By: Barry G. Allen- President and CEO
Recently a friend showed me a souvenir of the 24th anniversary of the organization of the Louisville Baptist Orphan’s Home held on June 30, 1893. It included a letter from Mary Hollingsworth, superintendant since its 1869 beginning. It stated “A year ago we had fifty-eight children dependent upon our charity; today we have eighty-two children to care for, and children are coming almost daily. This means additional burdens for us as a people, and we must do this noble work God has placed in our care, for to Him we are indebted for all that we have, and we must help these dear children by giving liberally of our substance. Our work is increasing each day, and of course our expenses of necessity will increase. We appeal to the friends of our Home everywhere, to give liberally for the support of the Home, as we need that help now.”
Just last week I received a communication from Dr. Bill Smithwick, President/CEO of Sunrise Children’s Services, successor of the Louisville Baptist Orphan’s Home, with some startling statistics about children today. Did you realize thousands of Kentucky children go to bed each night and wake up in homes where proper love and concern are absent, where physical, sexual and emotional abuse is common, and where the hope for a brighter tomorrow grows dimmer with each passing day? There have been more than 15,000 confirmed cases of child abuse and neglect, and Kentucky led the nation last year in the rate of child abuse and neglect deaths.
Since 1869 we Kentucky Baptists have been caring for children through this vital ministry. Last year more than 2,000 turned to Sunrise for help. Although the types of care required have changed since Superintendant Hollingsworth appealed in 1893 for financial support, the necessity of “giving liberally of our substance” has not changed. Please join my wife and me and make a liberal contribution to the Thanksgiving Children’s Offering on which this ministry depends. Make an impact for Christ’s sake and for the sake of these children.
Tuesday, November 16, 2010
Wednesday, November 3, 2010
Smart Giving
By: Barry G. Allen- President and CEO
Between now and the end of the year you very likely will be bombarded with appeals for financial assistance from the various worthy charitable organizations with which you are affiliated and from others seeking your affiliation and support.
As you prayerfully consider what the Lord would have you to do during this season of giving, let me commend to you the reminders of the Apostle Paul in 2 Corinthians 9:6-15:
∙ Giving is like planting seeds: “whoever sows sparingly will also reap sparingly, and whoever sows generously will also reap generously.” (v 6).
∙ Giving should be thoughtful, cheerful and with conviction: “each person should give what he has decided in his heart to give, not reluctantly or under compulsion, for God loves a cheerful giver.” (v 7).
∙ Giving is motivated by our thanksgiving to God: “Thanks be to God for His
indescribable gift!” (v15).
If you conclude the Lord is leading you to make a gift(s) out of your assets in addition to gifts out of your income, and you would like assistance in understanding the various charitable giving options available to you, please contact Laurie Valentine or me.
Perhaps a life income gift would be of interest to you. Such a gift provides you an opportunity to establish now a future, irrevocable gift for your favorite charitable organization(s) and the potential to increase cash flow to you and/or others for life or for a term of years. If you itemize deductions, you may deduct, in the year you establish the life income gift, the present value of the charity’s interest.
Or you may prefer to establish an endowment fund to provide perpetual support to your favorite charitable organization(s). You could establish it with a year-end gift and add to it in the future, including a bequest in your estate plan.
Whatever smart giving ideas you may be considering prayerfully, please give us the privilege of assisting you with information and consultation. Call us toll-free at 1-866-489-3533. (Kentucky only)
Between now and the end of the year you very likely will be bombarded with appeals for financial assistance from the various worthy charitable organizations with which you are affiliated and from others seeking your affiliation and support.
As you prayerfully consider what the Lord would have you to do during this season of giving, let me commend to you the reminders of the Apostle Paul in 2 Corinthians 9:6-15:
∙ Giving is like planting seeds: “whoever sows sparingly will also reap sparingly, and whoever sows generously will also reap generously.” (v 6).
∙ Giving should be thoughtful, cheerful and with conviction: “each person should give what he has decided in his heart to give, not reluctantly or under compulsion, for God loves a cheerful giver.” (v 7).
∙ Giving is motivated by our thanksgiving to God: “Thanks be to God for His
indescribable gift!” (v15).
If you conclude the Lord is leading you to make a gift(s) out of your assets in addition to gifts out of your income, and you would like assistance in understanding the various charitable giving options available to you, please contact Laurie Valentine or me.
Perhaps a life income gift would be of interest to you. Such a gift provides you an opportunity to establish now a future, irrevocable gift for your favorite charitable organization(s) and the potential to increase cash flow to you and/or others for life or for a term of years. If you itemize deductions, you may deduct, in the year you establish the life income gift, the present value of the charity’s interest.
Or you may prefer to establish an endowment fund to provide perpetual support to your favorite charitable organization(s). You could establish it with a year-end gift and add to it in the future, including a bequest in your estate plan.
