What a JOY to Serve!

We hear many affirmations of joy in familiar Christmas hymns, seasonal décor, and greetings from friends and loved ones this time of year. For myself and the First Methodist Church Foundation’s Board of Directors, we’re feeling joyful about the opportunity to serve the church!

I’m excited to offer you this year-end report on the Foundation’s work and reflect on our many blessings throughout the year. The Foundation’s mission is to develop and maintain a growing endowment fund to provide our church with ongoing, enduring financial support through income generated by legacy gifts and endowment earnings.

In 2021, the Foundation has joyfully released a total of $2,634,508 million to our church, disbursed as follows:

It is also a joy of the Foundation Board to have continued the legacy of managing the generosity of many of you through careful stewardship. During the 57 years since the Foundation’s beginning in 1964, our church has received over $64.8 million from the earnings of the Foundation.

Ultimately, it is the consistent and reliable generosity of church members like you who have made this joyous legacy possible. Along with the conservative Board’s wise investing in the equity markets as well as staff management, you help sustain the profitability of the Foundation, which, in turn, maintains the annual giving to the church and its programs. Programs funded by you through the Foundation include third-grade bibles, the Confirmation class, music, worship, scholarships, garden maintenance, and many others.

Indeed, there are many reasons to feel joyful as 2021 draws to a close. We know you are prayerfully considering your end-of-year financial giving to the church operating budget. If, perhaps, you are looking for ways to give beyond that, consider a tax-deductible 2021 gift to the Foundation. There also have been a few changes to the CARES Act Tax Incentives. As always, we are here to answer your questions and celebrate the year of shared ministry together. Feel free to email me at Sid.Johnston@fmcfoundation.org or call the Foundation office at 817-336-5698.

CARES Act Tax Incentives Set to Expire in 2021

A couple of key provisions of the CARES (Coronavirus Aid, Relief, and Economic Security) Act were extended into 2021 (and, in one case, increased). Here’s what the stimulus package means for you.

Tax Incentives When You Give to Charity

  1. The cap on deductions for cash contributions Contributions to public charities are generally limited to a percentage of a taxpayer’s adjusted gross income (AGI). The CARES Act lifted the cap on annual contributions for those who itemize, increasing it from 60% to 100% of AGI for 2020 and 2021. Any excess contributions available can be carried over to the next five years. (For corporations, the law raised the annual limit from 10% to 25% of taxable income.) The requirements for deductibility up to 100% of one’s AGI is that the donations must be made in cash (not stock or appreciated securities) and given to a public charity (not a donor advised fund or most private foundations.)
  2. The universal charitable deduction for cash gifts The universal charitable deduction was not only extended in 2021 but given a well-deserved upgrade.  The new deduction is $300 for single filers and $600 for married couples filing jointly. This is available to taxpayers who take the standard deduction. This tax incentive is available for cash gifts to qualified charities (but not to supporting organizations or donor advised funds).

Wishing you JOY this Christmas and into the New Year.

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