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STEWARDSHIP 2022-2023
I am sending the year-end giving directions again so that those that didn’t read it last week (or can’t remember what it said) have the information they need for year-end giving and how it will be recorded by the Treasurer.
As you know, a gift to St. Katherine means more than the support it provides to cover expenses of the Church. Your support has the power to change the lives of parishioners, future parishioners and members of the community at-large (via outreach). Our ministries can provide the knowledge, tools and resources for Orthodox Christians to fulfill their commitment to themselves and others.
With that being said, please:
- Complete your donation to fulfill your pledge for 2022 (if not done so already)
- After thoughtful contemplation and consideration, submit your pledge card for 2023
- Consider a year-end gift to give thanks for all the blessings bestowed upon you.
Thank you to all stewards (and non-stewards alike) that donate to St Katherine to help us continue work with our ministries; not only to improve our own spirituality, but to help others that are in need.
Your commitment to St Katherine is very much appreciated.
I would like to wish you all a Happy New Year and I hope next year brings you peace, spiritual growth and happiness.
John Chrisagis
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Dear Parishioner:
With 2022 drawing to a close, several stewards have inquired how St Katherine Greek Orthodox Church will be handling 2022 contributions as well as 2023 contributions with January 1, 2023, on Sunday.
The church office will be closed from Friday, December 30, 2022, through Monday, January 2, 2023. In addition, the USPS has recently announced that New Year’s Day will be observed on Monday, January 2, 2023.
The IRS’s basic rule is a gift must be “delivered” to the church by December 31 for the gift to count as a contribution for that calendar year. The date of delivery depends on how the gift was made and delivered.
- In Person – Physically received in the church office by December 3oth during normal office hours.
- US Postal Service – Postmarked by December 31st.
- Private Delivery Service such as FedEx or UPS – Physically received in the church office by December 30th during normal office hours.
- Online Giving through the St Katherine web site needs to be completed before December 31st. If using a credit card, it must be “fully processed” i.e. approved by the credit card issuer by December 31st.
Payment made by check should be dated “December 31, 2022” and the memo line should indicate which contribution year (“2022” or “2023”) the payment is for.
Donation of stock(s) allow a member to support the church without affecting personal cash flow. Generally speaking, the most tax-advantaged approach is to donate stock held for more than one year that has appreciated in value. This provides for a larger charitable contribution and avoids tax on the capital gain. For stocks with a loss, it is advisable to sell it first and then donate the cash. If you are considering either option, please consult with your tax or financial advisor. Please contact Glenn Thorpe for our account information if you wish to donate stock.
Qualified Charitable Distribution (QCD) from an IRA by direct transfer allows an individual aged 72 or over to avoid including the annual required minimum distribution (RMD) as adjusted gross income. In this case, the charitable contribution must go directly to St Katherine and not the taxpayer first. This option requires some advance planning, so individuals considering it should consult with their tax or financial advisor.
Advance Charitable Deduction is another option where you might consider pre-paying part or all of your 2023 giving, thus advancing the deduction into 2022. [This can be especially helpful to individuals who marginally itemize their deductions, possibly allowing them to itemize for 2022 and then take the standard deduction for 2023.]
This letter is not intended to provide legal, tax, or investment advice. You should consult your legal, tax, or investment advisors for advice.
Sincerely,
Antigoni Bhatia
Treasurer
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