Treasury Update: So much Gratitude! (FY 2024-2025)
I am Carolyn Hodges, along with Annie Hewitt, we are the First Parish Treasurer and Assistant Treasurer. Our volunteer roles ensure financial oversight and controls are maintained, activity is monitoring, and financial reporting is kept up to date.
As we welcome in the New Year, First Parish remains financially stable, thanks to our staff, members, and volunteers. We are especially grateful to the First Parish team– here’s why:
STAFF – Working with a relatively new office staff remains a pleasure. The tenacious efforts of First Parish Office Manager, Ebiere Omoregie , and Office Assistant, Allison Sillers, ensure office support is in good order and members of our community are in good hands. Our bookkeeper, Liz McKersie also provides invaluable assistance! Please thank them for their expertise and assistance when you next see them.
STEWARDSHIP – We are grateful for your generosity and that you honor your pledge commitments. Our Stewardship colleagues annually notify our community members of the status of financial pledges and gifts. Please watch for this notification to ensure your pledge data is accurate and remains up to date. First Parish remains successful because of your generous financial support.
LEADERSHIP and COMMUNITY – In November we held our annual Financial Summit, attended by members of committees supporting the financial infrastructure of First Parish (Parish Committee, Finance, Stewardship, Trustees, Human Resources, Property, Leadership Development). This group remains dedicated; their proactive work helps to ensure the fiscal year proceeds smoothy. Each group has established priorities, and we collaborate to help achieve them.
PARISH GOVERNANCE – The Parish Committee closely reviews the spiritual, social and financial health of First Parish each month. We are grateful that leadership remains committed to supporting our ministerial staff as well as our wonderful community by prioritizing volunteer support, community connections, and continued outreach while ensuring fiscal prudence.
As a reminder, many of us choose to give to First Parish on-line with Realm, using debit and credit cards. Many of you use this technology – please remember that “automatic” still does not mean “auto-magic”. Please review your Realm activity as donation transactions require updated information for amount, and valid information for card number, expiration date, and security code. For some of you, transactions are not fully processed as this information changed. Thank you for keeping watch and updating Realm with changing information and circumstances. Instructions for Realm are available on the First Parish website. If you find you have experienced this and need assistance to resolve it, please be sure to contact the office (781-648-3799) or email: Treasurer@firstparish.info.
Note on taxes as the calendar year has come to a close: In addition to the charitable deduction you may be able to take if you itemize deductions on your federal income tax return, you may be able to maximize your giving and reduce your taxes further when you pay your
pledge (even if you don’t itemize deductions) using one of these ways to contribute:
- Donate appreciated securities (stocks or mutual funds), which can eliminate the capital gains tax if the securities have appreciated in value. Instructions are on the First Parish website, https://www.firstparish.info/connect/give/securities-donation.
- Donate from a donor advised fund, which you can set up at most large financial institutions (such as Fidelity or Charles Schwab). You get a charitable deduction when you fund a donor advised account, using either cash, securities, or other non-cash assets. You can then make a contribution from your donor advised account, known as a grant, to First Parish and other tax-exempt charities that you support. It is convenient and you may be able to save on income and capital gains taxes in the year(s) you fund your account.
- Make a qualified charitable distribution from your IRA if you are 70 ½ years or older. As long as the funds go directly from the IRA to First Parish, you won’t pay income taxes on the withdrawal. If you are 73 or older, the distribution can also count towards the required minimum distribution from your IRA
Thank you so much for your willingness to help ensure the First Parish community continues to thrive. Many hands make light work— please consider joining one of our groups; it is a great experience working with kind and knowledgeable colleagues to support our community. If you have questions or would like a more detailed update, please reach us by email: Treasurer@FirstParish.info . With all of us providing “time, talent, and treasure” we can ensure that First Parish remains vibrant.
Carolyn Hodges, Treasurer
Annie Hewitt, Assistant Treasurer
