Planned Giving… A Legacy to First Presbyterian
The Arc of Life:
The arc of life moves from one season to another.
Spring turns to summer, summer to fall, fall to winter,
Winter to spring in an endless cycle. Jobs, projects,
ministry, and family life, all have their seasons. Life itself
moves through seasons-from infancy to childhood, middle
age, and older adult leading to eternity.
Each season, each setting, has its joys, lessons and sorrows.
As we walk with Jesus, he leads us into and through the changing
Seasons. Through it all, in His presence, we have already begun
to experience the eternal life found in relationship with the Father.
From: lead like jesus devotionals
What is a Planned Gift
Most of us are familiar with the idea of committing a portion of our annual income to God’s work through our beloved faith community. After we thoughtfully make that decision, the giving process becomes a relatively simple one of writing checks, dropping money in the offering plate or establishing an online transfer from our checking accounts.
By contrast, a Planned Gift may need a bit more …. well …. planning. This is because Planned Gifts (Special orLegacy Gifts) are generally given from accumulated assets, are over and above our regular annual giving and often require us to decide on the best financial way to make such a gift along with how we wish for it to be used.
Why Consider Making a Planned Gift
Historically, churches were the primary recipients of “planned” or estate gifts. In recent decades, however, an increasing number of worthy organizations have competed for these resources making it difficult for churches to rely on their continued flow. Yet, receiving such gifts remains essential for the long-term viability of most churches including First Presbyterian.
Those who have made special or legacy gifts to First Presbyterian, have done so as a way to express a deep sense of gratitude for all the blessings received in this life as well as to ensure our church and its missions continue to thrive. And while some choose to leave a Planned Gift within a will or estate plan, others have made such gifts during their lifetime so they may enjoy the impact of their gift on the people and faith community they love. Both approaches are sincerely appreciated.
Ways of Making a Planned Gift
There are a number of ways to financially structure a gift to First Presbyterian for ease and/or maximum impact. Here are a few.
- Cash is truly the easiest and most popular way to make a Planned Gift.
- Creating/Updating Your Will to include First Presbyterian Church as a recipient for a cash bequest; a percentage of your estate; or as a beneficiary of specific asset/s is also relatively easy.
- Directly transferring Appreciated Investments (stocks, bonds, mutual funds, etc.); cash from an IRA; or Agricultural Commodities (if you are in the Farming Business) to the Church can make it possible for you to avoid capital gains tax and/or income tax. The Church will then receive the full market value of the gift since it will not be required to pay capital gains on any gifted investments or commodities it liquidates.
- Life Insurance and Charitable Trusts can provide several unique, tax efficient ways to make gifts to the Church both during your lifetime or after. And while Trusts are more detailed instruments, for some families they can be excellent ways of providing support to loved ones as well as a beloved charity.
- Donating Readily Marketable Real Estate that has acquired sizable capital gains can make an excellent gift. You may receive a charitable income tax deduction for the appraised value of the property and the Church can liquidate the property for the full market value avoiding the capital gains tax you would have been subject to as the seller.
Special Resources:
Examples of Planned Gifts that have Enriched the Mission and Ministry of First Presbyterian Churc
Throughout First Presbyterian’s history we have been blessed by the generosity of so many caring members. Here are a few examples of gifts throughout the years.
Several undesignated gifts (financial gifts given freely by donors without requirements for their use) were directed bySession to the following purposes:
- the purchase of sanctuary chairs that replaced worn, broken pews;
- the purchase of hand bells that created a new music ministry;
- equipment that made it possible to construct a successful live stream and stay connected as a congregation during the pandemic.
Additionally, some undesignated gift dollars were also directed by Session to the Mission and Ministry Fund of the Endowment which now returns almost $5,000 annually to our church for Mission and/or Ministry projects as determined by Session
Gifts designated by donors for a specific purpose have provided our faith community with:
- a beautiful outdoor worship and gathering pavilion; that allows us to worship outdoors and made gathering during a global pandemic possible ;
- a children’s playground for children of members and friends as well as preschool children;
- a chancel suite of handcrafted furniture for our communal sacred worship;
- the ability to support several mission efforts; and
- a fully paid off mortgage, freeing operating dollars for mission and other essentials.
Gifts designated to the Church Endowment (which conserves principal and returns a portion of earnings annually) have returned almost $100,000 dollars of partial earnings to First Presbyterian since 2016. Our Endowment is invested with the Porter County Community Foundation.
A good portion of those dollars have supported scholarships; (per the direction of the gift donors) but Endowment returns have also supported our:
- music ministry;
- mission and ministry projects;
- as well as a modest amount annually directed to church operating expenses.
Getting Started and Who to Contact
First Presbyterian’s Planned Giving team is here to answer your questions and help you consider ways you may wish to make a planned gift to your church family. While we look forward to assisting you, we cannot be a substitute for professional legal or financial guidance. Therefore, before you make any actual planned giving decisions and/or arrangements, we strongly urge you to consult with your financial advisor and attorney.
Team Members include:
Cathy Greenawald, Doug Hollar, Jim Hubbard, Kathy Joseph (Moderator), Paul Knauff
For questions, contact:
Kathy Joseph, Moderator [email protected] 219-464-1144
Jim Hubbard [email protected] 920-602-0322
Paul Knauff [email protected] 219-241-3309