First Congregational Church is a non-profit 501c3 organization and gifts to First Church are tax-deductible to the extent of the law. With the donor’s permission, the Trustees will recognize donors whose outright gifts to the endowments total $5000 or more on the Legacy Society plaque located near the entrance to the sanctuary. Donors whose planned gifts to the endowments via estate gifts or annuities should make their intentions known to the Senior Minister or a Trustee, and their name will be placed on the Legacy Society plaque also.

THERE ARE MANY GIVING OPTIONS THAT FIT YOUR FINANCIAL AND ESTATE PLANNING GOALS. 

OUTRIGHT GIFTS:

  • APPRECIATED SECURITIES- Donating your appreciated, bonds, or mutual funds to the Trustees, First Congregational Church, may provide you with an income tax deduction based upon the current market value of the asset being given. The capital gains tax is avoided when the asset is directly transferred to First Church.

      The easiest, fastest, and safest means to donate appreciated securities held by your
      broker to an Endowment Fund is by electronic transfer. Please click here for specific transfer instructions.

  • REAL ESTATE AND OTHER PERSONAL PROPERTY- As a general policy, the Church does not accept gifts of real property. Sale of the property by the donor and transferring the proceeds to the Endowment is preferred. However, the Trustees or Senior Minister are most willing to discuss your wishes to determine if they can be fulfilled.
  • IRA- The IRS extended the IRA Rollover provision for 2013. It permits donors age 70 ½ and older to make tax-free charitable gifts directly from their IRAs, up to an annual ceiling of $100,000. Contact your IRA administrator
    (e.g.: Fidelity, Vanguard) for details and forms. Be sure to let your intentions known to the Senior Minister or the Church Business Manager so your gift will be properly recorded upon receipt.

 

GIFTS THAT PAY BACK DURING YOUR LIFETIME:

  • A CHARITABLE GIFT ANNUITY- is an irrevocable gift of securities or cash from which you receive a fixed income for life, with the residual value of the annuity coming to the Endowment Fund of your choice upon termination. There usually are no fees and the contract is straight-forward. You get an immediate income tax deduction for a portion of your gift and your periodic income is treated as part income (taxable), part capital gains, and part tax-free. Annuities are available from many investment advisors as well as the United Church of Christ Development Office.
  • A CHARITABLE REMAINDER TRUST- is an irrevocable gift of assets placed into a charitable trust that provides you a fixed or variable income for life or a set term. When the trust is terminated, its assets are placed in the First Church endowment fund you have designated. There are many benefits to you:

         -You get an immediate income tax deduction for the value of the remainder that
           will be transferred to First Church.

         - You and or your beneficiaries will collect income from the assets for a
            specified period of time.

         - Your estate taxes will be reduced when the trust remainder is transferred to
            First Church.

         - You will receive the satisfaction of assisting First Church along “life’s
            broadening ways”.

You should consult your financial advisor or attorney for assistance. And if you choose to include First Church in your will or trust, please let the Senior Minister or a Trustee know of your plans.

ESTATE GIFTS:

  • BEQUESTS BY WILL- There are several ways to include First Church in your will or trust. You may leave a certain dollar amount or specify a predetermined percentage of your estate or designate the remainder of your estate after providing for your heirs. to be added to a First Congregational Church endowment fund. All these options will reduce your estate taxes.

     The bequest language should at least include this information:

                “I, (name), of (city, state and zip), give, devise and bequeath to the Trustees, First Congregational Church, Columbus Ohio, (written amount or percentage of the estate or description of property) to be added to the (name) Endowment Fund(s).” Your professional advisors will be able to assist you with details. If you choose to include First Church in your will or trust, please let the Senior Minister or a Trustee know.

  • BENEFICIARY DESIGNATIONS- Designating First Church as a beneficiary of one or more of the following assets is a simple and inexpensive way to make a gift to an endowment fund. During your lifetime, you control the asset and can change beneficiaries at any time. You can designate primary, secondary, or contingent beneficiaries depending on your wishes. You can also designate specific amounts or a percentage of the asset to go to the First Church. If you choose to remember First Church in this way, please be sure to give the full legal name.... First Congregational Church of Columbus Ohio at 444 E. Broad St., Columbus Ohio 43212 fbo (name) endowment fund.                         
+ LIFE INSURANCE POLICY- If you have a life insurance policy that         has outlived its original purpose, you can name the First Congregation Church as the primary beneficiary. If you still need the security of the policy, you could name the Trustees, First Congregational Church as a co-beneficiary or contingent beneficiary of the policy. You can also designate a certain percentage of your life  insurance policy to be added to an endowment fund. Please contact your insurance agent for details and beneficiary designation form.

 + AN IRA - either by naming the Trustees, First Congregational Church,Columbus Ohio (be sure to specify the Endowment Fund for your gift) as beneficiary of your IRA or qualified retirement plan support an endowment after your lifetime. It is recommended you consult your insurance adviser. Contact your plan administrator for the beneficiary designation form.

  + INVESTMENT ACCOUNTS- By placing TOD, transfer on death, on the investment account and designating the First Congregational Church fbo (name) Endowment Fund(s) as beneficiary, the investment balance will be added to the Endowment Fund(s) of your choice upon transfer. Contact your broker for the beneficiary designation form.

 + BANK ACCOUNTS- By placing POD, payable upon death, on the bank account and, designating the First Congregational Church fbo (name) Endowment Fund(s) as a beneficiary, the bank account assets will transfer to the Endowment Fund of your choice. Your bank will have the beneficiary designation form.

  • RETIREMENT ASSETS (IRA OR ROTH IRA)- Retirement accounts might be the best asset to gift to First Congregational Church, as retirement assets can be taxed up to 70% upon inheritance. By naming the Trustees, First Congregational Church, Columbus Ohio (be sure to specify the Endowment Fund for your gift) as beneficiary of your IRA or qualified retirement plan, that taxation can be avoided  because retirement assets pass tax free to charitable organizations. You can then leave other, more favorably taxed assets, to your heirs.

For more information, please call 228-1741 to speak with the Senior Minister or contact any Church Trustee. As always, it is highly recommended that you consult your professional advisers.

© Copyright 2020 first congregational church. 444 east broad street columbus, ohio 43215-3885   |   Powered by Infinite Cohesion
Quick-Edit Login