What is the Foundation’s purpose?
The Washington Street United Methodist Church Foundation was created in 1980 to administer an endowment which would receive gifts of money or property. Gifts may be received as current payments, or may be deferred until some future date or event.
Undesignated funds contributed to the Foundation generally are not spent. However, the income of the Foundation is made available for capital improvements and repairs to our Church properties. These expenditures are formally recommended to the Foundation by the Church Board of Trustees.
The Foundation is governed by an eight member Board of Trustees who are duly elected in the same manner as other Church officers. Copies of the Foundation’s governing instruments are available for review upon request.
Why should I give to the Foundation?
We give because we love God and the Church. The Washington Street United Methodist Church is blessed with spacious facilities which are both architecturally and historically significant. These facilities require committed stewardship on our part in the form of preventative maintenance and repair.
Gifts to the Foundation will serve the needs and ministries of the church during our lifetime, as well as future generations of Washington Streeters.
How can I give?
All gifts, regardless of size or form, are significant. Contributions can simply be made to the Foundation through various forms of charitable giving: gifts of cash, securities, or other real or personal property. Other options for gift giving and potential tax and estate benefits include the following:
Bequests – A Last Will and Testament, the basic document of estate planning, allows you to give charitable gifts from your estate.
Charitable Gift Annuity – You may give an asset to the Foundation and in return receive a guaranteed lifetime income determined by your age at the time the gift is given. You can potentially receive an immediate income tax charitable deduction, and a portion of the income may be returned to you as tax-free. Tax benefits may also come from giving appreciated stocks or property.
Life Insurance – You can name the Foundation as the beneficiary of an existing life insurance policy, or you may buy a new policy to benefit the Foundation.
Charitable Lead Trust – If you don’t need current income from an asset, and you desire to pass the asset on to your heirs, a lead trust may be appropriate. This trust arrangement provides income for the Foundation for the number of years you designate. When that time elapses, the asset passes directly to your heirs.
Charitable Remainder Trust – The annuity trust and the unitrust both provide lifetime income. An annuity trust pays a fixed income based on the value of your gift. A unitrust generates a variable income based on your fixed percentage of the trust’s value recalculated annually. Both provide beneficial income and estate tax considerations before or after your death. The Foundation benefits from what remains in the trust.
Retirement Plans – Pension plans and IRAs are convenient ways to continue faithful giving for years to come. If you name the Foundation as the beneficiary of your account, any funds remaining after your death will go towards the endowment fund.
If you need additional information—or, would like someone to discuss the Foundation with you—please contact the Church’s Business Administrator who can discuss your interests and assist in ensuring your desires are met. He will serve as liason in connecting you with the Foundation Trustees, or the Senior Minister of Washington Street United Methodist Church. Of course, you should consult your legal and financial advisors when considering any of these ideas.