SPRING 2005Alice Waddington
Salem MM
s Friends, we find it difficult to talk frankly about money. To do so seems to tread on private territory. I don’t think anyone has felt that more acutely than I. Therefore, it seems appropriate for me to write this column.
Most likely none of us has pledged what we could to the capital campaigns of our two major institutions in Salem Quarter. Our community of members is small, and we’ve bitten off two major commitments.
The Village at Friends Home is sorely needed in the area, and is a huge mission of out reach and caring. Most people see it as a “Friends” project, therefore a “Friends” responsibility. Yet fewer than 20 per cent of the residents and coming residents are “Friends.” Those who are there are so appreciative of the facility, but many are of limited means and don’t see the expansion or endowment as part of their financial responsibility. This is truly a part of our ministry and contribution to our community. As such, we need to find ways to find the guaranteed continuation, providing the financial ability to meet the need.
In similar fashion, the Friends School at Mullica Hill services a large segment of the non-Quaker community. Some of our meetings have grown through the realization of Friends School families that we have a spiritual depth which they appreciate. Once again, our mission of outreach into the community challenges us financially.
I’ve tried to find a way in which I can make a major contribution without going into debt myself. I learned through a counselor at George School that I could, simply by changing the beneficiary in my IRA to include those institutions, pass on 100 per cent of the total to the charitable institution. However, my children will get less than 50 per cent of the previously untaxed money in the IRA. By naming as beneficiaries the institutions I’d like to benefit, I can pass on full value, without dilution by taxes. What a great idea! I’d like to share that thought with all of you.
There are other methods for planned giving, such as charitable annuities, which guarantee the donor an income as long as needed—passing the residue on to the charity. One gets a charitable deduction from income tax liability on that one. This is the kind of gift which will help create an endowment that will live on for generations to come.
I urge you to consider these possibilities, even if you feel you don’t want to commit to a major gift at this point in your life. There are ways which are advantageous to the giver as well as the receiver that could and should be instituted when you have a choice. They make such good sense, and end up saving you money, if you can believe it!
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Saturday, February 26, 2005 at 08:59 PM
