Maximizing Your Gift – Part IV

In this last part of the series, I’ll talk about restricted gifts.  Some of you may have included First U in your wills, and some have put restrictions on how that money can be spent.  But restricted gifts are also an option for you to supplement your annual pledge (which goes into the general operating fund) with money that you can earmark for certain purposes.  Some people choose to make a “legacy gift” while they are alive so they can see the results, rather than leaving it in their will.

There are two types of earmarks, permanent and temporary.  With a permanently restricted gift, your money goes into a fund that is never spent (it’s not a separate account, but we track it separately).  The income that is generated by permanently restricted gifts can go to the general operating fund or be directed to a specific function, like Music Programs or Building & Grounds Repair/Improvements.

With a temporarily restricted gift, your money is earmarked for the same sort of functions indicated above, but is typically spent by the Church within a short period of time.  In some cases, people have made restricted gifts that are fairly specific, but it’s best if they are somewhat generic in case the specific need has already been addressed or becomes obsolete.

If you have any questions or would like further information, please let me know.  Or if you would like to talk about wills or trusts or more complex gifts, you can contact Meg Pauken for further assistance.

Don Stimpert, Assistant Treasurer
email Don at don.stimpert@gmail.com 

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