Giving and Finances
One of the key commitments of your church leadership is producing a balanced budget. We are pleased to report that your vestry has approved a balanced budget for 2013 that enables Christ Church to push forward with our strategic goals. We are looking forward to a wonderful 2013 filled with grace and humility in the presence of what God can do.
Giving at Christ Church: There are various ways to support your church, including but not limited to:
Appreciated Stock – One way to make charitable contributions is to give shares of appreciated stock instead of cash. You can deduct the shares’ fair market value and avoid income tax on the capital gain. The church then sells the shares and has money to use in their efforts. Most brokerage firms are equipped to handle this conveniently.
Charitable Contributions From Your IRA – At the end of December, 2011, the provision for Qualified Charitable Deductions (QCD) expired. As of today that provision has not been extended. That provision allowed the taxpayer age 70 or older to make direct deductions from an IRA account to a qualified charity, bypassing recognition of the distribution as income. With the expiration of this provision, you can still make charitable contributions of money distributed from your IRA. The difference is that these contributions are no different than a contribution that you’ve made from your savings account or regular income.
Bequests – Bequests are the transfers of wealth that occur upon a donor’s death and that include transfers by means of a will or a trust. Bequest can take many different forms and I would be happy to talk to anyone that needs more information.
Glenn Gibbons, CPA