Choongkwon Lee of Toronto, Canada, was so impressed with the program at Central, he persuaded his brother Choungtong Lee of Seoul, South Korea, to join him. Choongkwon is the pastor of Together Community Church and is part of the Christian and Missionary Alliance denomination of South Korea, while his brother is of the Holiness denomination in Korea and pastors the Choonshin Church in Seoul.
Give to Central with an IRA charitable rollover gift
Give to Central with an IRA charitable rollover gift.
Rev. Norman and Joyce Orr are humble and faithful servants of God. Rev. Orr’s last ministry position was as pastor of the Des Peres Baptist Church in the St. Louis metro area. The late Bud Mills, a former Central Seminary Trustee, said of Rev. Orr, “He was the finest pastor I ever had.” The Orrs were influential in helping the Des Peres church make the transformative legacy gift which started Central’s resurrection journey towards financial health.
The Orrs continue to support Central both financially and with genuine interest in everything Central is doing, giving generously of their own resources over the last seven years. They are living out their retirement on a farm in Solo, Missouri, where they grow hay and Angus cattle, but they recall their early years at Southern Seminary when Rev. Orr was training for ministry and both of them worked multiple jobs to sustain their living while he finished his education. Because of that experience, they have great joy in giving to make seminary a possibility for Central’s students. President Marshall has visited them on their farm and driven with Rev. Orr through the pastures there, where he would point out a group of calves and say, “One of those calves will put a student through seminary!” They are people of genuine Christian grace, as well as love for seminary students and Central’s mission.
The Orr's used the IRA rollover provision to make a gift to Central earlier this year. The Orr’s are long time supporters of Central and found the IRA charitable rollover a good way for them to share a gift out of their IRA in a way that actually helped them reduce their taxable income for the year.
WHAT IS an IRA Rollover gift?
As part of the fiscal cliff law, Congress reauthorized the IRA rollover for 2013. This means that if you are 70 ½ or older, you can make a charitable gift of up to $100,000 from your IRA. Your gift will qualify for your 2013 required minimum distribution, and you will not have to pay federal income tax on the amount given from your IRA to charity.
An IRA Rollover might make sense to you this year!
With the new tax law, you could end up paying more in taxes this year. By transferring some of your IRA required distribution to Central you can lower your taxable income. With lower taxable income, you could reduce your income and capital gains taxes this year.
- Reduce your taxable income
- Lower your Social Security Tax or Medicare Premiums
- Avoid IRS tax limits – IRA rollover gifts may be made over and above
normal cash gift limits (50% of adjusted gross income).
- Non-itemizers: Enjoy charitable gift benefits
- New source for Major Gifts