Giving Opportunities at First Presbyterian Church of Glen Cove provides numerous opportunities for "giving back" to God a portion of what God has given to us. The most traditional method is making an annual pledge to the church which usually comes from one's annual income. This may be done by contacting the church office and completing a pledge card.
Accumulated Assets Faithful stewardship also includes responsible use of the assets we have accumulated over the years. Depending on your particular financial situation, there may also be significant tax advantages to making your gift from other financial resources.
Appreciated Stock - Gifts of appreciated stock or mutual funds often provide exceptional tax savings and enable the donor to reduce the cost of the gift or to significantly increase the amount which may be given. If you have owned the securities for longer than one year, you may claim a charitable income tax deduction in an amount up to 30 percent of your adjusted gross income from the full current market value rather than for the purchase price of the securities. You are also relieved of paying tax on the capital gain.
Lump Sum Cash Gifts - As savings bonds, certificates of deposit or treasury bills mature, large lump sum cash gifts become possible.
Bonds - Ownership of state, municipal and U.S. Government Bonds [other than U.S. Savings Bonds] can be given to your church. For tax purposes the bonds will be valued at the date of the gift, and the charitable deduction may include capital gain or ordinary income elements.
Planned Gifts Planned gifts are those gifts to the church which result from a distribution of assets following your death. When a faithful member dies, the loss of their annual pledge can leave a significant gap in the church's annual income.
At First Presbyterian Church of Glen Cove, our church's endowment fund helps to make up the difference between what is pledged by our current membership and what has been bequeathed to us by former generations of members upon their death. By the proper plans for gifting the church, you may also begin to see an immediate relief to your tax burden in the present.
Bequests - One of the easiest and most common ways to support your church is to make a gift through a bequest in your will. This may take the form of a specific dollar amount, specific property, a percentage of your estate, or a remainder after you have provided for your survivors.
Bequests to your church are not subject to Federal Estate Taxes so whatever form your gift takes, your estate may realize a tax savings. Depending upon your state laws, your heirs may also save on local inheritance or estate taxes. Through careful planning, it may be possible to use money that would otherwise go to taxes to benefit both your loved ones and your church.
Other Possibilities There are a number of other ways to provide for First Presbyterian's financial needs through gifts from accumulated resources, including gifts of life insurance, gifts of or from retirement accounts, and life income gifts in which you may receive income for life and ultimately give the asset to your church.
Creative Combinations Depending on your particular situation you may use several of these ideas in combination to make your gift and to make a difference.
Members of our church's Finance Committee can assist you in reviewing your options. Simply phone the church at (516) 6761-0258 or e mail firstname.lastname@example.org
Of course, you should also consult your attorney and financial advisors to determine the applicability of tax laws to your specific situation.
Thank you for considering your options in making a difference at First Presbyterian Church of Glen Cove