BFG Spotlight – Jen Kovar
In just over a year at Benson Financial Group, Jen Kovar advanced from an administrative assistant in the Hannibal office to the executive assistant at Benson Financial Group.
Before joining Benson Financial Group, Jen worked as an administrative assistant in the special education department at Quincy Public School District—a job she found difficult to leave when approached about the opportunity at BFG.
“I really liked my job at the school district, and the decision to move on took a lot of prayer,” she reflected. “Now, I can absolutely say it was the right decision. I have loved every minute at Benson Financial Group.”
Jen earned an accounting degree from Missouri State University—formerly Southwest Missouri State University—but chose to focus on her family first. She dedicated herself to being a wife and full-time mom to her two children.
Jen has been married to Andrew Kovar, an associate pastor at The Crossing in Quincy, for 23 years and they reside in Quincy. Their daughter, Emma, 22, married Evan Noggle last January, and their son, Dylan, is 20.
With her children now grown, Jen decided it was the right time to pursue her chosen profession. Since joining Benson Financial Group, her journey has been marked by growth and purpose, all while keeping her faith and family at the forefront.
“With this job, I get to use my accounting background. I participate in trading and work with numbers—everything I really love doing. They see this in me, and they believe in me more than I do in myself at times. It’s the most wonderful feeling,” she said. “This is a special place—God is at the foundation here. It’s a professional workplace with high expectations, but it’s always God first. We care about each other. We pray for each other. Our family has experienced hardships, and everyone here has been there for us in tremendous ways."
This God-centered focus extends beyond Jen’s work life. She and Andrew lead a young adults ministry on Tuesday nights, pouring into the lives of those they mentor. “We feel like it’s a calling, and we love it. Even when our children were younger, we always welcomed young adults into our home,” Jen shared.
Also close to their hearts—but far in distance—is the school at Faithfully Nurturing Children (FNC) in Uganda, which Benson Financial Group has been involved with since its founding. Jen and Andrew recently visited the school with a group from BFG for the school’s first graduation. It was Jen’s second trip and Andrew’s third trip to the school.
From the workers and students to the young girl they sponsor—whom they speak with regularly—Jen grew emotional reflecting on the deep connections they’ve made in Uganda.
“Her mom is a teacher at the school, and Andrew mentored her father, who used to work there. They have four children altogether,” Jen said. “Finally hugging and seeing them all face-to-face again was the best feeling—they are real friends in our lives, and we miss them.”
As Jen balances her roles at work, in ministry, and as a wife and mother, one Bible verse has remained close to her heart:
I praise you, for I am fearfully and wonderfully made. —Psalm 139:14
This verse became especially meaningful when her daughter was diagnosed with scoliosis in the sixth grade, requiring her to wear a back brace and eventually undergo spinal surgery.
“It’s really special for me. It reminds me that, no matter what, God made us just the way we are—and we can praise Him for that!”
The BFG Uganda Team pictured left to right: Pat and Connie Benson, Steve and Mary Hill, Justin and Brooke Gibson, Heidi and Kenton Snyder, and Jen and Andrew Kovar.
FNC Missions Work in Uganda
A group from the Benson Financial Group (BFG) team recently visited Kampala, Uganda, to attend the first graduation ceremony at Faithfully Nurturing Children (FNC), a school that BFG has supported since its founding.
Among those on the trip from BFG were Jen Kovar and her husband Andrew, as well as Heidi Snyder and her husband Kenton. This wasn’t the first visit to Uganda for either couple. Both families sponsor a child at the school, which provides students with two nutritious meals daily, clean drinking water, medical care, school supplies, and more.
Other BFG members and their spouses who joined the trip to visit the FNC children they sponsor included Pat and Connie Benson, Justin and Brooke Gibson, and BFG retiree Steve Hill and his wife Mary.
The relationship between FNC sponsors and students is far more than an occasional visit to Uganda. The 14-year-old student sponsored by the Snyders calls regularly to chat with their whole family, including their children. Sponsors also receive report cards and updates on the children's progress at school.
Pat and Connie Benson, founders of Benson Financial Group, are on the board of FNC and also sponsor a student who was part of the first graduating class. He now dreams of attending aviation school—an aspiration made possible through the opportunities provided by FNC.
The generosity of FNC sponsors and donors is a lifeline for the students, but the giving hearts of the children are an inspiration to everyone who visits.
Jen shared a touching moment she witnessed:
“Two boys were sitting back-to-back—one in front of the other—and he turned around to pour half of his porridge into the other child’s cup, then broke part of his snack and handed it to him,” she said. “I assumed he was giving the other child a little extra because he knew he didn’t have anything. That porridge fills their tummies.”
In Uganda, the students and staff radiate joy and the love of Christ, despite the extreme poverty surrounding them.
“The joy these kids have, despite their circumstances, is just beautiful,” Heidi said. “Many of them don’t have stable homes or lives because of the poverty around them, but the school has become a safe haven—it’s their family.”
Pictured is our BFG Advisor, Justin Gibson, with his sponsored FNC graduate, Thomas.
