Other seed fell into good soil and brought forth grain, growing up and increasing and yielding thirty and sixty and a hundredfold.Mark 4:8
Current members of the Endowment Fund committee:
- Alan Sestak, Chair
- George Comstock, Treasurer
- Sidney Whitlock, Secretary
- Darlene Cavin
- Claude Foster
- Linda Johnston
What is an Endowment Fund?
An Endowment Fund is a collection of assets given by individuals and managed by the church in perpetuity and invested to generate income to be available to support designated purposes. An Endowment Fund exists to enable individuals to support the Church for the long term either through gifts made during their life or at the end of their life.
Why does Bon Air Presbyterian Church have an Endowment Fund?
The Endowment Fund is established to enable members and friends of the congregation to express their gratitude to God, their appreciation of the saints who established and built the church, and their desire to leave a legacy to future generations that will carry on the mission of the church. A gift upon death is a final opportunity for stewardship and personal fulfillment, and a permanent declaration of one’s values to future generations.
How does the Endowment Fund Grow?
The Endowment Fund was established in 2005. Through receipt of generous gifts and effective investments, the value of the Fund continues to grow ensuring annual funding for grants.
Annually, the Endowment Fund will make available 4.5% of the Fund’s average value within a certain time period for use in fulfilling grant request as directed by the church’s leadership, the Session.
It is anticipated that the Endowment Fund will continue to grow through additional gifts, bequests, and investments.
How are the Endowment Fund Assets Used?
Annually resources are provided by the Endowment Fund to support new or expanded ministries over and above the budgeted expenses of the church, in the following areas:
- Outreach ministries and benevolences
- Building and capital improvements
- New or special church programs
How Can We Participate?
Consider making a gift to the Church’s Endowment Fund. Gifts can be made at any time during the year but should be in addition to one’s annual stewardship commitments to the church. The Endowment Fund welcomes gifts of all sizes.
Gifts may be made in a variety of forms, many of which can provide benefits to the donors:
- Cash or check – simple to give and receive, usually tax deductible.
- Pledge – make a statement of intent now for payment at a future date.
- Stock – giving shares of appreciated stock or mutual funds can avoid capital gains taxes.
- Real estate – giving appreciated real estate can avoid capital gains and other transfer costs.
- Bequest – name the Endowment Fund for a set amount or a percentage in one’s will. Suggested bequest language is available from the Endowment Fund Committee.
- Life insurance – make the Endowment Fund the beneficiary of an existing or new policy.
- Retirement Plan – leave the Endowment Fund all or a portion of a qualified retirement plan (e.g. IRA, Roth IRA, 401(k), etc.). Consider for possible tax advantages to your estate or heirs.
- POD accounts – name the Endowment Fund the payable upon death beneficiary for money market, or other bank accounts for possible tax advantages to one’s estate.
This information does not constitute tax advice. Please consult your financial advisor on tax benefits of any charitable gift.
Who Manages the Endowment Fund?
The Endowment Fund and its investments are managed by a committee of eight congregation members appointed by the Session to serve four-year terms. The Pastor serves as an ex-officio member of the committee. There are three charter required positions: chair, treasurer and secretary. An added position since 2014 is the grants coordinator. The chair oversees the Endowment Committee function, the treasurer monitor funds and calculates the annual amount for grants, the secretary records the committee work and the grants coordinator maintains communications with each grant project lead and provides updates to the Endowment Committee on each project throughout the year for promotion and sharing with the BAPC community.