Use the following language to include a gift to the Foundation in your will or other bequest documents:
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Westminster Presbyterian Church Foundation, a nonprofit organization located at 4114 Allison Avenue, Des Moines, Iowa, 50310, Federal Tax ID #23-7397987, to be used in accordance with its mission (or for the following purpose): ___________________.
“Each of you must give as you have made up your mind, not reluctantly or under compulsion, for God loves a cheerful giver.”
Westminster Presbyterian Church Foundation
A Legacy of Faith
Westminster Presbyterian Church Foundation was incorporated in 1974 for the purpose of supporting the religious and charitable mission of Westminster Presbyterian Church. The Foundation is a separate legal entity from Westminster Church that is tax-exempt and can invest gifts for long term growth and appreciation. Since the receipt of the first bequest in 1975, hundreds of individuals and families have contributed to the Foundation through bequests, direct gifts, memorials, and other contributions.
Westminster Presbyterian Church Foundation offers donors like you the opportunity to make gifts or bequests that will have a lasting impact on the church and its ministry. Your gift to the Foundation is never spent; only earnings from your gifts are distributed to the church. The goals of the Foundation Board are prudent investment of assets and preservation of principal. On average, over the last 30 years, the Foundation has contributed more than $300,000 a year to Westminster. A large portion of the annual distribution goes directly to church operations, outreach projects, preservation of the building, and Fine Arts events.
Gifts, bequests, or memorials may be made to Westminster Foundation in honor of family or friends, in memory of loved ones, or in recognition of special occasions (birthdays, anniversaries, etc.). Earnings from undesignated gifts are used at the discretion of the Session to further the mission and ministry of the church. Gifts also may be designated for a specific program such as music, mission outreach, Christian education or building needs. No gift is too small, for each is meaningful in the continuing ministry of the church. To learn more about bequests or to make a gift to Westminster Foundation, please call the church office, 515-274-1534, or e-mail Ruth Bloxham, business administrator at Westminster. As always, you should consult with professionals with expertise in related fields, such as attorneys and investment counselors, when making these very important decisions.
Westminster Society: Recognizing Your Generosity
Westminster Society was formed in 2001 to honor faithful contributors to Westminster Foundation who designated the Foundation in their estate plans or who made direct gifts totaling $1,000 during their lifetime. Each spring, Westminster church celebrates the Foundation with Westminster Foundation Sunday. This is an occasion set aside to recognize the Foundation, those who had the foresight to start it, those who helped build it and have since passed away, and current supporters. These individuals and families are honored with a reception as members of Westminster Society. These faithful Westminster Society members also are recognized permanently by the engraving of their names on the Westminster Society plaque in the church’s Tower Lobby.
Gifts Made Today
“No one has ever become poor by giving. ”
Gifts made to the Foundation today begin to benefit Westminster immediately. They may include contributions to the Foundation in the form of cash, appreciated securities, qualified charitable distributions, or real estate. They may also include pledges to the Foundation paid over a period of years.
For most members, most of the time, a gift in the present is part of a tithing pledge or for a special appeal and is made directly to Westminster Church. However, there may be any number of reasons why a donor might opt to make a gift to the Foundation. For instance, someone who has come into a windfall may choose to give some of it to the Church for present needs and invest the rest in the Foundation. Whatever the reasons or method, the tax benefits of such gifts are the same, whether given to the Church or Foundation.
Gifts of Cash
Gifts of cash consist of any transfer of funds directly from you to the Foundation. These can include:
- A personal check, made payable to Westminster Presbyterian Church Foundation, mailed to the church
- A credit card transaction made in person or via telephone to the church office
- A gift made via this website. Be sure to select "Westminster Foundation" in the FUND box or indicate "Westminster Foundation" in the box asking you to describe the purpose of your donation.
Gifts of Appreciated Securities
Gifts of securities can be made easily when your broker transfers shares to the Foundation. This can be done via electronic transfer or gift certificate. Please call Ruth Bloxham at (515) 274-1534 for information about making a stock gift. Gifts of appreciated stock or mutual fund shares that you have held at least a year qualify for a charitable income tax deduction equal to the current fair market value of the transferred assets. This deduction can be claimed: up to 30 percent of your adjusted gross income in the year you make the gift, with a five-year carryover period for the remainder. In addition, by transferring these assets directly to Westminster Presbyterian Church Foundation, you avoid paying capital gains tax on the sale. For most donors, this amounts to a double tax savings, thus making this type of gift the most cost-effective gift option.
