As a not for profit organization the end of a calendar year is always a busy time. Many people want to make sure they fulfil their Annual Commitment before the end of the previous year, and once the new year begins we have to get everything ready and prepared for tax season. Please know if you have any questions about the statements you received during this time I am always happy to help you with those.As a not for profit organization the end of a calendar year is always a busy time. Many people want to make sure they fulfil their Annual Commitment before the end of the previous year, and once the new year begins we have to get everything ready and prepared for tax season. Please know if you have any questions about the statements you received during this time I am always happy to help you with those.
The end of 2017 was a little crazier than normal. As changes were made to the tax code there were a lot of questions that arose about giving to the Temple. I want to do my best in this article to address those questions.First, I just wanted to remind everyone our budgets run on a fiscal calendar that goes from July until June. We are currently in fiscal year 2017/2018 that began in July of 2017 and will end in June of 2018. Your Annual Commitment to the Temple is assessed in July and you have until June of the next year to pay that Commitment.
One of the most common questions I received was “Can I pay my 2018/2019 Annual Commitment in the current fiscal year 2017/2018?” The answer to that question is yes. We have always been more than happy to credit your account for a future year’s Commitment. The one thing to consider if you do ever choose to pay your Annual Commitment in advance is to remember that we ask all members to reevaluate their Commitment every year, and typically ask that you increase your Commitment by 3% every year.
The second most common question I received was “How can I pay my Annual Commitment?” The most common way people pay their Commitment is to mail in a check or drop one off at the Temple offices during normal business hours. You might also consider setting up a direct withdrawal from your bank account also known as wire transfers or ACH transactions. Many of us enjoy the convenience of having our paychecks directly deposited into our bank accounts, and setting up a direct withdrawal is just as easy and convenient. These transactions are safe, secure, and cost nothing to the Temple. You can schedule a direct withdrawal to occur on whatever schedule you would like. Wither you would like it to be a monthly, quarterly, or an annual withdrawal we are happy to work with whatever works best for you.
We also accept credit card payments and now you can even pay your Annual Commitment online through our website using PayPal. Please note there are fees involved with every credit card and PayPal transaction. Currently we do not ask for an additional donation to cover those fees, but that is something you might consider doing if you decide to use one of those services.
You might also wish to make a stock gift to the Temple, give from retirement plan assets, or from a life insurance policy. There can be substantial tax advantages to making a gift of one of these types. I would ask that you check with your accountant or other tax expert before making a gift of this type. As the tax code changes so will the benefits you receive on these types of gifts.
The end of 2017 indeed saw some major changes, but we will continue to need your generosity and support to maintain our vibrant Jewish community in Des Moines.
Shalom, David Muenchrath