The endowment fund provides vital support for Church of the Palm’s mission to spiritually nourish and grow a faithful, active congregation of Christ Followers who extend love and generosity in supporting the needs of all others.
The fund was established in 2023 and is just starting. For additional information on the Endowment Fund on behalf of Church of the Palms, email endowment@palmsumc.org or contact any Endowment Fund committee member – Joyce Sciacca, (chair), Bob Lane, Richard Reeves, Bill Unger or Jimmy Atkins.
The following are some common questions and answers.
A: An endowment is a fund set up by a church or foundation to further the mission of the organization through the periodic withdrawals of investment income for defined and approved charitable projects. Endowments are typically funded by individual donations or bequests that may be deductible for income tax purposes.
A: The Endowment Fund on behalf of Church of the Palms is a fund established to offer members and friends the opportunity to leave a legacy of faith for future generations. It is intended to enhance the church’s ministry and witness to the love of God in Jesus Christ. The fund is built entirely upon the vision and generosity of the church’s members and friends and is totally separate from the church’s annual operating fund. Available funds are distributed to support mission projects that are above and beyond normal budgeted items.
(watch for more Q&A to follow)
A. It does not. Your annual pledge and contributions support the operating expenses of the church and its missions. Your gift to the Endowment Fund is invested with the objective of growing the principal, which enables the earnings to be distributed to worthy causes. This allows your gift and those of others to become perpetual and continue giving into the future.
A. Your gift to the Endowment Fund is one way to ensure the church’s mission will grow and be carried into the future. It will enable those who follow to be served for generations. Your giving will create a lasting legacy. It may also aid in estate planning and yield tax advantages to the donor. You are encouraged to consult with an attorney and tax professional concerning these matters.
In an effort to continue to provide information to members and friends of Church of the Palms regarding the Endowment Fund, the committee plans to address frequently asked questions.
A. Yes. A gift to the Endowment Fund can be designated in the name of a family member or a friend. This gift can provide a way to honor someone you love. Other occasions, such as an anniversary, the birth of a child or a birthday, can be celebrated and remembered by a gift to the Fund.
A. There are many ways to give. Each gift increases the earning power of the Fund. Gifts generally fall into three categories : Gifts Now, Gifts that Pay Income, Gifts Later .
The chart below details a number of ways:
A. Many of the gifts listed in the above chart are done through financial or estate planning. Planned giving can accomplish two goals. It can give the donor a way to provide for family members and others to remember the church. Planned giving allows the donor to acknowledge both financially and spiritually their gratefulness to God. In addition, donors may receive tax benefits and lifetime income through a number of tax-favored plans. Your attorney or financial planner can assist in determining which is best for you.
A. Yes. No information about a gift to the Endowment Fund will be divulged without your permission. All gifts are treated with strict confidentiality.
A. The Endowment Committee unanimously decide NOT to self-manage the investments in the fund. Instead, multiple organizations were evaluated. Thrivent Charitable was chosen for several reasons. They are a faith-based organization grounded in the Christian tradition of serving others. Their mission is “to serve our donors with integrity as together we change lives and spread joy by sharing our blessings with the world.” In addition, they are a large organization with $618 million of assets under management and offer ancillary assistance and advice.
A. A planned gift is one that is different from your stewardship giving and other special gifts. People put planned gifts in wills and estate plans as a way to ensure their gift can continue to grow and support charitable missions in perpetuity.
For additional information on the Endowment Fund on behalf of Church of the Palms, email endowment@palmsumc.org or contact a committee member: Joyce Sciacca, (chair), Bob Lane, Richard Reeves, Bill Unger or Jimmy Atkins.