As 2021 comes to its end this week, there are more than a few financial details to share with you:
1) As a part of the CARES Act, every taxpayer is allowed to deduct up to $300 of charitable contributions from their taxable income; the deduction is $600 for those who file jointly. Usually this deduction is only available to those who itemize their deductions.
2) In order to qualify as a 2021 contribution for your tax records, your gift must be dated in 2021 and either received or postmarked by December 31. Gifts postmarked in January will show on your 2022 statement.
3) When you give in late December or January, it is helpful if you note whether you are giving toward your 2021 or 2022 pledge.
4) Making a gift as a Required Minimum Distribution from an IRA can reduce your taxes as well. If you do so, please also email Karen McArthur so that we can watch for the check in the mail. If paid by check, this check must clear your bank by December 31.
5) Some people give gifts to First Church via a Donor-Advised Fund, also known as a Charitable Gift Fund that they have set up. This can have significant income tax advantages for some.
6) If you would like to make a stock gift to the church, please e-mail Karen McArthur with the approximate date, amount and type of stock so that we can post the gift to your contribution statement.
7) In mid-January, First Church will e-mail contribution statements to all who have contributed so that they have the tax documentation needed for their contributions. Please save this with your tax documents!
We are grateful for all of your many contributions to the ministry we do together.
- We have received close to 100% of our 2021 goal of $600,000. You can track our collective progress on our website. You can review your own contributions by accessing your household record in our database by clicking on “Manage my Family Info” at the bottom of the login for our church directory, which you will find as a Quick Link on the Members & Friends page of our website.
- Pledges and Gifts for 2022 continue to trickle in (that’s yet another water metaphor!) toward our goal of $655,000. You can add your pledge or watch our progress toward that goal on our Stewardship page or e-mailing Karen McArthur. If you have not yet made a pledge, members of our Stewardship Committee will be reaching out to you in January as we prepare for our Annual Meeting.
- Online contributions set up through our pledge page automatically end each December, and must be set up again for the next year. Recurring online contributions made through our give page may either have an end date or be ongoing. We will review recurring gifts next week and notify you if it appears there is an unintended overlap!
Again, thank you for your generous contributions. Happy New Year! May 2022 ground us in God’s peace as we work together for justice.
Rev. Karen McArthur, Minister of Stewardship & Finance