What is the Endowment Fund?
Webster defines “endowment” as “the act or process of furnishing with an income”. The Endowment Fund of Groce is established for the purpose of providing members and friends the opportunity to make charitable gifts to Groce that will become a permanent endowment of financial support. More specifically, the income from endowment gifts is used to support the ministry and purpose of Groce. The principal remains intact permanently. To learn more about how you can help ensure the future of Groce United Methodist Church, please call the Church office at (828) 298-7647. Brief Summary of Tax Advantages of Charitable Giving
- Gifts of cash – deductible up to 50% of adjusted gross income for individual itemizers; up to 10% of taxable income for corporations.
- Gifts of appreciated property (stocks, bonds, real estate, etc.) – deductible for full market value at the time of gift up to 30% of adjusted gross for individual itemizers. Capital gains tax is avoided when long-term appreciated property is given.
- Carryover provisions – if you or your corporation gives more in one year than can be deducted in that year, the excess can be carried forward and deducted over the next five years.
- Estate tax deduction – unlimited deduction for federal estate tax purposes for cash or other property willed to a qualified charity at death.
- North Carolina tax – the higher your income or death tax rate(s), the more you generally save from charitable giving. Therefore, additional allowable deductions for North Carolina income or inheritance tax will result from charitable giving.
The purpose of Groce United Methodist Church is to build God’s family through praising God, bringing others to Christ, teaching the faith, strengthening the fellowship, and sending forth in service. You can ensure the strength and future of Groce United Methodist Church through a gift to the Endowment Fund!
Providing for the Future
Long term financial planning through our endowment fund is a way to permanently fund the purpose of Groce United Methodist Church. The concept of endowment funding says to the Church and community that the Church is here to stay.
How will my Gift be used?
A gift to the Endowment Fund of Groce may be classified into one of the following categories based on the donor’s wishes:
- Mission Fund
- Property Fund
- General Endowment Fund
- Special Purpose Fund
Avenues of Contributing to the Endowment Fund
Ways to contribute to the Endowment Fund include giving:
- Appreciated securities
- Real estate
- Personal property (works of art, antiques, jewelry, etc.)
- Through your will
- Through life insurance
- Through life income plans
- Income gifts
- Through retirement plans
- Government bonds