Thursday, July 28, 2011

Mary Pat Price: A Kingdom-Minded Steward

Mary Pat Price was known to Baptists around the world as a kingdom-minded steward. She demonstrated in a variety of ways with her time, talents and treasures her love for Christ and His mission in this world, and her love for family.

She was born in Shelby County, Kentucky, three miles outside Shelbyville “not in a hospital.” Upon graduation from Bagdad High School, she attended Bethel Junior College and graduated from the University of Kentucky in 1943. Her ministry assignments were as Youth Director at the First Baptist Church Clarksville, Tennessee, and then at First Baptist Church Frankfort, Kentucky.

While attending the 1957 state WMU convention at Jonathan Creek Baptist Assembly, she met J. Brandon Price, a young lawyer who was in attendance on youth night. Actually, a mutual friend prearranged their meeting. They married soon thereafter. She and the late Judge Price had two sons, J. B. and Kent. J. B. is a computer analyst, and Kent is an attorney. She has two grandchildren.

As a long-time resident of Paducah, Kentucky and a long-time member of First Baptist Church, Mary Pat’s service to Christ through her church and community is legendary. The Kentucky Baptist Foundation had the good fortune of having the benefit of her service for two terms on its Board of Directors.

On March 26th, 2010, God welcomed Mary Pat Home. While we will miss her, her lagacy will live forever.

Over the years, Mary Pat utilized all of the services of the Kentucky Baptist Foundation, including our private estate and charitable gift planning consultation service with trust counsel Laurie Valentine. She made regular and on-going cash contributions to endowment funds that provide perpetual support for ministries near and dear to her heart. She purchased life insurance policies on the lives of her two sons the death proceeds of which will fund two perpetual endowments in their names. Each endowment will provide support to five different ministries. And, finally, she and her sister, Jane Kent, each established a charitable remainder trust with the gift of their Shelby County family farmland. In addition to significant tax benefits Mary Pat received an income benefit during her lifetime. At her death the trust assets funded an endowment for her perpetual support of 8 more ministries.

Collectively, Mary Pat set in place a kingdom-minded stewardship plan that will perpetuate her Christian legacy and provide on-going financial support, until Jesus comes again, through 17 ministries from Paducah to the ends of the earth.

The Lord blessed us with the life of Mary Pat Price. May He add His blessings to the multitudes that will benefit from her faithful stewardship and may others emulate her example.

Tuesday, July 26, 2011

IRS Charitable Deduction Tips

By: Laurie Valentine- COO & Trust Counsel

To assure your charitable gifts are deductible, following these eight tips from the IRS:

1) Give to a qualified organization. IRS Publication 526, Charitable Contributions, tells you what constitutes a “qualified organization”. Contributions earmarked for a specific individual or to a political organization or candidate are not deductible.

2) Itemize your deductions on Schedule A of IRS Form 1040.

3) You may only deduct the amount by which your contribution exceeds the market value of any benefit you receive for making the gift such as merchandise, ball game tickets or other goods and services.

4) Stock and other non-cash property contributions are generally valued at fair market value. Fair market value is the price at which property would change hands between a willing buyer and willing seller, neither having to buy or sell and both having reasonable knowledge of all relevant facts.

5) Clothing and household items must be in good or better condition. Special rules apply to vehicle donations.

6) You must maintain a bank record, payroll deduction records or written communication from the organization containing its name, date of your gift and the amount for all contributions of cash, check or other monetary gifts.

7) If your contribution of cash or property is $250 or more, the organization’s gift acknowledgement must also state whether it provided any goods or services in exchange for your gift and the value of what you received. If your contribution is over $500 complete and attach IRS Form 8283, Noncash Charitable Contributions, to your return.

8) If the property you are giving is valued at more than $5,000 you must get a qualified appraisal and complete Section B of IRS Form 8283.

The information in this article is provided as general information and is not intended as legal or tax advice. For advice and assistance in specific cases, you should seek the advice of an attorney or other professional adviser.

Tuesday, July 19, 2011

Here Today, Gone Tomorrow

By: Barry G. Allen- President & CEO

I have discovered over the years most Christians have an honest ambivalence toward money. A proper attitude of money, wealth, possessions, things (call it what you like) is a universal struggle regardless of one’s financial station in life. Author Philip Yancey summed up his ambivalence this way: “I feel pulled in opposite directions over the money issue. I want to sell all I own, join a Christian commune, and live out my days in intentional poverty. At other times, I want to rid myself of guilt and enjoy the fruits of our nation’s prosperity. Mostly, I wish I did not have to think about money at all.”

In Psalm 49 the psalmist reflected upon the wealth of the world and provides the answer to the question of how we should regard wealth regardless of the level of it God has entrusted to us. Notice the psalmist addresses himself to “all peoples,” ordinary folks, blue bloods, rich and destitute alike. He reminds us wealth so often can be here today and gone tomorrow, thus, a slippery foothold. After making the point that death is inevitable and the wealth of the world is of temporal value, he states in verse 15 his conviction that what he cannot do for himself, what the world’s wealth cannot buy, God will do for him. Only God can provide us with security; therefore, our confidence is placed best in Him not wealth. What a testimony! Then in verse 16 he advises us about priorities: “Do not be overawed when a man grows rich, when the splendor of his house increases; for he will take nothing with him when he dies….” And then he states this chilling declaration in verse 20: “A man who has riches without understanding is like the beasts that perish.”

Let us, like the psalmist, advocate the proper attitude toward wealth. It is not to be despised, and it cannot be ignored; and it is both foolish and dangerous to put one’s trust in it. Jesus reiterated this truth repeatedly and with greater clarity (Lk 12:13-21).