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What is the Endowment Fund?
St. John’s Episcopal Church has established an endowment fund – money that will be invested to provide a reliable source of income to the parish for generations to come. The Vestry intends the fund to be managed in perpetuity as a true endowment, meaning the principal will not be invaded. The endowment fund is intended to generate permanent income that will, over the long-term, directly benefit St. John’s programs and ministries that are over and above what was funded through the annual operating budget of the church. Income earned and appreciation on the investments will be used in the following ways:
General Endowment Fund (for special needs and ministries as identified by the vestry)
The Mission Outreach Endowment Fund
The Building and Property Maintenance Endowment Fund
The Youth Program Endowment Fund
Annual spending limits are set so as to preserve principal and provide for growth. Gifts to the endowment are welcomed and can be made in a number of ways (see below).
Donors interested in a particular ministry or need of St. John’s may designate their gift for that purpose; however, there is a minimum amount of $25,000 set for designated gifts, and the vestry must accept the gift for the named purpose. Undesignated gifts to the endowment enable the church to address future needs as they arise without restrictions.
Click here for the Endowment Fund Bylaws and policies. Please contact the church office if you have further questions.
Who will administer the Fund?
There is an Endowment Committee consisting of three members, all of whom are members in good standing of St. John’s Episcopal Church. They are appointed by the Vestry to three year terms on a rotating basis. Committee members may serve two terms of three years, then must rotate off for at least one year. Additionally, the Rector and Senior Warden are ex officio members of the Committee without votes. No member of the Committee may be a current member of the Vestry or employed by the parish.
Members of the Endowment Committee are:
Susan Badgio, serving through November 2014
Randy Evans, Chair, serving through November 2016
Jack Kenworthy, Secretary, serving through November 2015
Ex Officio members are:
The Rev. Eric Turner, Rector
Randy Singer, Sr. Warden
The parish treasurer, Steve Bradley, also serves as treasurer of the Endowment Fund.
How do I give to the Endowment Fund?
You can make a gift to the St. John’s Endowment Fund in a variety of ways, using either a direct gift of cash (make your check payable to the St. John’s Endowment Fund) or using what is often called a planned gift. While planned giving usually involves financial or estate planning, it is not reserved just for the wealthy. It enables a donor to provide for family members while remembering the church as well. It often reduces taxes.
In general, planned gifts are made through the following means.
A Bequest in a Will
The easiest and most common way of making a planned gift is through a bequest in your will. You can designate a specific amount of money, a percentage of your estate, or a specific asset. St. John’s Episcopal Church could also be named as a contingent beneficiary.
Life Income Gifts
Gifts such as a charitable gift annuity, a charitable remainder trust, or a pooled income fund, provide you and/or your designated beneficiary income for life, after which the church receives the gift. These types of gifts generally reduce or eliminate certain taxes and guarantee an income for life.
You can make direct gifts from your retirement fund to St. John’s Church or you can name St. John’s Church as a contingent beneficiary of the fund. Often retirement funds are the most heavily taxed asset of an estate.
Life insurance can be used to make a sizeable gift to St. John’s Episcopal Church. For example, you can purchase a new policy and make the church the owner and beneficiary of the policy. You can make St. John’s the owner and beneficiary of an existing policy that you no longer need. Or you can make St. John’s a contingent beneficiary of an existing policy. You could use life insurance to “endow” your annual pledge to St. John’s.
A Life Estate
You can deed your home, vacation home, or condominium to St. John’s and retain the right to live in the property and/or receive income from the property for as long as you or your beneficiary lives. Capital gains, inheritance and estate taxes may be reduced and an income tax deduction earned.
Securities, real estate, or tangible personal property such as jewelry, works of art, boats, etc., can be used to make a gift to St. John’s. There are tax advantages to making these gifts.
Need more information?
For specific details regarding estate and tax implications of gifts to St. John’s Endowment Fund, please contact your own tax advisor.
For more information on making a gift to the St. John’s Episcopal Church Endowment Fund please contact any of the members of the St. John’s Endowment Fund Committee: Please call the church office at 321-254-3365 for assistance.