Thank You! Thank You!
Now available from Kent Jagnow is the Church’s 2017 Year-End Financial Statement. If you would like to receive a copy, stop in the Church office or contact Kent by phone at 616-396-5205. Here are some of the highlights from that financial report:
The actual total expenses for last year were $14 over the budgeted amount of $602,027.
The actual total revenues for last year were $28,602 over the budgeted amount of $594,650.
The actual pledged giving was $1,891 over the budgeted amount of $501,101.
The average monthly attendance last year was 302, which was up 26 from the previous year.
The remaining balance of Miracle Sunday funds were spent on the current nursery renovation project.
The year-end balance of our United Methodist Foundation invested funds combined (mostly as Endowments) was $345,560.
The year-end balance of all Designated Funds combined (48 Accounts, including the UMF invested funds) was $799,588.
The year-end balance of the Capital Reserve Fund was $78,956.
All our Conference Ministry Shares for the year were paid in full.
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.