|01/01/2019 Starting Balance||$17,095|
For more information please see complete financial statements on the council bulletin board in the narthex or contact a committee member: Bob Berg, chairperson and treasurer; Melanie Veazey, financial secretary; Kathy Konieczka, council liaison; Ann Bormann, Dan Bormann, or Kristin Smith, bookkeeper.
Financial Report and News as of
Donating IRA Required Minimum Distributions to Charity
You may request that a portion of your IRA required minimum distribution (RMD) be payable to and sent directly to First Lutheran Church.
How it works:
The provision allows retirees age 70 ½ and older to donate up to $100,000 tax free from their IRA each year. Generally, when you take an RMD from your IRA, it is treated as taxable income. Under this provision those assets are excluded from income if the RMD is made directly to charity.
The distribution is not included in your income so you avoid the potential negative consequences that regular IRA withdrawals in retirement can create, including taxes on Social Security benefits.
RMDs excluded from income are also equivalent to a 100% deduction. Normally, charitable contribution deductions are limited to a lower percentage (or are eliminated altogether) for taxpayers who do not itemize and take the standard deduction.
IRS rules mandate that individuals age 70 ½ and older take RMDs from their IRA each year, regardless of whether the income is needed. These annual withdrawals are subject to ordinary income taxes. By making a charitable contribution from your IRA, you can satisfy your RMD amount without reporting additional income.
You cannot claim a charitable contribution deduction for any distribution not included in your income.
E Giving Options!
E-Giving Offering pew cards are available for you to drop in the offering plate if you give electronically. The QR code on the card allows you to given electronically through the FLC website.
Would you like to give electronically? You can set up direct payments from your bank account. Or you can sign up on the FLC website for payments from your bank account, Visa or Mastercard (small fee charged for administration). Or you may contact Kristin Smith in the office for assistance.
First Lutheran has opened a Scottrade account to allow FLC to accept donations of securities.
A charitable contribution of long-term appreciated securities — i.e. stocks, bonds and/or mutual funds that have realized significant appreciation over time — is one of the most tax-efficient of all ways to give. This method of giving has become increasingly popular in recent years because of two key advantages:
· Any long-term appreciated securities with unrealized gains (meaning they were purchased over a year ago, and have a current value greater than their original cost) may be donated to a public charity and a tax deduction taken for the full fair market value of the securities — up to 30% of the donor's adjusted gross income.
· Since the securities are donated rather than sold, capital gains taxes from selling the securities no longer apply. The more appreciation the securities have, the greater the tax savings will be.