(901) 682-8452 Times: 9:30 a.m. Sunday School | 10:45 a.m. Worship Service

Giving Opportunities

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 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 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.

Insurance Policies

A gift of a 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 Rollovers

On March 27, the President signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act to help combat the far-reaching impacts of COVID-19. The bill provides increased tax incentives for charitable giving. The CARES Act essentially suspended required minimum distributions (RMDs) for 2020 across the board. However the rules around a qualified charitable distribution (QCD), which allows individuals over 70½ years old to donate up to $100,000 in IRA assets directly to charity annually, without taking the distribution into taxable income remain the same.

Under the CARES Act an individual 59½ and 70½ can elect to deduct 100 percent of their adjusted gross income (AGI) for cash charitable contributions. This effectively affords individuals over 59½ and 70½ years old to take a cash distribution from their IRA, contribute the cash to charity, and may completely offset tax attributable to the distribution by taking a charitable deduction in an amount up to 100 percent of their AGI for the tax year.  If you’re planning a large donation in 2020, this may be a smart strategy as long as you are between the ages of 59½ and 70½ and are not dependent on existing retirement funds.

Life Income Gifts
Bequests
Endowment Gifts
Gifts of Inventory
Gifts through Wills


As a reminder while the tax code limits charitable deductions to a percentage of adjusted gross income (AGI), limit for cash contributions was increased for individual donors. For cash contributions made in 2020, you can now elect to deduct up to 100 percent of your AGI (increased from 60 percent).  

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.