A couple of members have asked about donating stock to Buffalo Covenant Church. We would be very happy to discuss the procedures for donating stock with anyone interested. Tax laws provide favorable treatment for donating stock that has appreciated in value. Like most everything in the tax world, the answer depends on the donor’s individual situation. If the donor has stock that has appreciated in value since it was purchased and donates it to BCC, the donor avoids having to pay capital gains tax on the sale. Plus, the donor can take a charitable donation for the fair market value of the stock. Anyone, interested in donating stock should consider talking with your tax preparer before the donation is made. If you are interested in donating stock to BCC, you can contact via e-mail the church Treasurer/Finance Deacon Doyle Van Dyne and/or via e-mail Wendy in the Church Office or call her at 763-682-1470.
Financial Report for August:
The total offerings (General Fund) for the month of July were $101,736 compared to projections of $94,760. For the year, the total donations are $710,137 compared to projections of $716,409. We are only $6,272 behind our projections for the year. Total expenses are within our budget projections. At the end of July, our cash on hand in the General Fund was equal to 3.32 months of expenses.
Donations to the Building Fund for the month of July totaled $59,462.48. As a result of the July donations, the church was able to pay off another $43,000 on our loan. Our present loan balance with National Covenant Properties is now approximately $61,000.