Lasting Gifts — A Guide for Gifts to the Holy Cross Parish
“Do not store up treasures for yourselves on earth, but store up treasures for yourselves in heaven… for whenever your treasure is, there will your heart be too.” — Matthew 6:19-21
The Mission of Holy Cross Parish
The mission of this Church is to apply the teachings of Jesus Christ for people, constantly reminding them that their aim is to live in the spirit of God, in truth, love and righteousness. The Church seeks truth by worship and the study of Holy Scripture and Tradition.
The most important responsibility of the Church is to emulate Jesus Christ of fulfilling obligations toward man, family, nation and society. This Church’s ideal and dream is to build for people a foundation around which they can rally, grow and strengthen themselves in their religious belief.
All activities of Holy Cross Parish, its societies, instruction classes, youth groups and informal fellowship gatherings support these responsibilities. Member volunteers, managed by its pastor, govern Holy Cross Parish and both share duties. It is financed by contributions of members and friends.
The above mission statement is the case for giving to the Holy Cross Parish. Many people may think that the Sunday offerings are sufficient to carry out the responsibilities, but that is not so. Gifts of enduring nature are needed. Such gifts, as listed below, will ensure the perpetuity of the parish by maintaining and expanding its activities. Increased contributions will roll into motion more volunteers and insure the continuance of essential services to its Church members and friends.
You may make donations to Holy Cross online via PayPal.
Members and friends of Holy Cross Parish contribute to the parish because they believe in its mission and want to help in carrying it out.
However, once they make this decision the donor should plan to obtain the maximum tax and financial benefits. Thus, it is important that the donor discuss with his or her attorney or tax advisor regarding the most advantages ways of giving. This also applies to outright giving of cash or securities.
Our current members and friends contribute faithfully through the years they live. Unfortunately, when they pass away the parish loses their support. This doesn’t have to be so. Using one of the means of giving discussed herein, and earmarking your gift to a Holy Cross Parish, you would continue to give a perpetual gift, in the form of interest only, while the principal remains intact.
A Gift of Securities
Most of the gifts made to the parish are in the form of cash. These are tax-deductible gifts. However, members and friends may choose gifts of marketable securities held long term. It is preferable to make such gifts directly rather than proceeds from their sale. In this way an income tax deduction is received from the market value of the gifts and if there is a long-term capital gain on the securities, the donor avoids any capital gains tax. Short-term securities are generally not a good choice for a gift.
A donor who has depreciated securities should sell the securities first, and claim an income tax deduction for the gift, and claim another deduction for the loss incurred upon their sale.
Special gifts will endure if earmarked for an Endowment Fund of the parish. Thus, only the interest from the fund may be used for current activities and the principal will always endure. Gifts may also be unrestricted.
Gifts By Will
May be one of the following:
- a bequest of cash, securities or property as a specific sum or it may be a percentage of residue.
- a bequest of a real estate such as a home or a farm.
- a testamentary charitable remainder trust, putting all or a portion of an estate into trust benefiting family members during their lives with the principal transferred to the parish when the trust terminates.
The following are correct forms to use in making a bequest to the parish.
When a donor wishes to make an unrestricted bequest:
“I give, devise, and bequeath to Holy Cross Parish, West Paterson, NJ, the sum of _______dollars.” You may otherwise describe the gift such as share of stock, percentage of estate, real estate, etc.
When the donor wishes to designate bequest to a Planned Gifts Endowment Fund for the benefit of the parish:
“I give, devise and bequeath to Holy Cross Parish, West Paterson, NJ. the sum of _______ dollars (or otherwise describe the gift) to be held in a Planned Gifts Endowment Fund for the benefit of the parish.”
A Gift Through Life Insurance
Life insurance is a simple vehicle for making a gift to the parish. A donor may name the parish as the beneficiary or transfer the ownership of a policy to the parish. The latter gift may afford a sizeable tax deduction. For further information contact Polish National Union of America or other insurance company.
A Gift of Real Estate
A church member may make an outright gift of a personal home, or other property to the parish.
He or she may reserve the right to live in the property as long as he or his spouse lives. If the gift is irrevocable, the donor can take a tax deduction on the reminder interest.
A Life Income Gift
A donor may make a gift of cash or securities for himself as well as a beneficiary. An income tax deduction can be had on the reminder interest. It may also save capital gains and estate taxes. Such gifts are:
- a gift to the pooled income fund
- a charitable gift annuity
- a charitable remainder annuity trust
- a charitable remainder unitrust
Donors wishing more information on trust gifts may contact the Parish Committee or the Pastor.
A special way of honoring a loved one is through a memorial gift to the parish. Such an expression of sympathy provides a lasting remembrance and will be acknowledged to the family.
Appreciation for Your Generosity:
Each donor’s thoughtfulness is much appreciated.
Any gift of any amount will be acknowledged with gratitude on behalf of those whom we serve. For further information on how you can help the Holy Cross Church contact the Pastor or write to:
Holy Cross Parish
220 Browertown Road West
Woodland Park New Jersey 07424