What makes the Legacy Fund different from other forms of church giving?
Unlike the church operating fund, which pays for regular expenses (i.e. facilities, salaries, etc.), our Legacy Fund is an invested sum of money, out of which only a percentage will be used each year for projects above and beyond normal budgeted items.
Are Legacy Fund gifts tax deductible?
Your gifts to the Legacy Fund may be tax deductible for Federal Income Tax purposes. Bequests and other donations of value are generally exempt from Federal Estate and gift
Who administers the Legacy Fund?
The Session (the main governing body of our congregation) decides how the fund’s income will be used. The Committee is very open to your recommendations for how the money can be spent.
What types of projects will Legacy Fund earnings support?
– 50% of yearly Legacy Fund income is designated for Mission projects.
– 25% of yearly Legacy Fund income is designated for Children and Family Ministry.
– 25% of yearly Legacy Fund income is designated for Facility Improvements.
What kind of gifts can be made to the Legacy Fund?
There are many types of gifts that can be given to sustain the Legacy Fund. A few of them are:
– Stocks and bonds
– Life insurance
– Bequests from Retirement Funds
Is my gift too small?
Since all gifts are pooled together in the legacy fund, they have a cumulative effect, making even the smallest gift meaningful. Every gift contributes to the income received and used for ministry each year.
What is a planned gift?
A planned gift to the church is a financial gift structured to allow an individual to give without unnecessary penalties. These include:
– Charitable Gift Annuities, which provide payments for life, tax benefits, and the knowledge that your gift is being used for good purposes.
– Gifts through wills, also known as bequests.
– IRA or Employer-sponsored Retirement Plans, by naming First Presbyterian Church as a beneficiary.
– Life Insurance, by naming First Presbyterian Church as a beneficiary, or donating a fully paid life insurance policy.
Can I contribute a special gift?
Special gifts are a great way to show others how much you care about them and your congregation. These include:
– Memorial Gifts in remembrance of a family member, a friend, and/or a church member.
– Restricted Gifts will be used only for the purposes designated by the giver.