Planned Giving
The Planned Giving Committee was created in 1997 to educate the congregation about the nature, purpose and opportunities for planned gifts. Planned Gifts are those that are “planned”, that is given through wills or bequests, annuities, trusts or gifts to an endowment fund. The Committee has a booklet entitled “Planned Giving, What It Is and How to Do It”. For more information, please contact the New Paltz UMC Planned Giving Committee at newpaltzumc@gmail.com.
The Endowment Fund was also established in 1997 with a gift from the estate of Grace Elliott. Currently worth over $400,000, thanks in part to a major gift from The Dorothy Bordenstein Trust, its purpose is to receive donations from people who want their gifts to “keep on giving”. Donations are accepted at any time.
Donations to the Endowment Fund are not spent, but are invested according to the Discipline of the United Methodist Church, only the earnings are. The earnings (which include interest, dividends and appreciation) are calculated annually as 4.5% of the average five-year value of the Fund on each June 30th and used to support the ministry of our congregation.
Read the details for the 2022 Annual Announcement of Endowment Fund Earnings.
Read the details for the 2021 Annual Announcement of Endowment Fund Earnings and the motion for distributing those funds approved by NPUMC Charge Conference December 2021.
Want to save on your taxes? Give to the church!
If you are of a certain age you probably know that minimum annual distributions are required from your IRA. Did you know that you can use some or all of that distribution to make a nontaxable gift to the New Paltz UMC? Reminders usually go out at year end and are about distributions not already taken, but the distributions can be used anytime during the year and could be a way to fulfill your pledge to the Church using income that is not taxed. This might be of value to you if you claim the standard deduction on your taxes rather than itemizing where charitable donations are listed. If you wish to make a nontaxable gift it has to go directly from the IRA to the Church. Please contact your financial advisor for details on how to do this. Thank you.
Using Appreciated Stock
One way to make a gift to the Church, either to fulfill your pledge or make a gift to the Endowment or to a particular ministry, is to give stock that has increased in value (appreciated) since you purchased it. This method of giving has tax advantages in that you will not have to pay capital gains tax on the amount the stock has increased and you will be able to deduct from your taxes the market value of the stock at the time of the gift. Since the New Paltz UMC does not have a brokerage account, we utilize the United Methodist Frontier Foundation to process stock gifts to the Church.
Here is how to do it.
BEFORE MAKING A GIFT: Please contact the United Methodist Frontier Foundation (UMFF) to let them know your plan to make a gift of stock. They need to ensure that when the securities are transferred to their broker, they can easily identify your gift. Contact Maureen Palumberi, Finance Manager at 914-615-2239 or mpalumberi@umff.org or Ellen Knudsen, Executive Director at 914-615-2238 or eknudsen@umff.org. They also have Sample Letters that you can use to send to your Financial Advisor and to your church. Please send them a copy of the gift letter that you send to the church.
TRANSFERRING SECURITIES: The easiest way to gift securities to your church is by instructing your Financial Advisor to make an electronic transfer to the United Methodist Frontier Foundation’s account held by Morgan Stanley. Contact the UMFF to obtain their Morgan Stanley account number.
WHAT HAPPENS NEXT? Once the securities are deposited into the UMFF Morgan Stanley account and sold, UMFF will receive the net proceeds and subsequently will send a check for the same amount to the United Methodist Church or ministry that you designated. Any costs and fees charged by Morgan Stanley will be deducted from the selling price of the securities to arrive at the net proceeds. The Frontier Foundation does not charge any fee for their services in the sale of the stock. The UMFF will send you a letter when they send the proceeds to the church. The church should acknowledge your donation once they receive the check from the Foundation. Do not hesitate to contact us with any questions about the procedures.
New Paltz UMC as Your Beneficiary
One of the easiest ways to make a planned gift to the New Paltz UMC is to name it as a beneficiary, either primary or secondary, of an IRA or life insurance policy. More than one beneficiary can be named so you can tailor your gift to your wishes. Your IRA or insurance provider will have the forms you will need. Even if you do not name the NPUMC, it is a good idea to periodically review your beneficiaries to make sure they are current.