RMD's and QCD's
Required minimum distributions (RMD) are the minimum amounts of money you must withdraw from your tax deferred retirement accounts each year once you reach a certain age. Typically, these distributions can impact your taxable income when made, how much of your Social Security benefit is taxable, and how much you pay in Medicare premiums. A qualified charitable distribution (QCD) allows individuals who are 70½ years old or older to donate up to a limit to one or more charities directly from a taxable IRA, 401K or qualified retirement account. QCD’s are excluded from your taxable income, do not impact how much of your Social Security benefit is taxable, do not impact how much you pay in Medicare premiums, and can be counted towards satisfying your RMD. The current annual limit of QCD’s is $100,000 and is being increased to $105,000 in the near future. This type of gift can have significant tax advantages, but it is best to consult with your CPA, financial advisor or tax adviser before making such a gift.
Gifts of Real Estate
Most real estate (including homes or other properties that have been held for several years) appreciates in value and offers great potential for charitable planning. As with appreciated stock and other non-cash assets, gifts of appreciated real estate held for at last one year qualify for a charitable income tax deduction equal to the current appraised value of the property. And as with appreciated securities, the deduction can be claimed for up to 30 percent of your adjusted gross income in the year of the gift, with a five-year carryover period for the remainder. By transferring real estate directly to the Foundation, you also avoid paying capital gains tax on the sale of the property. If you are interested in gifting the title of a residential property but still maintaining use by yourself or someone else, a "life estate contract" may be worth exploring. To learn more about this option, expand Future Gifts below and then expand Retained Use of Estate. The Foundation Board and church staff would be happy to explore with you a gift to the Foundation of a home, vacation property, farm, or other property. The Foundation will assess marketability and potential environmental liability in evaluating gifts of real estate. All gifts of real estate are subject to approval of the Foundation Board and must be accompanied by a qualified appraisal.
Future Gifts
“What we have done for ourselves alone dies with us; what we have done for others and the world remains and is immortal. ”
Future gifts include a wide range of donations typically transferred after the donor's death. These include wills, living trusts, IRA or other retirement plans, life insurance, savings bonds, bank or brokerage accounts, and retained use of estate. If you need assistance with estate planning, The Foundation Board has vetted a couple of attorneys who work in that field. Contact Ruth Bloxham at (515) 274-1534 for the attorneys’ contact information.
Bequest in a Will or Living Trust
Charitable bequests created within wills, living trusts, individual retirement accounts (IRAs), or transfer-on-death (TOD) are the most common form of establishing future gifts to the Foundation. Gifts effective after your death may enable you to make a larger contribution than you would have been comfortable making during your lifetime. These revocable gifts also enable you to retain control of your assets. If your family's financial situation changes, you are free to adjust your bequest as needed. When considering your will or living trust, the well-being of your loved ones naturally will be your first priority. Then, once you have ensured that their needs are provided for, we hope that you will want to include a charitable bequest to benefit Westminster Presbyterian Church Foundation and by extension, Westminster Presbyterian Church. For many Westminster members, including the Foundation in a will or trust is the most effective way to make a major and enduring gift commitment. When preparing a will or trust, you will need the guidance from your attorney, and you will want to review the documents regularly. Gifts should indicate our full legal title: Westminster Presbyterian Church Foundation.
Use the following language to include a gift to the Foundation in your will or other bequest documents: I hereby give, devise and bequeath _ and No/100 dollars ($DOLLARS) to Westminster Presbyterian Church Foundation, a nonprofit organization located at 4114 Allison Avenue, Des Moines, Iowa, 50310, Federal Tax ID #23-7397987, to be used in accordance with its mission (or for the following purpose): ___.
Westminster Foundation as Designated Beneficiary in an IRA or Retirement Plan
As is the case with charitable bequests, you continue to retain control throughout your lifetime over IRA and retirement assets. In many instances, these assets will have significant value upon your death. A percentage of your retirement plan can be assigned to the Foundation by naming the Westminster Presbyterian Church Foundation as the successor beneficiary of a plan. Individual account plans such as IRAs, Keough plans, and 401(k)s are similar to tax-sheltered savings accounts. If you happen to die before the entire account has been distributed, the remaining balance can be transferred to the Foundation. The biggest advantage of donating retirement plan assets to the Foundation is that all income tax is avoided; whereas, this type of asset is considered taxable income when given to an individual. Such plans typically have an administrator who can be contacted for a change of beneficiary form. As with all other legal documents, the beneficiary should be specified as the Westminster Presbyterian Church Foundation, using our taxpayer ID number of 23-7397987. This type of gift has significant tax advantages but requires careful planning. It is best to consult with your plan administrator and perhaps other professional advisors before committing such a gift.
