What Is The St. Mark’s Enduring Gifts Foundation?
The St. Mark’s Enduring Gifts Foundation is a limited liability company established under the 501c3 (charity) status of St. Mark’s United Methodist Church. Its purpose is to provide enduring resources for the strengthening and extension of the programs, ministries, and facilities of St. Mark’s United Methodist Church.
What Is An Endowment?
An endowment is any asset donated to and for the perpetual benefit of a non-profit institution. The donation is usually made with the requirement that the principal remain intact and money earned from investing the principal be used for a specific purpose. In the broadest sense, an endowment is a donation that is given to a non-profit institution on the condition that it is used for the benefit of that organization. Most endowments are designed to provide a permanent source of income by keeping the original amount invested and using the accrued income from dividends for its charitable purpose.
What Is The Purpose Of The Fund?
The purpose of the St. Mark’s United Methodist Church Endowment Fund is to provide a permanent, long-term resource to carry out the ministry and mission of St. Mark’s United Methodist Church, consistent with the Social Principles of the United Methodist Church as set forth in the Book of Discipline and with the ecumenical objectives of the United Methodist Church.
What Is The Nature Of The Fund/How Will My Gift Be Used?
All gifts to the Fund go toward an endowment fund of permanent duration. A donor has the assurance that his or her gift will be a lasting contribution to the mission of the Church.
The endowment fund is currently unrestricted in nature, meaning that the Church may use the earnings on investment in the area of greatest need (mission, ministry, facilities etc), in accordance with its mission. A donor wishing to endow gifts for a specific purpose are encouraged to contact the Church for more information.
Why Permanent Funds?
Permanent funds provide a stable source of continuing income for the Church and allow its members to develop long-range plans for the future. The earnings may also provide the resources for special ministries. In difficult economic times, income from permanent funds can sustain the Church and empower its ministry.
How Can I Make A Contribution?
There are many ways to contribute to the Endowment Fund. Some of the more popular methods of giving are these: cash donations, stocks and bonds, memorial gifts, gifts in honor of a special person, retirement plan proceeds, life insurance, and bequests in a will or trust. Contributions intended for the Endowment Fund should be made expressly to the “St. Mark’s United Methodist Church Enduring Gifts Foundation Endowment Fund”.
Who Administers The Endowment Fund?
The St. Marks Enduring Gifts Foundation Board consists of a Director, Assistant Director, a representative of the Trustees, a representative of the Finance Committee, and the Chair of the Church Guiding Council. The Director and members of the Enduring Gifts Foundation will be elected by St. Mark’s Charge Conference. The Enduring Gifts Foundation will report to the Finance Committee.
How Are The Gifts Invested, Managed, and Distributed?
The St. Mark’s Enduring Gifts Foundation Board is responsible for the investment and use of the Fund, with oversight provided by the Finance committee and Guiding Council. The assets must be invested in accordance with the Social Principles of the United Methodist Church. Currently, the funds are invested through Davenport & Co. LLC.
The Enduring Gifts Foundation will recommend to the Finance committee the amount to be expended from the fund. The Guiding Council, acting on advice from the Finance committee, will decide the amount of income from the Enduring Gifts Foundation to be spent during the upcoming fiscal year.
The Enduring Gifts Foundation Board will meet at least quarterly review progress.
Endowment Fund Committee
Members of the Committee would be happy to answer your questions about the Endowment Fund or put you in contact with someone who can.
Tax laws play an important role in a person’s charitable giving. We urge you to discuss the tax advantages of a planned gift with your tax or legal advisor. Significant income tax and estate tax savings may be realized from a contribution to the SMEGF Endowment Fund.