Last year proved to be a very interesting one as far as the finances of the church are concerned.
Throughout the year of 2016 we were challenged to keep revenues in line with expenses but our prayers were answered and we did reach our goal to finish the year with a positive cash position.
A THANK YOU goes out to all who supported the ministries of our church not only through your giving during the year but also in your support of the Special Appeal, which along with the transfer of funds from the rental properties, accomplished this goal.
We move into 2017 with budgeted expenditures of slightly over $600,000, which is an average of $11,500 per week. We are confident that the carry forward of cash from last year (unlike 2015 where there was a cash deficit going into 2016) and your continued support will allow us to fulfill our mission and vision
Kent Jagnow <email@example.com>,
Qualified Charitable Distribution for Seniors
If you are over 70 and have a traditional IRA, you may be able to realize a federal tax benefit from a gift to the church from your IRA. This type of gift is called a “QUALIFIED CHARITABLE DISTRIBUTION” or (QCD). The direct gift from your IRA trustee to the church results in the amount of the gift NOT being included in your Adjusted Gross Income for the year in which the gift is given. The possible tax benefits are:
- Less of your Social Security benefits may be taxable.
- If you itemize deductions, the “trigger” for your medical deductions is lower.
- If you don’t itemize deductions, the QCD gives you the ability to fully maximize the tax benefits of your gift, as it is not included in your Adjusted Gross Income.
- The QCD gift is allowed to be part of your Required Minimum Distribution (RMD).
- An offsetting factor is that if you give to the church in this way, you CANNOT then use this gift as part of your itemized deductions. Another factor to consider is that the check must be made out to the church and must go directly from your IRA trustee to the church and CANNOT GO TO YOU FIRST.
If this is of interest to you, please see your tax accountant, investment advisor or trustee. The details of this tax bene-fit can be found in IRS Publication 590-B.