Whatever smart giving ideas you may be considering prayerfully, please give us the privilege of assisting you with information and consultation. Call us toll-free at 1-866-489-3533. (Kentucky only)
Tuesday, November 2, 2010
Year End Tax Planning
By: Laurie Valentine, Trust Counsel & Chief Operating Officer
With December 31 fast approaching, now is a good time to review tax planning actions that you have already taken this year and to discuss with your tax adviser other things you may be able to do before year-end to further reduce your 2010 income taxes.
If you will be in a lower tax bracket in 2011, it may be prudent to defer some of this year’s income until next year and to pay deductible items that you would normally pay in early 2011 before December 31, 2010.
Business and professional people who use the cash accounting method may be able to defer the receipt of income by not billing until year-end for services rendered in 2010. The receipt of a bonus that your employer is free to give or not give can be deferred into next year to lower your 2010 compensation income.
Pay real estate taxes and the January 15 installment of state and local income taxes before December 31 to accelerate these deductible items into the 2010 tax year. If possible, pay all medical bills, if the total will exceed 7.5% of your adjusted gross income, before year-end to be able to use that expense as a deduction, if you itemize.
Another income tax deduction that is very easy to accelerate is the charitable deduction. You have total control on when this deduction will be available; all you have to do is complete your charitable gifts before December 31.
Your tithes and offerings are “charitable gifts” that can be deducted on your income tax return, if you itemize. You can also deduct gifts of appreciated securities, mutual fund shares, real estate, business interests, and life insurance policies to your church, Kentucky Baptist and Southern Baptist causes or other qualified charities.
Charitable income tax deductions are available for both outright gifts to charity and life income gifts such as charitable gift annuities and charitable remainder trusts.
Make time for year-end tax planning with your advisers; it can beneficial to you and to the charitable causes you wish to support.
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.
With December 31 fast approaching, now is a good time to review tax planning actions that you have already taken this year and to discuss with your tax adviser other things you may be able to do before year-end to further reduce your 2010 income taxes.
If you will be in a lower tax bracket in 2011, it may be prudent to defer some of this year’s income until next year and to pay deductible items that you would normally pay in early 2011 before December 31, 2010.
Business and professional people who use the cash accounting method may be able to defer the receipt of income by not billing until year-end for services rendered in 2010. The receipt of a bonus that your employer is free to give or not give can be deferred into next year to lower your 2010 compensation income.
Pay real estate taxes and the January 15 installment of state and local income taxes before December 31 to accelerate these deductible items into the 2010 tax year. If possible, pay all medical bills, if the total will exceed 7.5% of your adjusted gross income, before year-end to be able to use that expense as a deduction, if you itemize.
Another income tax deduction that is very easy to accelerate is the charitable deduction. You have total control on when this deduction will be available; all you have to do is complete your charitable gifts before December 31.
Your tithes and offerings are “charitable gifts” that can be deducted on your income tax return, if you itemize. You can also deduct gifts of appreciated securities, mutual fund shares, real estate, business interests, and life insurance policies to your church, Kentucky Baptist and Southern Baptist causes or other qualified charities.
Charitable income tax deductions are available for both outright gifts to charity and life income gifts such as charitable gift annuities and charitable remainder trusts.
Make time for year-end tax planning with your advisers; it can beneficial to you and to the charitable causes you wish to support.
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.
Wednesday, October 20, 2010
Blessings, Responsibilities, Rewards
Barry G. Allen- President and CEO
I was inspired upon reading the 1950 report to the messengers of the General Association of Baptists in KY (now the KBC) of the late A. M. Vollmer, executive secretary of the KBF. His message is timeless, and therefore, I share a portion with you verbatim in its 1950s language.
“Men with limited intelligence may make money and men without intelligence may inherit money, but it takes men of keen intellect to rightly use money. It is hard to battle against money lust. It requires strength and courage. It is really the use of possessions that reveals character. What a man does with what he has tells the story of what he is.
Failure to make good use of possessions is folly. God called a man who accumulated large sums, enlarged barns, and made no provision for the future a ‘fool.’ George F. Johnson, a great shoe manufacturer, said ‘To die rich is a disgrace.’ It is the equivalent to failing at a very vital point in life.
Men and women who are blessed with earthly possessions have serious responsibilities. Great wisdom, cautious consideration and a keen Christian conscience should be used in planning for the future of these possessions. The one who fails at this point will lose the power of Christian testimony. He will soon be forgotten by succeeding generations. Failure in an opportunity for doing good can weaken prospects of a reward in heaven.
He who makes good use of possessions will show strength of character, sincerity of caution, and leave a powerful Christian testimony for succeeding generations by doing good in the world until the Lord comes again and will win a rich reward in the final reckoning day….
