Making disciples of Jesus Christ for the transformation of the world.

Finance Update

Thank You! Thank You!

Thank You! Thank You! Our 2018 Stewardship Campaign, known as Extravagant Generosity, was a great success. Your giving to your church is 16.51% greater this year than last, reaching a total of $643,836. This kind of support allows FUMC to be successful in it’s missions and goals for 2018.

Our current financial condition through the end of October is very healthy. Your giving is 6.48% ahead of our projected income level and total expenses are 0.30% lower than expected. This trend places us in a good position to finish the year on a positive note.

Thank you again for your continued support of your church and its missions!

Kent Jagnow <kjagnow@fumcholland.org>,

Treasurer

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.

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