Administrative Services update: Missional and apportionment giving deadline; RMD giving
The last day apportionment payments and mission giving can be applied for the 2016 year is Friday, Jan. 6, 2017. We know this date is early, due to an early deadline from GCFA. Payments must be received in the conference office by 5 p.m. If you need to send the payments electronically, please contact the Treasurer’s office for information (1-800-535-4224). Payments received after the deadline will be applied toward the 2017 apportionments.
Many Americans 70½ years old and older have Individual Retirement Accounts (IRAs) and are forced to take a required minimum distribution (RMD) each year. Very few know that rather than taking that RMD themselves (and paying taxes on the money withdrawn) they can give that RMD directly to a charity (like their church) and avoid paying any taxes on the withdrawal. Congress made this tax provision permanent in the tax bill passed by Congress last year. There are only a few days left in 2016, but act now to benefit both yourself and your church! These gifts do not qualify as charitable contributions; rather they are transferred tax free (which usually will save the donor more in taxes than a charitable deduction would). Contact Dr. Derek McAleer, Director of Administrative Services, at email@example.com for more information about RMDs, if you have questions, or if you need assistance.