Note: You are reading this message either because you did not load our stylesheets, or you are not using a standards-compliant browser. Please consider using one of these browsers to view this web site: Firefox, Opera, Internet Explorer, or Safari (Mac).

Westminster

Welcome!

How to Give

ONLINE GIVING

Click here to give now.

Next Chapter…Imagine a Place Building Campaign

Construction Updates

NEXT CHAPTER GIVING as of 8/31/10
Construction/Remodel Project Cost: $22,000,000
Commitments to date: $17,000,000
Received to date, including interest: $14,392,800

Creative Giving Strategies

What are Gifts-In-Kind?
Transferring ownership of an asset, rather than selling the asset and giving the cash, is a gift-in-kind.
Why give Gifts-In-Kind?
The tax code is very generous toward this form of giving. Giving the asset to the church, then letting the church sell eliminates potential capital gains taxes and can increase the after tax proceeds.
How does the tax benefit work?
Itemized Deduction:
The individual or business is allowed to include 100% of the market value of most such assets as charitable contributions for tax purposes if held more than one year. Capital Gains:
The transfer of property does not generate a capital gains tax. The church, as a tax exempt entity, will realize the full market value, less transaction costs, at the time of sale without paying capital gains taxes.
What if I sell first and then give the cash?
You may be subject to capital gains taxes thereby reducing the after tax proceeds from the sale. For example:

Sell First Gift-In-Kind
Market Value $20,000 $20,000
Tax (assuming 20%) 2,000 -0-
After Tax Proceeds $18,000 $20,000
How do I give Gifts-In-Kind?
For stocks, mutual funds shares, and bonds:
1. Contact your broker and request the transfer.
2. Provide the following to your broker:
Firm: Charles Schwab
DTC #: 164
Account #: BV93376060
Account Name: Westminster Chapel
3. You will be provided with stock powers or transfer papers to complete the transfer.
4. Contact our accountant, Tim Huffman, at timh@westminster.org or (425)460.4015 to inform him of the transfer and let the broker know it should be directed to “Imagine A Place.”
5. For shares in your possession, you will need to endorse the certificates and have the signature “guaranteed” by a financial institution in the “Medallion Stamp Program,” then contact Tim Huffman as directed above.
What about personal property?
For personal property such as real estate, collectibles, automobiles, jewelry, and other items, there may be no capital gains tax benefits, but the financial and spiritual benefits can be significant. For these, please contact, Tim Huffman, at timh@westminster.org or (425) 747-1461 ext. 102.
What are some other ideas on how to give?
Cash Flow Gifts: A person can give significantly by giving smaller amounts at higher frequencies. Weekly, semi-monthly, monthly giving allows large gifts to be reached in smaller steps.
Charitable Giving Resources: Reviewing all of ones’ charitable donations in light of their eternal value affords a resource for significant giving.
Corporate Gifts: Those who have used their business as a source for giving have made significant donations.
Diverted Funds Gifts: Freeing up funds that are currently going to other areas of spending allows a person to increase giving to God’s work. Diverting funds from entertainment, dining out, dues, subscriptions, gifts, allowances, utilities, or transportation, offers lifestyle adjustments which impact one’s giving.
Delayed Expenditures: The delaying of purchases allows a person to significantly increase giving. The acquisition of major items such as cars, clothing, or trips, when postponed, allows substantial giving opportunities.
Freedom From Debt: As a person looks ahead into the next couple of years, they may discover that a debt obligation will be fulfilled, freeing up revenue for additional giving.
Income Producing Assets: Interest income, payments from rental properties or monies from other income producing assets provide a source for increased giving.
Matching Gifts: Many employers have matching gifts programs. Please check with your employer to see if this is an option for you to consider.
Sale of Assets: Sale of major assets, such as a house, car, land, or business provides available income for giving.
Savings and Annuities: Savings for special projects may offer a resource for increased giving. Often we realize that a portion of our savings may safely be given to the work of God’s kingdom through our church.
Unique Skills Income: Some people have marketable hobbies or skills, which enable them to give from those new profits.

One Family’s Creative Commitment to Increased Giving

“With this, we’re able to continue to support the annual budget and the mission’s program.”

Activity One Week One Year Two Years

TWO YEAR TOTAL: $8,052.00

(Note: Any discussion of tax treatment is not intended and should not be considered as tax advice. Please be sure to consult your personal tax professional for advice your tax position.)