ECCT At a Glance
General Updates
Important message to D&B Participants for WEBSITE News Flash
D&B is pleased to inform you that we have enhanced the reporting portal for the monthly investor reports. The improved SEI Archway platform is tentatively scheduled to be launched, with the November 30, 2022, report available around December 21. As part of the process, the week of December 12th we invite you to access the new portal. Be on the lookout for the new link and login information. The October reports will be available. We invite you to be part of the process by reviewing the legacy portal reports with the new portal.
You will receive an email from Archway afoadmin@seic.com with login details. Once you receive this email, you will have 120 hours (5 days) to reset your password before it expires. If you have trouble accessing the portal, please contact afoadmin@seic.com.
If you have questions or need any further assistance or noted discrepancies, please get in touch with Theresa Dupont at tdupont@episcopalct.org
Parish-specific ConnECCT File Share is Here
ECCT has rolled out the new aspect of its ConnECCT file share. The purpose of this parish-specific side of ConnECCT is to create individual file folders for each parish in the ECCT. These folders will house various information such as accords, (thus relieving us of the need to send out hard copy letters, a savings in labor and supplies), insurance renewal surveys, CMS and insurance invoices, etc. contact the Operations Manager to register your parish or for more information.
Parish Invoices
ECCT will be processing your monthly invoices via the parish-specific side of ConnECCT. January’s invoice will contain the 2021 property & casualty premiums, due to the ongoing negotiations. In Q2 adjustment to the parish invoices will be made accordingly. Invoices for the remainder of the year will be issued within the first week of every month via email.
The recipients will be the Rector or Priest-in-Charge (PIC) and Treasurer (in the absence of a Rector or PIC, the Sr. Warden will be included). To ensure that we have your current information update your parish’s survey online. To reset your password, contact the Operations Manager.
Direct Deposits/ACH Payables Account
ECCT is shifting all payment processing to ACH/Direct Deposits to ensure secure, swift, and timely payments. Please ensure that you have provided us with your parish’s current banking information.
Direct Deposits Receivable’s Account
ECCT is recommending that parishes use direct deposits to ensure timely deposit to the Fund. Direct deposits are secure, swift, simple, and won’t be lost, delayed, and will ensure the timely payments of your parish’s commitments. Contact the Canon for Mission Finance & Operations for more information.
Property Improvement Grant Application Extension
We are extending the deadline to apply for a 2021 Property Improvement Grant. Parishes can now apply through January 31. Details and the application can be found in the grants section here on our website.
Property
Building Winterization Best Practices (downloadable resource on ConnECCT)
Tax Updates
Imputed cost of Group Life Insurance for Tax Purposes
Group Life Insurance IRC section 79 provides an exclusion for the first $50,000 of group-term life insurance coverage provided under a policy carried directly or indirectly by an employer. There are no tax consequences if the total amount of such policies does not exceed $50,000. The imputed cost of coverage in excess of $50,000 must be included in income, using the IRS Premium Table, and are subject to social security and Medicare taxes.
Resource Guide Publication 15-B Cat. No. 29744N
Employer’s Tax Guide to Fringe Benefits
Future Developments
For the latest information about developments related to Pub. 15-B, such as legislation enacted after it was published, visit the IRS website. For the latest guidance and information about COVID-19 tax relief, go to IRS.gov/Coronavirus.
IRS Issues Standard Mileage Rates for 2022
Beginning on January 1, 2022, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 58.5 cents per mile driven for business use, up 2.5 cents from the rate for 2021,
- 18 cents per mile driven for medical, or moving purposes for qualified active-duty members of the Armed Forces, up 2 cents from the rate for 2021 and
- 14 cents per mile driven in service of charitable organizations; the rate is set by statute and remains unchanged from 2021.
IRS sending information letters to recipients of advance child tax credit payments and third Economic Impact Payment
COVID Tax Tip 2022-03, January 5, 2022
The IRS started issuing information letters to advance child tax credit recipients in December. Recipients of the third round of the Economic Impact Payments will begin receiving information letters at the end of January. Using the information in these letters when preparing a tax return can reduce errors and delays in processing.
People receiving these letters should keep them. Do not throw them away. These letters can help taxpayers, or their tax professional prepare their 2021 federal tax return.
D&B Updates
Please Note:
The United States Postal Service began changing first-class mail delivery time frames. This change may result in mail taking longer to arrive at its destination. Due to this, D&B recommends that parishes use direct deposits to ensure timely deposit to the Fund. Direct deposits are secure, swift, simple, and won’t be lost, delayed, or returned to sender. Contact the Director of Operations for Donations & Bequests to set up direct deposit.
For Additions, Changes, and Withdrawals, email the Request Form to the Director of Operations & Bequests. Vestry minutes are required.
