Frequently Asked Questions - Richmond Congregational Church

Frequently Asked Questions

What is a planned gift?

A planned gift generally refers to gifts that we make from our accumulated assets or other sources such as insurance proceeds or annuities, to support the mission of the church. Your gift is a lasting statement  of your good stewardship of  your assets and of your faith in God that continues beyond your lifetime.

Do I need a lawyer to make a planned gift?

We always suggest that you seek appropriate financial or legal counsel before making any type of planned giving gift to RCC. In many cases such as adding RCC as a beneficiary designation or setting up a Charitable Gift Annuity, you can work directly with the plan administrator or Vermont Community Foundation.

What is a life income gift?

A life income gift allows the donor to set aside funds that produce an income to the donor while providing for the Church’s future. The proceeds of this gift go to the Church upon the donor’s death but while alive, the donor receives income on an ongoing basis.  One such vehicle is a Charitable Gift Annuity-or CGA. RCC has partnered with the Vermont Community Foundation to administer this program.  The minimum amount to establish a Charitable Gift Annuity is $25,000.

Why is endowment important?

The goal of an endowment is to provide sustaining support to the Church into the future.  Unlike annual gifts to the stewardship campaign which is used for the current year’s operating costs; an endowment provides funds so that the Church can be supported in the future.  Endowments are designed to keep the principal amount intact while using the investment income from dividends for support of the Church’s charitable efforts. Planned gifts will be designated to the endowment so that this fund will grow over time securing the Church’s future.

What is a donor advised fund?

A donor advised fund or DAF, is a philanthropic vehicle established at a public charity, like the Vermont Community Foundation. It allows donors to make a charitable contribution, receive an immediate tax benefit and then recommend grants from the fund over time. This may be an excellent vehicle for your charitable giving.

To set up a DAF with the Vermont Community Foundation (VCF), you work with a philanthropic advisor to decide what type of Fund you want to open and how the Fund is funded. Typically, donors use stock or cash to open a DAF. You then work with VCF to recommend grants out of the DAF to RCC and/or other nonprofit organizations.

If you are interested in this program, please contact the church office and we will connect you to the Vermont Community Foundation.

How can I make a gift of stock?

A gift of appreciated securities may offer special tax advantages to you while supporting the mission of Richmond Congregational Church. When you donate securities you receive the same income savings that you would if you wrote a check, but with the added benefit of eliminating capital gains taxes on the transfer.

Making a gift of securities is as easy as instructing your broker to transfer shares to the Richmond Congregational Church account. If you wish to make your gift this way, please send the information below to your broker or have your broker call RCC.

Stock Gifts to the Richmond Congregational Church

Broker for RCC

Name: Charles Schwab

Telephone: 800-435-4000

DTC # 0164, Code 40

Richmond Congregational Church

Account Number for RCC: 8461-9891

Please contact RCC or have your broker contact RCC to let us know that a transfer is taking place.

How can I help the church and take care of my family at the same time?

 We realize that it is important to take care of loved ones while also remembering the Church.  By giving a portion or a percentage of an asset, you can help both your family and the Church

Why is it important to have a will?

Every adult should have an estate plan regardless of his or her economic circumstances. Without an estate plan, our assets are allocated by formula without any consideration of our heirs or wishes. Estate planning is the continuation of our good stewardship at the time of our death and beyond.

Do some planned gifts offer better tax advantages?

Yes, some gifts such as charitable gift annuities, through a retirement plan and donation of appreciated securities can offer tax advantages. It is always best to talk directly to your accountant or financial advisor about tax advantages.

Do I have to be wealthy to make a planned gift?

No. The most important thing is your intention. Each gift no matter the size makes a difference and is deeply appreciated.

Can I change my mind if I make a planned gift?

It depends on the particular planned gift. Revocable gifts such as a bequest or beneficiary designation can be changed during your lifetime. A charitable gift annuity is irrevocable and once opened cannot be closed, however, the beneficiary of the CGA can be updated during your lifetime. For more information, please contact RCC.

Do I need to use special wording if I leave a gift in my will?

Yes, the proper wording is important so that your gift is made to the correct church.  To make a gift to Richmond Congregational in Richmond, please use the following wording.

Bequest language:

“I give, bequeath, and devise Richmond Congregational Church located at 20 Church Street, Richmond, Vermont 05477, whose Federal Tax ID is 03-0272817,  (here follows the dollar amount or percentage of the gift, or an accurate description of the securities, insurance policy, retirement funds, or the amount or percentage of the residual estate, or the real estate or other assets given.)