Operating Budget Update
May 1, 2016
On our 25th anniversary weekend, I shared Redeemer's vision to multiply far beyond our three congregations. It's very important for us as a congregation to understand the connection between planned giving and our vision. In order for us to move forward with our vision, we need to become more planned and intentional with what we give to Redeemer. In 1 Corinthians 16:2 Paul talks about the importance of planned giving: “on the first day of every week, each of you is to put something aside.” This encourages us to see we are called to plan for how we give.
To fund our vision this year as well as in the years to come, we must bring our giving as a church up to a new level. Here is our financial summary through May 1, 2016:
- Gifts received YTD = $4.5M ($1.3M behind YTD goal of $5.8M)
- Year-end goal = $19.7M ($15.2M needed by December 31)
As it stands, we need $1.3M to meet our current year-to-date goal. This is a big challenge, though we have met similar challenges before. If you call Redeemer your “home” church, I encourage you to be generous, planned and regular with your gifts to the General Operating Fund.
As we move forward with our vision to be a movement of the gospel, your faithfulness and sacrificial gifts are an essential part of how we serve more of the city. Thank you for your generosity!
Redeemer Presbyterian Church
Reports & Presentations
IRS Tax Law Updates on Charitable Contributions
In August 2006, Congress enacted the Pension Protection Act of 2006. While primarily a pension reform law, the Act contains the following provisions pertaining to charitable contributions:
Recordkeeping Requirements for Cash Contributions
All cash gifts made to qualified charities in tax years beginning after August 17, 2006 (2007 for most taxpayers) must be supported by a dated bank record (such as a cancelled check) or a dated receipt. The receipt from the charity must show the name of the charity, date of contribution, and the amount of the contribution. The Redeemer Giving Statement, which is mailed home quarterly, is an acceptable receipt for gifts made to Redeemer.
Tax-free distributions from IRAs for charitable purposes
IRA owners who are at least 70 1/2 years of age can make tax-free distributions of up to $100,000 from a traditional IRA or a Roth IRA to a tax-exempt church or charity. This provision is effective through 2012.