Providence Presbyterian Church - Powdersville SC

Our church recently received a very generous gift of $11,000.00 in the form of common stock.  Not only was this gift wonderful for the church, it was also a very smart way to give.  Why?

                If the shares had been sold on the open market, a capital gains tax would be due to the IRS.  That would have left a much smaller amount to be shared with the church and a smaller deduction from the family tax return in April.

                Remember, if you own stock has increased in value over the years, the IRS allows you to save taxes in two ways and at the same time help your church.  To apply to the 2007 tax year, such gifts should be made before December 31^st.

                Again, we thank God for the generosity of our members.

                For more information on how to facilitate this process and help your church, call Lewis Clapp, our Finance Team leader for Team Providence at 296-2957.

Lewis Kay and I recently attended a meeting for church treasurers.  The meeting was hosted by Foothills Presbytery and the speaker was from the Presbyterian Foundation.  At one point during the meeting, we were asked to list some things that cause problems for our churches.  Some said debt was a problem.  Some said that the age distribution in the congregation caused a problem.  Some said other things, but there was one thing that everyone agreed was a problem.

It seems that there are a lot of Presbyterians at every Presbyterian Church who give only when they attend the worship service. If they miss the service, they don’t give.  This causes several problems for the treasurer and finance team, but those problems are small and do not really matter.  It may cause an even bigger problem for those who give or don’t give in this manner.  We are to give back to God a portion of that with which he has blessed us.  It is to be the first fruits of our labor.  It is not supposed to be what is left over and it is not to be at our convenience. It is to be regularly.  
 

We each have a question to answer.  Are what I give and the way in which I give it acceptable?  Acceptable to God, that is.  In the end, that is what really matters.     

Lewis Clapp

Most people do not know that, at death, retirement plan assets can be taxed twice.  Any distribution to a non-charitable beneficiary, or spouse, is taxed as ordinary income at the beneficiary’s income tax rate.  When the surviving beneficiary of your plan is not your spouse, retirement plan assets can be taxed again under estate taxes (up to 45%).  Your spouse is taxed as funds are withdrawn to satisfy the distribution requirements.

Naming Providence Presbyterian Church as beneficiary of your retirement plan account is an effective tax-saving strategy for creating a legacy at Providence. Perhaps you will want to discuss tax-wise charitable planning tips with your advisors

Ask about naming your spouse as the primary beneficiary of your retirement plan with Providence Presbyterian Church as secondary beneficiary of the plan’s remaining assets after your spouse’s death.

Or, name Providence Presbyterian Church as beneficiary of your account for a specific amount or percentage of the plan’s assets such as needed to reduce the tax liability

For more information on how to facilitate this process and help your church, call Lewis Clapp, our Finance Team Leader for Team Providence at 295-2957.