There is every reason why every Baptist should give serious consideration to the matter of placing his Lord’s money in that place where its usefulness will never cease and its testimony to the loyalty of the donor will never die…. The cry of a lost and dying world urges them to do it.”
I was inspired upon reading the 1950 report to the messengers of the General Association of Baptists in KY (now the KBC) of the late A. M. Vollmer, executive secretary of the KBF. His message is timeless, and therefore, I share a portion with you verbatim in its 1950s language.
“Men with limited intelligence may make money and men without intelligence may inherit money, but it takes men of keen intellect to rightly use money. It is hard to battle against money lust. It requires strength and courage. It is really the use of possessions that reveals character. What a man does with what he has tells the story of what he is.
Failure to make good use of possessions is folly. God called a man who accumulated large sums, enlarged barns, and made no provision for the future a ‘fool.’ George F. Johnson, a great shoe manufacturer, said ‘To die rich is a disgrace.’ It is the equivalent to failing at a very vital point in life.
Men and women who are blessed with earthly possessions have serious responsibilities. Great wisdom, cautious consideration and a keen Christian conscience should be used in planning for the future of these possessions. The one who fails at this point will lose the power of Christian testimony. He will soon be forgotten by succeeding generations. Failure in an opportunity for doing good can weaken prospects of a reward in heaven.
He who makes good use of possessions will show strength of character, sincerity of caution, and leave a powerful Christian testimony for succeeding generations by doing good in the world until the Lord comes again and will win a rich reward in the final reckoning day….
There is every reason why every Baptist should give serious consideration to the matter of placing his Lord’s money in that place where its usefulness will never cease and its testimony to the loyalty of the donor will never die…. The cry of a lost and dying world urges them to do it.”
Friday, October 8, 2010
More Essential Than Ever - State's Baptist institutions faithful to biblical education
Barry G. Allen, President and CEO
Christian higher education is more essential to our culture today than it ever has been.
And how fortunate we Kentucky Baptists are to be in relationship with three quality Christian higher education institutions: Campbellsville University, University of the Cumberlands and Georgetown College.
The leaders of each of these schools take seriously the unique calling of Christian higher education (a) to encourage and model biblical morality for a generation that has grown up in moral relativism; (b) to articulate and defend the biblical worldview for a generation that has grown up in spiritual pluralism; and (c) to equip disciples who will manifest a faithful presence at the highest levels of influence for a polarized and embittered culture.
As Jim Denison, president of the Center for Informed Faith, recently reminded Baptist college administrations, "Remember you serve a King who is building His kingdom through you. These are not our schools, but His. We join Him as He works to draw them to Himself and to use them for His greater glory."
Christian higher education has at its core Christ, who is truth. You can be pleased our three institutions approach their missions with a commitment to holistic education, nurturing the intellect, shaping and molding the heart and soul, modeling servanthood as a way of life, and touching our neighbors throughout the world with a touch of God's love.
Paul Corts, president of the Council for Christian Colleges and Universities, recently observed that today as most of higher education in America has lost its way and deserted its heritage of faith, losing sight of its reason for being, we can be thankful to be the beneficiaries of those faithful stewards who followed the admonition of scripture to preserve and grow "the faith that was once for all entrusted to the saints" (Jude 3).
Why not consider making a legacy gift for the benefit of these three institutions to perpetuate that scriptural admonition? Call us for assistance.
Christian higher education is more essential to our culture today than it ever has been.
And how fortunate we Kentucky Baptists are to be in relationship with three quality Christian higher education institutions: Campbellsville University, University of the Cumberlands and Georgetown College.
The leaders of each of these schools take seriously the unique calling of Christian higher education (a) to encourage and model biblical morality for a generation that has grown up in moral relativism; (b) to articulate and defend the biblical worldview for a generation that has grown up in spiritual pluralism; and (c) to equip disciples who will manifest a faithful presence at the highest levels of influence for a polarized and embittered culture.
As Jim Denison, president of the Center for Informed Faith, recently reminded Baptist college administrations, "Remember you serve a King who is building His kingdom through you. These are not our schools, but His. We join Him as He works to draw them to Himself and to use them for His greater glory."
Christian higher education has at its core Christ, who is truth. You can be pleased our three institutions approach their missions with a commitment to holistic education, nurturing the intellect, shaping and molding the heart and soul, modeling servanthood as a way of life, and touching our neighbors throughout the world with a touch of God's love.
Paul Corts, president of the Council for Christian Colleges and Universities, recently observed that today as most of higher education in America has lost its way and deserted its heritage of faith, losing sight of its reason for being, we can be thankful to be the beneficiaries of those faithful stewards who followed the admonition of scripture to preserve and grow "the faith that was once for all entrusted to the saints" (Jude 3).
Why not consider making a legacy gift for the benefit of these three institutions to perpetuate that scriptural admonition? Call us for assistance.
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