The Finance Committee
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The Finance Committee seeks to ensure the proper stewardship of the congregation’s financial resources, through:
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WAYS TO GIVE
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OFFERING PLATE
We are always grateful for those who choose to put cash or checks into the offering plate on Sunday mornings. |
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VIA YOUR BANK
You can set up CPC as a bill pay recipient if you use electronic bill pay or your bank can automatically mail a check monthly through Electronic Funds Transfer (EFT). You can also send check or Automated Clearing House (ACH) if you prefer. |
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THROUGH IRA & 401K
If you have reached the age of 72, you are now required to take minimum distributions. If donations to the church are made directly from the IRA/401K, then such donations are not part of your taxable income that year. Check with your advisor or tax accountant to see if such an arrangement would be a good alternative for you. |
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STOCK DONATION
Stock can be transferred directly to the church. By not selling the stock yourself, you eliminate the capital gains tax. CPC has a brokerage account; this can be a tax efficient way to donate. CPC Account #NM1031415, registration Community Presbyterian Church, DTC #0443. |
GIVING TO THE CHURCH
TYPES OF CONTRIBUTIONS
Generally speaking, a contribution to the church is either:
Tax Deductible or Charitable Contribution – a gift of cash or property given to a qualified organization by a donor who receives no tangible benefits from the gift and gives up full control of the gift for the organization to use for its purpose and mission.
Undesignated Gift – A gift that is given without designation. The yearly budget (General Fund) is funded primarily through undesignated gifts, and as such, donors are encouraged to give without designation through an annual pledge.
Designated Gift – A gift given by a donor who notes a desired intent for his/her donation. These are donations given with a suggested use from the donor. Designated donations may be claimed as a tax-deductible donation by the donor. Designated giving will be accepted only for funds or special projects that have been approved. Such funds will be used to support the purpose for which they were originally intended until that purpose has been satisfied or a greater need arises (which will be communicated by the Session). Any excess funds will be used for other purposes consistent with the church’s ministry.
Generally speaking, a contribution to the church is either:
- Undesignated Giving which supports the yearly budget of the church through our General Fund; or
- Designated Giving which supports other approved funds or projects of the church (which may or may not be part of the yearly budget).
Tax Deductible or Charitable Contribution – a gift of cash or property given to a qualified organization by a donor who receives no tangible benefits from the gift and gives up full control of the gift for the organization to use for its purpose and mission.
Undesignated Gift – A gift that is given without designation. The yearly budget (General Fund) is funded primarily through undesignated gifts, and as such, donors are encouraged to give without designation through an annual pledge.
Designated Gift – A gift given by a donor who notes a desired intent for his/her donation. These are donations given with a suggested use from the donor. Designated donations may be claimed as a tax-deductible donation by the donor. Designated giving will be accepted only for funds or special projects that have been approved. Such funds will be used to support the purpose for which they were originally intended until that purpose has been satisfied or a greater need arises (which will be communicated by the Session). Any excess funds will be used for other purposes consistent with the church’s ministry.
“This church is a qualified 501(c)(3) organization. All tithes, offerings, or donations of any kind are deductible under IRC section 170(c)(2).
Unless otherwise noted and in accordance with IRS regulation, you agree to relinquish control of the donated funds to the discretion of this church.”
Unless otherwise noted and in accordance with IRS regulation, you agree to relinquish control of the donated funds to the discretion of this church.”
A Note about Restricted Gifts:
Restricted gifts are given by a donor with a required intent for his/her donation. In other words, a donor requires that his/her donation must be used for a specific purpose and for that specific purpose only. Restricted donations are not tax-deductible to the donor because the church does not have control over the use of the funds. Community Presbyterian Church does not currently accept restricted gifts.
CONTRIBUTION STATEMENTS
Donors will receive giving statements confirming the amounts and dates of gifts. Calendar year-end tax receipts document such gifts as deductible contributions for income tax purposes in the United States. Each donor is advised to consult their personal income tax advisor for the applicability of such contributions in their own circumstance.
Restricted gifts are given by a donor with a required intent for his/her donation. In other words, a donor requires that his/her donation must be used for a specific purpose and for that specific purpose only. Restricted donations are not tax-deductible to the donor because the church does not have control over the use of the funds. Community Presbyterian Church does not currently accept restricted gifts.
CONTRIBUTION STATEMENTS
Donors will receive giving statements confirming the amounts and dates of gifts. Calendar year-end tax receipts document such gifts as deductible contributions for income tax purposes in the United States. Each donor is advised to consult their personal income tax advisor for the applicability of such contributions in their own circumstance.
PLANNING A GIFT
Non-Traditional AssetsAssets like life insurance, real estate and retirement plans can become planned gifts.
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Guide to a Christian WillIt is never too early to write a will; it can only be too late. Writing your will is the most important step.
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Charitable Giving PlansExplore many ways to give directly: endowment funds, donor-advised funds, charitable trusts and more.
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POPULAR GIFT CHOICES
OTHER WAYS TO GIVE
Click below for more information |
Consider if... |
Key Advantage |
Tax Considerations |
Minimum Contribution |
Can Be Changed |
You'd like to maximize the impact of your donation over time through growth |
Grants funds from the growth of a tax-free investment account |
Generally eligible for immediate tax deduction |
$2,500 |
YES |
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You'd like to receive income through your gift |
Provides dividends during your life, and benefits us after your lifetime |
May qualify for partial tax deductions, but must pay income tax on the income stream |
$10,000 |
NO |
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You have a particular asset like real estate or personal property in mind |
Usually more tax efficient than selling an asset and donating proceeds |
May reduce capital gains and a tax deduction for the fair-market value of the asset |
Case Specific |
YES |
If you would like more information on how a legacy gift can help support the church, please feel free to reach out for a confidential conversation. For guidance and advice on how a legacy gift fits into your plans, talk to your financial or legal adviser who has knowledge of your personal situation.
To learn about how to make a gift, please contact:
Sherri Finke, Ministry Relations Officer Email: [email protected] Phone: 866-710-5094 Ministry Relationship Officers (MROs) offer work with churches, ministries, mid-councils and individuals. Each one is a seasoned and experienced professional in planned giving, stewardship and church vitality. MROs are available to assist you with your inquiries and planned giving needs. |
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