 |
Community Church |
 |
|
The Union Community Church Foundation is a nonprofit, tax
exempt corporation whose sole purpose is to financially support the
Community Church. The Church Board authorized the
establishment of the Foundation in 2001 as a way of helping the church to
obtain financial stability. The Internal Revenue Service has
determined that gifts to the Foundation are tax
deductible. The Foundation has three obligations.
First it is a fundraising
organization. Gifts may be cash, or may include securities such as
stocks, bond, real estate, or income from various assets. It may be
that the Foundation Directors' most important obligation is to accepts the fiduciary responsibilities of investing
the Foundation's funds
in a prudent manner.
The Foundation's third obligations is to use funds exactly as the donor
wishes. The amount of a gift is
confidential or not as the donor wishes. At the
present time there are six Accounts in the Foundation. The Urgent |
|
needs in the church that are not adequately funded at the
present time. The James and Joanne Speas Estate Gift Account will be of
great benefit to our Church for years to come. The Church
Board must approve each Account in the Foundation before it is
established. The Church Board has entrusted the Foundation with the
fiduciary responsibility of investing the Mary Cromer The Foundation benefits the Community Church of Union by providing a stable reservoir of funds available which is not affected by the annual church contributions. Maintaining the status quo and especially adding any services or resources often requires funding beyond the amount which is currently available. Gifts to the Community Church of Union Foundation are Tax-deductible,
and will be appropriately recognized as received. This means that if you
itemize, the actual cost is usually considerable less than the gift's face
value. For example, a donor who is in the 33 percent tax bracket would
incur a net cost of only $67 for a $100 gift. You also have the
opportunity to make a wonderful investment You may wish to make a gift to the Church Foundation. The method selected by each donor depends upon his or her own motivation, financial circumstances, and tax position. Giving cash is the simplest method, but if you contribute long-term appreciated securities or real estate, you have the added benefit of owing no tax on the gain in value. Gifts by bequest are exempt from federal estate taxes. Donors provide for the Foundation through their wills. One advantage of giving gifts through your will is that if your situation should change and you need these funds, all you need to do is revise your will. . Memorial gifts perpetuate a special person or family. An endowment fund established at a person's death, and if the donor wishes, augmented by future gifts creates a lasting remembrance and aids Church programs. Charitable Trusts can provide the donor and/or a loved one an income for life, freedom from investment responsibilities, an immediate charitable deduction and avoidance of capital gains tax on appreciated assets used to fund the trust. This is especially useful when a donor needs more income from assets that have greatly increased in value over the years. Selling the assets would result in a large capital gains tax which would substantiality reduce the value. The Foundation could provide an annuity that would increase the donor's income. A Living Trust, which is revocable, allows you to stay in control of your assets during your lifetime. A donor can arrange a contribution through a living trust by naming the Foundation a beneficiary. The trust assets bypass probate, so the terms are private. The Church Board appointed the original directors of the Community Church of Union Foundation. Current Directors are Ray Anderson, Jo Bates, Annamaria Hauser, James Speas, and Darlene Williams.
Updated 05/12/2008 |