YEAR-END GIFTS—Year-End gifts provide a special opportunity to support First Church ministries. According to
STOCKS & MUTUAL FUNDS—Stocks and mutual funds may be given directly to the church. Securities that have been held for more than one year may enable the donor to deduct the full fair market value of the securities and avoid payment of any capital gain tax. If the securities are sold first and the proceeds given to the church, the donor will have to pay capital gain taxes to the I.R.S. By planning ahead, donors can take full advantage of the tax benefits allowed by the government. Because tax laws change, it is imperative donors contact their personal accountant for current information and assistance.
PERSONAL PROPERTY (Gifts-in-kind)—Equipment and furniture are sometimes given to the church. All gifts-in-kind must be approved by the church’s Board of Trustees. Donors are sometimes directed to ministries other than First Church, where the gifts-in-kind may be better utilized.
WILLS, BEQUESTS & ESTATE PLANNING—Wills and estate plans can provide charitable gifts to First Church, a 501(c) (3) organization. Such gifts may enable the donor to steer clear of estate taxes. A donor’s personal lawyer should be consulted to be sure accurate information is provided about the church’s specific name and address. The church office should also be notified if it is already included in a will or estate plan. Retirement plans will be considered part of an estate at death, but can also be deductible from the estate as a charitable gift, if correct planning has been completed. Because tax laws change, donors should contact their accountant and lawyer for current information and assistance.
MATCHING GIFTS—Payroll deductions and other gifts are sometimes matched by businesses, which allow their employees to make charitable gifts to 501(c) (3) organizations. Because the church is recognized by the I.R.S. as a tax-exempt organization under section 501(c) (3), donors should contact their company’s human resource, payroll, or matching gift departments to see if this option exists and to check for restrictions placed on those gifts or deductions. Because tax laws change, donors should contact their accountant for current information and assistance.