{"id":1258,"date":"2009-12-07T18:26:55","date_gmt":"2009-12-07T18:26:55","guid":{"rendered":"http:\/\/blogs.covchurch.org\/newswire\/?p=1258"},"modified":"2010-12-22T12:47:33","modified_gmt":"2010-12-22T17:47:33","slug":"7431","status":"publish","type":"post","link":"http:\/\/blogs.covchurch.org\/newswire\/2009\/12\/07\/7431\/","title":{"rendered":"Gift of Appreciated Stock Good Way to Support Ministry"},"content":{"rendered":"

CHICAGO, IL (December 7, 2009) \u2013 As 2009 draws to a close, charitable giving is on the minds of many who desire to include donations in the current tax year.
\n
\nThe Evangelical Covenant Church (ECC) offers a number of ways in which individuals can support ministry as part of their year-end tax plan. Given the stock market recovery that began last March, one method of particular interest is the gift of appreciated stock, which offers the potential for a double tax benefit to the donor.<\/p>\n

Under this approach, the donor gifts the appreciated stock to the church, rather than selling it individually and paying income taxes on the gain in value. The church receives 100 percent of the stock value \u2013 then the church can sell the stock and avoid the capital gains tax that the donor would otherwise have to pay.<\/p>\n

The donor further benefits since the gift of appreciated stock qualifies as a charitable tax deduction for income tax purposes – generally considered to be the fair market value of the securities at the time of the contribution, subject to certain tax law limits.<\/p>\n

\u201cIt is very important that the contributor not sell the securities themselves, but rather that the securities be sold by a charity such as the church,\u201d notes Elliott Johnson, director of finance for the Covenant. Appreciated stock gifts also may be directed to local church and conference ministries.<\/p>\n

Those interested in gifting appreciated stock should contact their broker and provide the information contained in this link<\/a>. The broker will then contact the brokerage firm that represents the ECC to complete the transfer of the stock. Donors are asked to email Johnson<\/a> to advise how the stock sale proceeds are to be used.<\/p>\n

An additional opportunity is available for those desiring to support shared Covenant ministries through online donations within the current tax year. A new online giving process<\/a> on the Covenant website helps simplify the process. The online giving link on the Covenant home page<\/a> (www.covchurch.org) accepts gifts using credit and debit cards, electronic checks (ACH) as well as the popular PayPal option. All donations will be acknowledged for income tax purposes.<\/p>\n

For additional information concerning appreciated stock donations and other gift opportunities, call Johnson at 773-907-3362 or email him<\/a>.<\/p>\n

Report This Post<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

CHICAGO, IL (December 7, 2009) \u2013 As 2009 draws to a close, charitable giving is on the minds of many who desire to include donations in the current tax year.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1258","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nGift of Appreciated Stock Good Way to Support Ministry - Covenant Newswire Archives<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/blogs.covchurch.org\/newswire\/2009\/12\/07\/7431\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gift of Appreciated Stock Good Way to Support Ministry - 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