A good way to assure our fuure
A new tax law will allow you to provide unusual financial support for Metro Lutheran.
The Board of Directors for this much-loved and much-praised pan-Lutheran publication have appointed a search committee with a central task: interview eligible candidates and select a worthy successor for the present editor. I plan to retire in November of 2007. That means the search committee must complete its work during the first half of next year.
One of my dreams for Metro Lutheran, since taking the helm of this marvelous publication just over ten years ago, has been to see the paper’s endowment fund built to a level which can generate significant income for operating expenses. (We experienced an advertising “gully” in 2003. While we’re prospering now, we could experience more lean times in coming years.) The paper’s finance committee is working on a strategy to build the endowment fund. In the meantime, the change of editors presents an opportunity.
I can think of no better way for readers and supporters of Metro Lutheran to say farewell to the present editor and welcome to the new one (whoever that turns out to be) than to make a significant contribution to the paper’s endowment fund during 2007. Before you reach for your checkbook, be mindful that we need to have regular contributions continue uninterrupted. We’re talking about “above and beyond” support here.
And, if you’re expecting to be 70 years old or older next year — or know a generous Lutheran who is — here’s an extra-special opportunity. The Pension Reform Act of 2006 is now the law of the land. It includes a provision giving owners of Individual Retirement Accounts (IRAs) who are at least 70-1/2 years old a one year window (2007) during which they’re permitted to distribute some or all of their IRA assets to a nonprofit and pay no taxes on the distribution (normal IRA withdrawals are taxable).
So, if you fit this category and would like to steer a gift to the Metro Lutheran Endow-ment Fund during 2007, you can say farewell and welcome at the same time — and leave a legacy that will outlive you.