Class notes - Princeton Theological Seminary
Class notes - Princeton Theological Seminary
Class notes - Princeton Theological Seminary
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fall 1997<br />
investing in ministry<br />
The Taxpayer Relief Act of 1997, enacted into law last summer, touches on many issues of importance to<br />
the American taxpayer. Among them are a number of provisions that relate to charitable giving. They are, in the<br />
main, quite positive and encouraging to those for whom support of the <strong>Seminary</strong> and other charitable causes is<br />
an important expression of their stewardship. For example, the amount of charitable giving you can deduct from<br />
your taxable income remains unchanged, with carryover privileges as in the past; gifts of appreciated securities<br />
and/or other property held for more than one year continue to receive favorable tax treatment; and the amount<br />
you can leave through your estate to charities you wish to remember continues to be unlimited.<br />
The Reverend<br />
Chase S. Hunt<br />
is the <strong>Seminary</strong>'s<br />
director of<br />
planned giving.<br />
Under this act, there is an important new distinction that is helpful when making a charitable gift using<br />
appreciated property. Take securities as an example. The benefits, from a tax standpoint, of making a gift to the<br />
<strong>Seminary</strong> of appreciated securities held long tern; (more than one year) are two-fold: first, you can deduct the<br />
gift for income tax purposes at full fair market value at the time of the gift; and second, you avoid the capital<br />
gains tax you would otherwise have to pay if you sold those securities instead of donating them.<br />
The distinction made in the Taxpayer Relief Act of 1997 has to do with the maximum rate of the capital gains tax and the length<br />
of time appreciated property is held. For securities owned longer than eighteen months, the maximum tax rate is now 20 percent,<br />
while the maximum rate for those owned between one year and eighteen months ("mid-term property") is 28 percent. As a result,<br />
when choosing appreciated securities for use in charitable giving, a greater tax savings is experienced by selecting from among those<br />
falling in this "mid-term" group, all else being equal. You may wish to keep that in mind when selecting securities to use in year-end<br />
giving and/or for funding life income gifts.<br />
For further information about this legislation as it pertains to charitable giving or life income opportunities available through the<br />
<strong>Seminary</strong>'s planned giving program, you are welcome to contact me.<br />
Gifts<br />
This list includes gifts most of which were made between June 10,<br />
1997 and October 14, 1997.<br />
In Memory of<br />
The Reverend Dr. Carlton C. Allen Jr. ('36B) to the Annual Fund<br />
Mrs. Celia Boden to the International Students Scholarship<br />
Endowment Fund<br />
Dr. Henry Seymour Brown (1900B) to the Annual Fund<br />
The Reverend Louis E. Campbell ('39B) to the Annual Fund<br />
The Reverend Alexander T. Coyle ('30B) to the Scholarship Fund<br />
The Reverend Dr. Joseph C. Dickson ('30B) to the Annual Fund<br />
Dr. Paul L. Diefenbacher to the Annual Fund<br />
The Reverend James L. Ewalt ('40B) to the Annual Fund<br />
Mr. Charles W. Farber to the Benjamin Franklin Farber Jr.<br />
Memorial Scholarship Endowment Fund<br />
The Reverend Dr. William H. Felmeth ('42B) to the Annual Fund<br />
Joan M. Ferguson to the Scholarship Fund<br />
The Reverend Dr. Lawrence E. Fisher ('37B) to the Scholarship<br />
Fund<br />
The Reverend Dr. Orion C. Hopper ('22B) to the Reverend Dr.<br />
Orion C. Hopper Memorial Scholarship Endowment Fund<br />
Dr. Edward J. Jurji ('42B) to the Annual Fund<br />
Mrs. Bernice Kirkland to the Annual Fund<br />
The Reverend J. Arthur Lazell ('37B) to the Annual Fund<br />
Mrs. Kathryn S. Ledward to the Robert W. and Kathryn S.<br />
Ledward Memorial Scholarship Endowment Fund<br />
Mr. John S. Linen to the John S. and Mary B. Linen Memorial<br />
Scholarship Endowment Fund<br />
Mrs. Mary B. Linen to the John S. and Mary B. Linen Memorial<br />
Scholarship Endowment Fund<br />
The Reverend Kirsten E. Lunde ('86B) to the Alumni/ae Roll Call<br />
Mr. Frank Marsh to the Annual Fund<br />
Mr. J. Andrew Marsh to the Annual Fund<br />
The Reverend Dr. C. Frederick Mathias ('57B) to the C. Frederick<br />
and Cleta R. Mathias Memorial Scholarship Endowment Fund<br />
Mrs. Cleta R. Mathias to the C. Frederick and Cleta R. Mathias<br />
Memorial Scholarship Endowment Fund<br />
The Reverend James M. Moore Jr. ('53M) to the <strong>Class</strong> of 1953<br />
Scholarship Endowment Fund<br />
Mr. and Mrs. Tomas Perez-Prendes to the Annual Fund<br />
The Reverend Irving Phillips ('49B) to the Scholarship Fund<br />
The Reverend Dr. Stuart R. Schimpf ('44B) to the Annual Fund<br />
The Reverend Alan E. Schoff ('40B) to the Annual Fund<br />
The Reverend William M. Sparks ('63B) to the Alumni/ae Roll<br />
Call<br />
The Reverend Dr. Daniel C. Thomas ('44B) to the Reverend Dr.<br />
Daniel C. Thomas Memorial Scholarship Endowment Fund<br />
Mr. O. Carl Wartenburg to the <strong>Class</strong> of 1942 Scholarship<br />
Endowment Fund<br />
Dr. David A. Weadon to the Dr. David A. Weadon Memorial<br />
Endowment Fund<br />
Mrs. Marian Lawder O'Brien Whitman to the Lawder Scholarship<br />
Endowment Fund<br />
Mr. Steven Warren Wilson ('90B) to the Scholarship Fund<br />
The Reverend George Robert Wirth to the Charles J. Reller<br />
Abiding Memorial Fund Award and the Scholarship Fund