Use the following language to include a gift to the Foundation in your IRA or other retirement plan documents: I hereby give, devise and bequeath _ and No/100 dollars ($DOLLARS) to Westminster Presbyterian Church Foundation, a nonprofit organization located at 4114 Allison Avenue, Des Moines, Iowa, 50310, Federal Tax ID #23-7397987, to be used in accordance with its mission (or for the following purpose): __.
Life Insurance
Though life insurance is designed to provide for family and create peace of mind, a policy can also support the Westminster Presbyterian Church Foundation after your lifetime. You can name the Foundation as a beneficiary and maintain all lifetime ownership rights included in your policy. Your estate will be entitled to a charitable deduction. You can also opt to name the Foundation as a contingent beneficiary of a life insurance policy. In this instance, the Foundation would receive the proceeds only if your primary beneficiaries are already deceased.
Savings Bonds
Though it is generally not possible to make gifts of U.S. Savings Bonds during your lifetime, they can make excellent charitable gifts after your death. This is because savings bonds, like IRAs and similar retirement plans, are considered income when cashed in. If an individual cashes in a bond, they must declare the accumulated interest as income. However, because the Foundation is a 501(c)(3) charity, we do not pay income tax on this type of gift, meaning that we receive the full face value of the bond. It is easy to make the Foundation the beneficiary of your savings bonds simply by naming the Foundation the recipient in your will or living trust.
Bank and Brokerage Accounts
Proceeds from bank accounts or assets of brokerage accounts often can be easily transferred at death to an organization. Iowa allows payment on death (POD), meaning that you can designate the Foundation or anyone else as a beneficiary for most types of accounts. You should check with the bank or other holder of your account for details. Designating the Foundation as beneficiary makes the Foundation the recipient of the assets in the account upon your death or at maturity after your death, depending on the type of account. As with other gifts, you maintain the right to change or revoke the POD throughout your lifetime. Self-declaration trusts or "Totten Trusts" are another way you can transfer funds. This means that, at the death of the account owner, the assets in the account are distributed to the person or people designated as account beneficiaries. All that's required at the death of the account owner is for the designated beneficiary to fill out a claim form and supply a copy of the death certificate. Securities such as stocks and bonds held in a brokerage account also can be transferred to the Foundation upon death. This method is called transfer-on-death or "TOD." People commonly hold brokerage accounts this way. If you register an account by filling out a simple beneficiary form naming the Foundation as your beneficiary, the Foundation will inherit the account automatically at your death. No probate court proceedings will be necessary; the brokerage company simply transfers the account to the Foundation. And again, you maintain complete control over the account during your lifetime.
Retained Use of Estate
You can transfer your home, farm, condominium, or vacation property to the Foundation, yet continue to enjoy it during your lifetime. This is called a "retained life estate" or "life estate contract" and means that you continue to use the property while maintaining normal upkeep, paying property taxes, insurance, and any other fees. In return, you receive a current charitable income tax deduction. Because of this immediate tax benefit, it can be an attractive option. Upon your death, the Foundation would receive the proceeds from the sale of your property.
Lifetime Income Gifts
“Wealth hastily gotten will dwindle, but those who gather little by little will increase it.”
A lifetime income gift is set up in a way that you contribute assets to the Foundation while retaining the right for you or someone else to receive an income. If you fund your life income gift with property that is appreciating, you can avoid immediate capital gains taxes and allow the full value of the property or other asset to generate income. Additionally, you are allowed a charitable income tax deduction equal to the present value of the remainder interest being paid to Westminster Foundation. Once the income interest ends, the Foundation will benefit from the remaining funds. The two main categories of Life Income Gifts are charitable gift annuities and charitable remainder trusts.
Charitable gift annuities are the type of lifetime income gifts currently accepted by the Foundation. These can be structured to fit a range of needs, such as a choice between producing a fixed rate of income or a market-sensitive rate. A charitable gift annuity is an irrevocable contract between you and the Foundation. We would create a simple contractual agreement by which you transfer assets to the Foundation in exchange for the Foundation's assurance that you or your designee(s) will be paid a guaranteed fixed sum each year for the rest of your life. You or your designee in this case are referred to as "annuitants." The Foundation then begins paying you immediately or you may opt to delay the payments. Generally, the amount of these payments is based on the age of the annuitant, with these fixed payment amounts set higher the older the annuitant. Upon the death of the annuitant (whether you or a loved one so designated), the principal of your gift is retained by the Foundation.