Giving Information
Introduction
Maranatha Grace Church is a qualified charitable organization exempt from federal income taxes under IRS Sec 501(c)(3). Contributions to the church are deductible for federal income tax purposes under the rules and regulations established under the current provisions of the Internal Revenue Code.
Types of
Contribution
A contribution to the church is either 1) undesignated, which supports the annual budget of the church through our General Fund, or 2) designated giving, which supports other approved funds or projects of the church (which may or may not be part of the annual budget.)
Tax Deductible Contribution – a gift of cash or property given to a qualified organization by a donor who receives no tangible benefits from the gift and gives up full control of the gift for the organization to use for its purpose and mission.
Undesignated Gift – A gift that is given without designation. The annual budget is funded primarily through undesignated gifts, and as such, donors are encouraged to give without designation.
Designated Gift – A gift that is designated for a specific fund (other than the General Fund) or ministry project. Currently, Maranatha does not have specific designated funds that can be contributed towards but this may change in the future.
Funds &
Descriptions
General Fund – The General Fund includes all undesignated gifts from our weekly tithes and offerings, and is used to support the ministry of the church. The church recognizes that spreading the gospel is the primary purpose of the church and it aims to allocate at least 10% of the undesignated gifts to missions (i.e. benevolence, local missions, domestic missions, and international missions). Each year, the Treasury prepares an annual budget with ministry team leaders that is approved by the Elder Team and voted by the members. This budget will guide the disbursement of funds from the General Fund.
Contribution
Statements
The church will provide, at least annually to donors, a record of cash contributions received in accordance with rules and regulations required by the IRS. Non-cash gifts will be acknowledged by letter as described above, in compliance with IRS rules and regulations. This statement will be provided by the end of the January of the next calendar year.
Year of
Contribution
The IRS provides clear guidelines with regard to the date of posting contributions, which we follow carefully. All contributions received or postmarked by December 31 will be included in that year’s contribution statement. If the contribution is received or postmarked after December 31, it will be included in the contribution statement of the year in which it is received/postmarked—regardless of the date on the check. The last day the church will receive checks or cash in person (ie. Sunday offering) is on the last Sunday of the year.