Memorial & Endowment
Tax Savings What is Memorial & Endowment? Planning Your Retirement & Charitable Giving Workshop
Congress has extended a popular income tax break through the 2009 tax year. If you have an IRA and are age 70 ˝ or older, you can make tax free withdrawals from your IRA as long as they are transferred directly by your IRA custodian to a charitable organization – which includes churches. The withdrawals count toward your annual required minimum distribution up to $100,000.
If this is of interest to you, please consult your tax advisor. If you decide to make a contribution to the church in this manner, please inform our Financial Secretary, Susanne White at 823-2484 ext. 15.
What are Memorial & Endowment Funds? What is their purpose? Where does the money come from? What are earnings from these funds used for?
These funds provide sources of income for our church, separate from our operating budget which pays for property maintenance, staff salaries, utilities, etc. Memorial & Endowment income is used for extraordinary expenses, worthwhile projects and to enhance the missions of our church. Among these has been the recent financial support of our members in their study for the ministry – Jean Boal, Reena Burton, Kristen DelMonte, Elena Larssen and Bethany Nelson.
The Endowment Fund provides a way for donors to go beyond their regular giving to establish a lasting memorial by a gift or bequest. The principal in this fund is invested and preserved – it is not disbursed. Only the income or interests from the investments are used.
The Memorial Funds are available to receive undesignated gifts, or gifts from those who wish to specify a particular purpose for their gift in memory of a special person. Money from Memorial Funds is dispersed in accordance with the wishes of the donor. Preservation of principal of Memorial Funds is not an objective as it is with the Endowment Fund.
Gifts or bequests can be of any amount. And through 2009, if you have an IRA and age 70 ˝ or older, you can make a tax-free withdrawal up to $100,000 if it is paid directly to our church by the IRA custodian. Your tax advisor or attorney can explain the tax advantages of these gifts and the type best suited for your situation.
If you have any questions or are considering memorial bequest for our church in your estate planning, please contact Rev. Nelson or the church’s Financial Secretary, Suzanne White.
Planning for Your Retirement & Charitable Giving: Now and in the Future
10am-noon on Saturday, April 18 in the Fireside Room
The Committee for Memorial & Endowment will sponsor a workshop to help with strategies for planning for retirement and charitable giving. This workshop is for all ages and in all stages of life. Whether you have a partner or are the sole provider, this workshop, led by Brian Purcell and Beth Larssen, will provide valuable information to make the most of your earnings.
Make a smooth transition to retirement by learning about important planning strategies
· Picture your retirement lifestyle
· Plan your retirement income
· Manage the transition from work to retirement
· Get started on your financial future
· Am I on track to achieve my financial goals?
· Do I have the right mix of investments?
How to donate to charity during your lifetime and beyond
· What you can do now
· What you need to have in place for future giving