End of Year Giving Tips

Once again, it is that time of year that includes so many events and things to do. At the same time, when we pause and reflect on our blessings, it touches our hearts and helps us appreciate the season and Reason for it: Jesus Christ and His provision for us.

As always, we are grateful for all of your gifts of time, talents, relationships and funds, particularly, the special gifts that come in during this month each year. Thank you very much! God is working through us together to glorify Himself. Please continue with your generous and sacrificial giving at this time of year.

As you consider your giving, the following information may be of help:

  • The last giving day for 2010 tax purposes is December 31. This means that in order for your gifts to be deductible for 2010 the IRS requires that your donations be ‘completed’ on or before 12.31.10. Donations made by mail must be postmarked and in the mail by December 31 at midnight. We are not allowed to give 2010 credit for checks after that date.
  • One of the ways you may make contributions is through donations of stocks or bonds to the church. You will need to have your paperwork completed no later than Tuesday, December 21 in order to effect the transfer before the 12.31.10 deadline.
  • We are able to have your stocks or bonds transferred from your account to Covenant’s account for this purpose. Your donation will be recorded at the market price at the time it was received into our account. To complete this type of gift, please contact the Treasurer, Jonathan Sterk, at the church, as soon as possible.
  • If you are over 70 ½ years of age, the IRS has granted you a tax savings option, which expires on 12.31.10. Under this option, the IRS allows you to transfer or make donations out your IRA type plans without paying tax on this money. These donations can be in excess of the required minimum distributions (and up to $100,000) without paying tax on the donated money. If you are interested in this option, please first contact your tax and financial advisors to make the arrangements.

 

Covenant Chapel’s e-Giving’ is fully operative and a convenient mechanism for many of you this year. E-giving allows you to set up automatic, periodic deductions from your checking, savings, debit or charge card accounts and have them transferred to Covenant’s account (donations charged to a credit card before the end of the year count for 2010. This is true even if the credit-card bill isn’t paid until next year). If you are interested in using this option, visit the Give Page.

Thank you so much for your partnership in God’s work through Covenant Chapel!