| Evangelism | Nursery School | Social Ministry | Stewardship | Worship, Music & Arts |
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The Stewardship Committee is responsible for encouraging generous giving to the work of the church at home, in the Metro New York Synod, through the national structure of the Evangelical Lutheran Church in America, and throughout the world; provides for an on-going year around stewardship program with a yearly emphasis and opportunity for Every Member Response. It is also the responsibility of this committee to encourage members to give generously of their time and talents through the mission of the church. Council Representatives to the Stewardship Committee: Kathy Cante, Karen
Spidal
Toward a Working Definition of Stewardship Stewardship within the Christian community is nothing more or nothing less than our disciplined care, concern, and custodial responsibility for the Gospel, the Whole Family of God, the Gifts of the Earth, and the Responsible Employment of Human Resources and Economic Goods - all of which are God given and entrusted to us. Our exercise of stewardship over the Gospel, the good earth, our care for all brothers and sisters throughout the world, and the use of our gifts of time, talent and treasures says volumes about who we are as God's people. Wallace E. Fisher, one of the outstanding pastoral voices in the field of stewardship notes that "Christian stewardship recognizes and accepts the reality that our human existence and personal resources and fields of labor and witness, the earth's resources, and above all, the gospel itself depend on God's creative, sustaining, redemptive work. Stewardship is every Christian's true vocation. Stewardship is every congregation’s primary responsibility." Thoughts on Stewardship at Emanuel Blessed are you, O Lord our God, maker of all things. Through your goodness you have blessed us with many gifts. With them we offer ourselves to your service and dedicate our lives to the care and redemption of all that you have made, for the sake of him who gave himself for us, Jesus Christ our Lord. Articles Concerning the Financial Aspects of Stewardship:
What are the Benefits of Making a Charitable Gift Through My Will? Charitable bequests (i.e., assets given through a will) provide substantial tax benefits and may be the most appropriate charitable giving technique for a person who is charitably inclined, but who wants to retain control of his or her assets during lifetime. A donor who makes a bequest to a charity will be entitled to a charitable estate tax deduction for the value of the charity's interest, effectively removing the value of the gifted asset from the donor’s estate. Charitable bequests may be made in a variety of ways. The simplest way is to make an outright bequest of an entire asset. In return, the donor's estate will get a deduction for the fair market value of the asset on the date of death. However, a donor may also make a bequest of a partial interest in an asset (such as a gift to a charitable remainder trust). The donor's estate will receive a deduction for the present value of the charity's interest in the asset. No matter which technique is used, the tax advantages to the donor can be significant.
A charitable gift annuity is a private contractual agreement between a donor and a charity. The donor makes a gift of cash or other property to the charity. In return, the donor, or another designated individual, receives a fixed income annually from the charity for the lifetime of the annuitant. A donor who makes this type of gift will receive a charitable income tax deduction for the value of the charity's interest, as long as he or she itemizes deductions on his or her income tax return.
A large, lump sum donation can interrupt the flow of donations to annual stewardship drives and capital campaigns. As an alternative to making a large, outright gift, one may consider making a contribution to an endowment fund. An endowment fund is set up by a charitable organization to receive gifts from multiple donors. The principal in the fund remains intact and earns interest in each subsequent year. The interest earned is used by the organization to promote charitable causes. A gift to an endowment fund qualifies for a current income tax deduction and for a gift or estate tax deduction based on the fair market value of the gift.
Yes. In fact, if you leave your qualified plan balance to someone other than your surviving spouse or charity, it could be subject to extreme income and estate taxation. The amount of tax depends on the size of your plan and the marginal income tax bracket of the beneficiary. The reason for this excessive taxation is that Congress intended the plans for retirement, not inheritance. Surprisingly, 90% of people at 90 years of age have 90% of their plan balance left. Many find that they do not need the retirement income that these plans provide, so they let their plans continue to grow tax-deferred. If you have planned to leave your qualified assets (and nonqualified tax-deferred assets such as nonqualified annuities) to children or others, you may want to examine the potential tax implications. One alternative could be to name a charity as beneficiary of the assets, thereby avoiding all income and estate taxation and providing a benefit to the community.
There are three places that your money and assets can go after your death: to your heirs, to charity or to Uncle Sam. By planning carefully, you can control how much goes to whom. The high rates of federal estate tax are surprising. Taxation on the excess over a person's unified credit amount ($625,000 in 1998) starts at an effective rate of 37% and climbs all the way to 55%. However, there is some relief. You can leave as much as you want to your spouse without paying estate taxes (the marital deduction). In addition, you can ensure that the IRS gets less of your estate by making charitable gifts. The charitable estate tax deduction is unlimited. If you have a sizable estate, consider how charitable giving can shrink your estate for tax purposes. It provides an opportunity for you to support the causes that are important to you rather than supporting the causes important to the U.S. Government via the IRS. You do not have a choice about whether to give your estate away, but you do have a choice about who will ultimately receive it.
