify as a gift, First Evan must become the owner and beneficiary or the irrevocable beneficiary. If the policy is paid up, your tax deduction is usually the cost basis or the replacement value of the policy, whichever is less.

 

Charitable IRA Rollover

If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions. A charitable IRA rollover can be used to satisfy required minimum distributions (RMDs). You must begin to take annual RMDs from your traditional IRAs in the year you reach age 70½. If you don’t comply, you can owe a penalty equal to 50% of the amount you should have withdrawn but didn’t. So if you don’t need the RMD for your living expenses, a charitable IRA rollover can be a great way to comply with the RMD requirement without triggering the tax liability that would occur if the RMD were paid to you. Because under the new tax laws many will not be itemizing deductions, including charitable contributions, a distribution direct to a charity may result in significant tax savings when compared to receiving a taxable distribution which is then donated

 

Other Opportunities

 Life Income Gifts

 Bequests

 Endowment Gifts

 Gifts of Inventory

 Gifts through Wills

 

It’s important to note that while the tax code limits charitable deductions to a percentage of adjusted gross income, you may be able to carry over any “excess” deductions that can’t be used in the initial tax year. 

 

As with all gifts to a charitable organization, there are many tax and estate benefits that accompany the joy you will receive from giving to the ministries of First Evangelical Church. We recommend that you consult with your attorney, CPA and/or financial planner to discuss your particular financial situation in detail.