As we begin December, we are blessed here at First Church for the generosity shown by many of you in the way of year-end giving. Like other charitable organizations, December is our biggest month in terms of giving. Many of you will finalize your 2018 Commitment at a higher amount. Others will decide to step out in faith and give an additional year-end gift because you feel blessed or perhaps you received a work bonus or some other type of financial windfall. Thank you!
Beyond the typical ways of making a gift to First Church, we want to remind you of other options.
A shout out of thanks to one of our members who recently shared a Wall Street Journal article with me about the benefits of using a Donor-Advised Fund (DAF) as a simple, flexible and tax-efficient way to give to FUMCFW. Working with a brokerage firm, mutual fund company, or a community foundation, donors can set up a DAF with personal cash, stocks, mutual funds or other assets. By doing so, it allows the donor to take an immediate deduction for the full amount while spreading giving out among one or more charitable entities over several years. FUMCFW can certainly be a recipient of your donor-advised funds, and in fact, we have current members who make their gifts to the church through this easy vehicle.
If you are considering giving First Church a gift in the way of stocks or funds that have increased in value, please be aware that a good strategy to consider is to give the appreciated shares to the church or to the entity managing your donor-advised fund rather than liquidating them yourself so to make a cash gift. When you transfer shares, the donor has a double benefit by avoiding paying capital gains taxes on the increased value and taking the current market value as a tax deduction as of the day that the assets are transferred.
For our Baby Boomers, another option to be aware of is the annual Required Minimum Distribution or RMD. It is estimated that 8,000 Baby Boomers turn 70 ½ every day and with this momentous occasion, comes the opportunity to support FUMCFW’s life-changing ministries and programs in this simple manner. After reaching 70 ½, donors can annually take advantage of “deduction equivalent” by making a gift up to $100,000 from their IRA, Simple IRA, SEP IRA, or their retirement account by having their financial advisor send the donated amount directly to the church. This gift counts as part of their RMD and provides tax advantages by avoiding the personal income tax on that amount and reducing their Adjusted Gross Income (AGI) on which many other deductions are based. Please note that this type of donation, therefore, cannot also be considered as a tax-deductible charitable gift because of the favorable tax treatment of the income.
Of course, we ask that you please consult with your personal tax advisor regarding specific questions about these types of giving and how it will affect your tax deductions.
We also ask that if you decide to make a gift through a donor-advised fund, stocks, or through an IRA, please give Larry Ammerman a call (817-339-3884) to brief him on the forthcoming gift.
During the holiday season, the Business Office will be closed:
Tuesday, December 25
Wednesday, December 26
Tuesday, January 1
Certainly, do not hesitate to contact Larry or me with any questions that you have in regard to your generosity.
As always, I greatly appreciate your discipleship through giving.
Wishing you a Christ-filled holiday season,
Director of Stewardship