“The kids have so much love to give—it just oozes out of them,” Jen added. “It’s amazing because you feel this overwhelming love embracing you from all directions. You go to Uganda hoping to be a blessing to them, but when you’re there, it’s those at FNC who end up being a blessing to you.”
To learn more about FNC, visit FNC Academy.
Bring in the New Year with New Giving Strategies
By Aaron Hill, BFG Financial Advisor
As the new year begins, it’s a great time to reflect on your personal and financial goals. Have you been dreaming of any new resolutions? Have you thought about charitable giving being one of them?
Giving back can provide the joy of helping others AND offer financial benefits in return. By utilizing different strategies depending on your circumstances, you can enhance the value of your charitable giving, all while keeping your focus on making a difference.
Looking ahead—and looking back: Taxes & Giving
The Tax Cuts and Jobs Act of 2017 had wide-reaching implications. Pre-2017, it was much more common to itemize tax deductions and include charitable giving as a deduction, but this tax reform essentially doubled the standard deduction and now many charitable gifts don’t receive any specific tax benefit. This doesn’t necessarily have to be the case.
Qualified Charitable Distributions (QCDs)
For individuals nearing or in their 70s wondering how to be more effective givers, a great option is a Qualified Charitable Distribution (QCD). QCDs allow IRA owners aged 70½ or older to donate directly from their individual retirement account (IRA) to a qualified charity.
Instead of worrying about whether or not you’ll itemize your tax deductions, QCDs are simply not included in taxable income and can be a tax-advantaged way to support causes you care about! They allow you to reduce your taxable income, maximize your giving, and make a meaningful difference.
For individuals aged 73 or older, QCDs can also satisfy part or all of their Required Minimum Distribution (RMD) for the year without having to pay taxes on their distribution!
“So how do QCDs work?”
Good news! We can help you every step of the way and can start any time during 2025. QCDs are sent directly from your IRA to the charitable organization you support. While QCDs are not taxed, they also cannot be claimed as itemized deductions.
- QCDs are sent directly from your IRA to the charitable organization you support.
- While QCDs are not taxed, they also cannot be claimed as itemized deductions.
- To claim the QCD on your tax return, report the total IRA distribution from Form 1099-R on Line 4a of Form 1040 or 1040-SR, and the taxable amount (if any) on Line 4b. Write “QCD” next to Line 4b. To qualify as a QCD, written acknowledgment from the charity confirming the date and amount of the contribution and stating that no goods or services were provided in return is required.
“What if QCDs don’t fit our financial picture?”
No IRA? Not 70 ½ years old? Are you regularly generous? Maybe “bunching” is right for you. Donation bunching is a multi-year strategy that requires careful planning and timing.
The bunching strategy has gained importance since the Tax Cuts and Jobs Act of 2017.
If your itemized deductions don’t exceed the standard deduction, your charitable giving won’t provide a tax benefit—though you’ll still receive the standard deduction. Bunching two or more years of charitable donations into a single year can help push your itemized deductions above the standard deduction threshold, reducing your taxable income and lowering the amount of taxes you owe.
For example, in a standard deduction year, delay end-of-year donations until January of the following tax year. Then make two years’ worth of giving in one calendar year.
What if you want to “bunch” but prefer giving on an ongoing basis? Or what if you have a large cash balance and want to give going forward? Maybe you sold a business or have stock that’s highly appreciated but you see large capital gains taxation in your future? A donor-advised fund (DAF) can help, and just like QCDs, we can help you every step of the way.
With a DAF, you can contribute a lump sum of cash or investments to the fund—qualifying the entire balance for a tax deduction in the current year that the funds are contributed —while distributing the donations to charities whenever you choose in the future.
Donations to the account provide immediate tax benefits, making it an excellent complement to the bunching strategy.
“Why should I donate my stock that’s grown in value?”
Donating appreciated stock can be significantly more valuable than selling stock and making a cash donation. A stock that has appreciated for more than a year that is donated directly to charity requires no capital gains payment.
Plus, you are still eligible to deduct the full fair-market value of the asset you donated from your income taxes, up to the overall amount allowed by the IRS.
“So, what’s this mean for me?”
The new year is here! Don’t let taxes stress you out or take the joy out of your giving. That’s why you have us. If you want to dive deeper into a conversation about whether or not these strategies work for your financial plan, simply schedule a meeting and allow us to help you make the most of your generosity!
Thank you for your continued trust in Benson Financial Group. Please let us know if you have any questions about either of these issues.
Upcoming Holidays
Please note that our office will close in observance of Martin Luther King Jr. Day on Monday, January 20, 2025. Benson Financial Group, along with the markets, will reopen on Tuesday, January 21, at 8:30 a.m.
This is a day of remembrance for Dr. King and his work. It's also a day of service, during which we take time off from our jobs or school to join with others in projects to enhance our community. We also observe the day by heeding the call of Dr. King and acknowledging that his great work must continue through each American—the work of equality.
However you observe the day, we invite you to join us by honoring the legacy of this great American.
