The Endowment and Gifts Committee provides the overall structure for receiving and administering gifts and bequests intended for our church and our ministry programs. This committee works closely with the Trustees and Finance Committee when necessary.
Major contributions and gifts which are designated for immediate use or long-term benefit are now directed to the Endowment and Gifts Committee for investment and administration. The committee is responsible for managing the endowed funds.
There are two types of endowment funds.
- A permanent endowment requires that the principal generally not be encroached upon. In our case, a spending rate is set annually and the income from these funds are used for their designated purpose.
- A quasi-endowment is different in that the committee or church council (as designated) can use the principal as well as the income for the designated purpose.
How to Give
Any gift amount is encouraged. To establish a new fund, a brief description of the intention of the fun must be established and approved by the committee.
A minimum amount of $25,000, which may be paid over time, is required to establish a designated fund. As you approach this gifting opportunity, first consider a discussion with your tax attorney, accountant, legal/financial advisor, or estate planner to determine the greatest tax deductible advantage for you. Once you have taken these measures, the church financial secretary will complete a confidential form with you designating your intentions for the gift.
The following ideas and illustrations may be of interest in your planning.
- Outright Gifts: A transfer of cash or other assets can easily be made with income from investments to be used for church purposes. Gifts will apply to the general account unless specified for the attention of the Endowment and Gifts Committee.
- Memorial Gifts: Members and friends of the church can establish a permanent memorial to a loved one or friend through a gift made now or at some time later. The minimum amount of $25,000, which may be paid over time, is required to establish a designated fund.
- Real Estate: Gifts of your home, farm, other property to the Endowment can be made with you retaining the right to live in the home, operate the farm, or to receive income for the remainder of your life. Titles muse be clear and property free of debt. The amount of charitable deduction is determined both by the fair market value of the property and by the age of the donor at the time of the contribution.
- Life Insurance: Gifts of existing life insurance policies or the purchase of new policies naming the Church as beneficiary can be written so that you will have tax benefits during your lifetime and to your estate upon death.
- Trusts: You can establish revocable trusts, unitrusts, annuity trusts, or assign proceeds from retirement plan trusts, IRA's, and Keogh plans.