Ways to Give
During the weekend services we have a time of dedicating our tithes and offerings to God in prayer. This is an opportunity to give to God during the service.
We can also mail our tithes and offerings. Simply place your check in an envelope, address it to (Faith United Methodist Church, 2020 Superior, Webster City, IA), add a postage stamp, and drop it in the mailbox.
The permanent Endowment will offer an opportunity to provide long term, socially responsible investments for the benefit and betterment of the property and programs of Faith United Methodist Church.
STOCKS & BONDS, ESTATES, WILLS, MEMORIALS, ANNUITIES, LIFE INSURANCE POLICIES & GIFTS
GIFTS OF SECURITIES – STOCKS, BONDS and MUTUAL FUND
Charitable gifts of appreciated stocks, bonds or mutual funds held for more than one year can provide special tax advantages. The person making the gift (the “donor”) can claim a charitable tax deduction for the full fair market value of the securities donated to Faith United Methodist Church and will never have to pay capital gains taxes on the appreciation. Securities held less than one year may also be donated but the deduction is limited to the lesser of cost basis or market value.
GIFTS OF REAL ESTATE Gifts of appreciated homes, farms and other real property can receive the same tax treatment as gifts of securities – a full fair market value deduction and no tax on the capital gain. If the debt-free property is donated to The ELCA, the gift is deductible at the property’s appraised value. It is sometimes possible to donate a partial interest in property, such as a percentage of ownership or mineral rights.
MEMORIAL OR TRIBUTE GIFTS
Any gift may be designated in memory or honor of a friend, family member or other person.
GIFTS – IN – KIND
Another way to support Faith United Methodist Church is through gifts of tangible personal property. If a gift is related to the “charitable purpose” of Faith United Methodist Church, which is generally very broad for faith based institutions; the donor may be eligible for a deduction of the asset’s full fair market value. Examples of gifts-in-kind include artwork, special library collections, furnishings, machinery, computer software or hardware.
CORPORATE MATCHING GIFTS
You may be able to multiply the value of your gift by participating in a corporate matching gift program. Many companies match charitable gifts made by employees (or joint gifts with their spouses), retirees or board members. Outright gifts and the deduction value of irrevocable deferred gifts may qualify for a match. Some companies do not support faith based non-profits. You will need to ask your employer.
DEFERRED OR PLANNED GIFTS
Although outright gifts provide vital resources for Faith United Methodist Church today, deferred gifts help insure the ministries of the church's future. Giving through estate plans or life income gifts may be particularly suitable for individuals who would like to provide significant support for Faith United Methodist Church but need income from their assets during their lifetime.
BEQUESTS BY WILL OR REVOCABLE "LIVING" TRUST
The most common form of deferred or planned gift to support Faith United Methodist Church is a bequest contained in a person’s will or revocable (“living”) trust. The following language is an example of how a bequest to benefit Faith United Methodist Church may be worded:
I give, devise and bequeath to Faith United Methodist Church, a qualified 501(c)(3) charitable organization located in Webster City, IA, _____ percent of my residual estate to be used for _______________ (a specific ministry, program or unrestricted use).”
LIFE INCOME GIFTS
Donors may receive numerous tax and financial benefits by creating a “life income gift,” such as a charitable gift annuity or charitable remainder trust. The donor makes an irrevocable contribution of assets to fund the trust or annuity, gets an immediate income tax deduction for part of the contribution’s value, and receives income for life or a term of between 1-20 years. When the trust or annuity term ends, the remaining assets can be directed to support ministries of Faith United Methodist Church. For instructions on how to transfer cash, appreciated securities or other assets to fund a life income gift, you or your broker should contact the Faith United Methodist Church treasurer.
GIFTS OF LIFE INSURANCE
A donor can name Faith United Methodist Church as a primary or contingent beneficiary of a life insurance policy. If the donor retains any control over the policy, no income tax deduction is allowed. However, if Faith United Methodist Church is named both the sole owner and the beneficiary of a paid up policy, the donor may receive an immediate charitable deduction for the lesser of the policy’s fair market value or the net premiums paid and additional premiums paid by the donor may also be tax deductible.
GIFTS OF RETIREMENT PLANS
Naming Faith United Methodist Church as a primary or contingent (after a spouse) beneficiary of a private pension fund (e.g. IRA, SEP, 401(k), 403(b)) can result in a “tax wise” testamentary gift because these assets do not receive favorable tax treatment at their owner’s death. In some cases, it is best to divide one retirement account into two separate accounts–one for the spouse and one for Faith United Methodist Church. Your retirement account’s “plan administrator” (the company that manages the account) can help you designate Faith United Methodist Church as a beneficiary on the plan’s “Beneficiary Designation” form (please copy Faith United Methodist Church Foundation).
RETAINED LIFE ESTATE
You may generate a current income tax deduction by giving a home or farm to Faith United Methodist Church, while retaining the right to use the property during your lifetime. The property will also be removed from your taxable estate.
Faith United Methodist Church qualifies as a “public” charitable organization and meets the requirements of Internal Revenue Code Section 501(c)(3). Gifts to Faith United Methodist Church are deductible at the highest limits allowed for federal income or estate tax purposes.
*Income tax deductions – a person may deduct gifts of cash (or elect to deduct only the cost basis of an appreciated asset) up to 50% of their adjusted gross income (“AGI”) in a year. Gifts of appreciated real or personal property may be deducted up to 30% of a person’s AGI. Excess deductions may be carried over for up to five (5) additional years.
**Estate tax deductions – testamentary gifts are deductible at 100% of the value of the assets donated to the ELCA.