Sound familiar? There is a solution. It is called "Wealth Replacement” life insurance. Using this technique, a donor transfers assets to charity. In return the donor will be entitled to a charitable income tax deduction and depending on the gift, may receive an annual income stream in return. These tax savings and/or income payments may be used to pay the premium payments on a life insurance contract with a face value equaling the value of the gifted asset. If an irrevocable life insurance trust or adult children hold the life insurance contract, the value of the contract will be excluded from the donor’s estate. Upon the death of the donor, the beneficiaries of the contract will receive the death benefit income tax and estate tax free. It is a win-win-win situation for the donor, the charity and the donor's family.
Yes. In fact, if your stock or bonds have appreciated since you first bought them, you can make a charitable gift of them at a significant discount to you. June Bug bought $3,000 of stock in Acme Bug Food Company. Six years later, the stock is worth $8,000. She would like to make a gift to her church's mission fund in Beetle Land. She could sell the stock, which would net her $6,600 in a 28% capital gains tax bracket. She could then give this money to her church and be entitled to an income tax deduction of $6,600. Although she earned $5,000 on her stock, the church only received the benefit of an extra $3,600 above her cost, since June Bug paid $1,400 in capital gains tax.Instead, if June Bug had given her church the stock instead of the cash, the result would have been more favorable. The church could have sold the stock for $8,000 and would not have had to pay any capital gains tax. June Bug would have received a charitable income tax deduction of $8,000 (the full fair market value of the stock) even though the total cost of her gift would have been only $3,000 (her original cost basis). Pretty smart bug! "Planned Giving" means mapping out a plan for making gifts to church and charity. A caring person integrates planned giving into his or her financial strategies during different phases of life. Many individuals consider planned giving when they decide how to transfer their estate to the places and people whom they want to benefit from their lifetimes of hard work. In addition to fulfilling their charitable goals and acknowledging (financially and spiritually) their gratefulness to God, donors may receive tax benefits and lifetime incomes through several types of tax-favored plans. Planned giving takes many forms and is tailored to meet the needs and goals of the donor. Each person's dreams make each gift unique and important. Martin Luther stated, "The heart of the giver makes the gift dear and precious."
A donor who is going to make a gift to charity must decide whether to make the gift during lifetime or at death. Making a charitable gift during lifetime provides several benefits to a donor that are not available to a donor who makes a gift at death. These include:
Yes. There are several ways to receive a lifetime income stream for gift to charity. One way is through the use of a Charitable Remainder Trust (CRT). It works like this: an asset is put into a trust and invested; the donor receives income from the trust for his/her lifetime or for a term of years; after the donor passes away, the money remaining in the trust is distributed to charity. If a donor has an appreciated asset (such as stock or real estate that has increased significantly in value), the income stream from the CRT could be greater than if the donor sold the asset outright and invested for income. This is because charities (unlike us!) do not have to pay capital gains taxes on the sale of appreciated assets. Thus, the full fair market value of the asset can be reinvested to provide income back to the donor. A donor who makes a gift of appreciated stock or real estate to a CRT is entitled to a charitable income tax deduction that is a portion of the full fair market value of the contributed asset.
Charitable gifts of life insurance provide an easy way for the donor to make charitable contributions with minimal current costs. In many instances, a gift of life insurance involves a small out-of-pocket premium each year, yet produces a significant benefit to a charity. There are many ways to make a charitable gift of life insurance. First, an existing contract may be given to charity, in which case all ownership rights must be assigned to the charity and the charity named as beneficiary. If no further premium payments are due on the contract, the donor will receive a charitable income tax deduction for the replacement value of the contract. However, if premiums remain to be paid on the contract, the donor will receive a charitable income tax deduction for the lesser of the interpolated terminal reserve value of the contract or the total value of premium payments paid. This value is generally slightly more than the cash value of the contract. The donor will also receive additional deductions for future premium payments. Second, a donor may purchase a new contract, naming the charity as the original owner and beneficiary. The donor will receive a charitable income tax deduction for each premium payment made on the contract. As long as the charity is the owner of the contract, the proceeds will be excluded from the donor's estate. Finally, a donor may designate a charity as the beneficiary of a life insurance contract that he or she continues to own. Although the donor will not receive an income tax deduction for the gift, he or she will receive a charitable estate tax deduction for the amount of the death benefit passing to charity. Donors can also name a charity as a contingent beneficiary, providing the charity with the death benefit in the event that the primary beneficiary predeceased the donor. The purpose of these pieces is to provide general information only and is not to provide specific advice or recommendations for any individual. We suggest that you consult your attorney, accountant or tax advisor with regard to your personal situation.
Rev. Robert G. Wollenburg
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