Gifts of time, talent, and funds
New Song welcomes and celebrates gifts of all types! We base our church on the idea of gathering around the ministries of many rather than gathering around a single minister. Our community thrives when all are invited to be involved in the life of the church. Ministries of all types strengthen our bonds with one another and with our surrounding friends and neighbors in the Iowa City area.
More about mutual ministry opportunities at New Song
Planting seeds for future fruit is both an act of hope and an expression of faith. We plan in hope that the small seeds will one day produce a tree whose fruit will bless future generations. We trust in faith by entrusting those who follow us to nurture our tree, harvest the fruit properly, and use it for the best purposes. Making a planned gift to New Song is a similar undertaking. A planned gift is a seed whose promised fruit will support the church well beyond our lifetimes.
Legacy Gifts: Planned giving is often part of an overall estate plan to distribute a member’s assets and possessions to the people and causes most dear to them. Planned gifts come in several forms.
Members are encouraged to consider including New Song as a part of their estate planning. The simplest planned gift is to make a gift to the church in your will or trust. When making or updating your will or trust, you can simply say: “I give to New Song Episcopal Church in Coralville, Iowa, or its successor, the sum of $________ [or ____ percent of my Estate].”
This kind of unrestricted gift is the most useful type of legacy gift because it allows the Vestry to determine the wisest and best use of the gift at the time it is received. You may, of course, designate special purposes or projects for which the gift is to be used. If this is your preference, please consult with a Vestry member about the purpose or project you propose.
New Song Endowment Fund: Planned gifts are often used to build an endowment fund, which is vitally important for the long-term health of the church. An endowment fund will support ministry beyond what is possible through annual operating funds. The endowment fund will support future church members as they continue to worship, learn, and serve the community and the world.
This donor-advised Fund has been established within the Community Foundation of Johnson County, which invests it along with more than $28 million of other endowment funds. The growth rate has averaged 6% over the last several years and has been as high as 12.5 %. The Foundation handles all accounting and reporting requirements for the Fund. More information about New Song’s fund at the Community Foundation of Johnson County.
This Fund is particularly attractive to donors because of the Endow Iowa Income Tax Credit of 25 %, which is available only through community foundations. Example: A Gift of $10,000 from a Donor in the 25 % income tax bracket: Endow Iowa Tax Credit of $2,500 and a Federal Income Tax Deduction of $2,500 = Net Cost to the Donor is only $5,000.
This is a permanent Fund within the Foundation. Up to 5 % of the Fund may be distributed each year, as recommended by the Vestry (or a committee appointed by the Vestry). Anything not distributed remains with the Fund to grow. Distributions may be made for ministries outside of New Song’s regularly budgeted items.
New Song Reserve, Growth & Building Fund. This Fund is invested with the Iowa Diocesan Foundation Fund, which was established in 1959 for the benefit of the Diocese of Iowa and its parishes. It offers a convenient, professionally managed investment vehicle valued at over $10 million. The Fund will be invested along with other funds by the Foundation Board, and its annual earning distributions will be re-invested in the Growth Fund. New Song will be able to withdraw funds whenever the Vestry decides to do so for a building or remodeling project. The initial $10,000 investment serves as an emergency reserve fund for New Song, and its earnings accrue for growth and building projects.
Individual contributions to the Fund may be made by writing a check to New Song and adding Growth & Building Fund on the memo line. More information about the Iowa Diocesan Foundation Fund.