What Every Jamestown Presbyterian Church Member Needs to Know About Online Giving
Q: Why are annual pledges important?
Annual pledges fund the church’s operation and support all that Jamestown Presbyterian Church does in its many ministries. Your annual pledge is essential if we are to sustain our existing ministries and begin to address our strategic goals. The Session formulates and approves the annual operating budget based on written pledges. Difficult decisions are required each year because needs always exceed pledges. Pledging is critically important because the Session requires a balanced budget.
Q: What is the annual operating budget?
The church’s budget is the very tangible way we give witness to our plans to continue Christ’s ministry in the world through Jamestown Presbyterian Church. The budget is neither arbitrary nor inflated. It is carefully designed to allow the church to practice responsible stewardship.
Q: Are there giving guides?
The church supports tithing and proportional giving as a means to give back a portion of all that God has so generously given to us. If you have given proportionally in the past, we respectfully ask that you consider stretching to a higher level this year. If you have not pledged, we ask that you make a pledge in joyful celebration of God’s blessing and your membership in the body of Christ.
Q: How do I make a pledge?
2014 Commitment Sunday is November 3, 2013. Everyone is invited to offer their financial commitment by putting their pledge cards in the offering plate on Commitment Sunday. Pledges can also be submitted to the office. We have requested that pledges be submitted by December 31, 2013 in order to allow the Resource Management Ministry to prepare a realistic budget.
Q: Who can pledge?
Families and finances are organized in different ways. Anyone, including children, who desires to pledge individually can.
Q: How can I pay my annual pledge?
There are multiple ways to pay your pledge. Please see the giving options tab for more information.
Q: I’m not sure what I can afford this year. How can I pledge?
We suggest that you pledge responsibly, based on your estimate of the year’s income. If you are unable to pledge, please return a pledge card with zero on it.
Q: How often do we receive a summary of financial giving?
You will receive a quarterly giving statement during the year. These statements can be picked up before service or in the office.
Q: Are my contributions tax deductible?
Yes. Jamestown Presbyterian Church is a qualified charitable organization and contributions made to Jamestown Presbyterian are tax deductible subject to certain IRS limitations.
Q: Can I contribute other items besides money?
Yes. Gifts of personal or real property can provide donors with a tax benefit. You may be able to claim a charitable contribution deduction in the amount of the current market value of the donated item. No gain is realized on a charitable contribution of appreciated property. We will send you a charitable contribution receipt that identifies the property given and the date of the donation. If you have questions about the tax consequences of your donation, please contact your tax advisor for further clarification.
Benefits of donating stock
Q: Why should I consider donating stock?
Gifts of stock can provide donors with a double tax benefit. First, you may be able to claim a charitable contribution deduction in the amount of the current market value of the donated stock. That is, you can deduct not only the original cost you paid for the donated shared but also the increase in the value of those shares. Second, you can avoid paying taxes on the appreciated value of the stock. The greater the amount of appreciation, the more capital gains tax the shareholder will face if the stock is sold. But this tax can be avoided if you donate the stock to the church, and also the church pays no capital gains tax when it sells the donated stock.
Q: Are the any special rules with the IRS on donating stock?
Yes. Generally, the stock should be publicly traded stock that has been held for more than one year. Privately held stock is subject to its own set of special rules. There is also a limit to the amount of charitable contributions given as “capital gain property”, and generally this is 30 percent of your adjusted gross income. If you have questions about the tax consequences of your donation, please contact your tax advisor for further clarification.
Q: Should I sell the stock first, and donate the proceeds?
No, unless it is tock that has declined in value. If the stock has appreciated in value, you will want to donate the stock directly to the church so you do not have to pay capital gains tax on the appreciated value.
Q: What is the process for donating stock?
The simplest way is to do it via electronic transfer, from your broker to the church’s broker. Jamestown Presbyterian has setup a special account to handle these donations. The first thing to do will be to contact your broker for specific instructions about your specific stock. Make sure that the broker understands that you want to transfer the stock, not sell it. The you should contact the church to get Jamestown Presbyterian’s account information and other electronic transfer information. Once Jamestown Presbyterian receives the stock, we will send you a charitable contribution receipt that identifies the donation, naming the specific stock, the amount of shares, and the date of transfer. You will need to make a note of the value of the stock on that day for your tax records.
Q: Are mutual funds done the same way?
Generally yes, but you’ll want to contact your broker for any specific instructions.
For additional questions about giving to Jamestown Presbyterian Church, please call us at 336-454-3718.