What is the best way to give?
The best way to give is the method that works for you - several forms of gifts are accepted: online gifts (EFT and credit card), electronic bill-pay through your bank, checks mailed to the church at:
First Presbyterian Church
Attn: Business Administrator
219 W. Maple Ave
Libertyville, IL 60048
Will I receive a record of my gifts?
Yes, you will receive confirmation of your online gift at the time it is made, and an annual statement in January that reflects all gifts for the prior calendar year.
What ministry would benefit most from my gift?
Gifts designated for Per Capita ($36.00 per member in 2021) support the shared expense First Pres is assessed by the denomination for ecclesiastical and administrative costs.
All other gifts to the General Fund without any restriction allow the church to direct money where it is most needed.
Where does my gift go?
Your gift to the General Fund supports the on-going ministry and operation of the church as well as local and international Mission agencies and partners.
What is the CARES Act - Important Changes to Charitable Giving in 2020
In March, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The Act includes temporary charitable giving incentives, a critical acknowledgement by Congress that the work of nonprofits like First Presbyterian Church of Libertyville are essential services. It is the first time Congress has passed this type of incentive in response to disaster or national emergency.
· New Charitable Deduction Limits: As part of the bill, individuals who itemize can deduct much greater amounts of their contributions. Individuals can elect to deduct donations up to 100% of their 2020 Adjusted Gross Income (AGI) (up from 60% previously).
· Required Min. Distributions Waived in 2020 for Most Donors: Required Minimum Distributions (RMD) that would have had to start in 2020 do not have to start until 2021, including distributions from defined benefit pension plans and 457 plans. This change may dampen somewhat the incentive for a donor to make a Qualified Charitable Distribution (QCD) from their IRA in 2020. Even so, making a QCD this year will still allow itemizers and non-itemizers alike to direct up to $100,000 from their IRA to charities in a tax efficient manner.
· New Deduction Available: Available to people who take the standard deduction (for taxpayers who do not itemize their deductions), individuals can deduct up to $300 taxpayer ($600 for a married couple) in annual charitable contributions. This is It is an “above the line” adjustment to income that will reduce a donor’s adjusted gross income (AGI), and thereby reduce taxable income. A donation to a donor advised fund (DAF) does not qualify for this new deduction.
For your specific needs, please consult with your tax advisor.