So let each one give as he purposes in his heart, not grudgingly or of necessity; for God loves a cheerful giver. (2 Corinthians 9:7)
At some point during our life’s journey, each of us will begin the process to formalize our desires to give back our God-given gifts to others. As we plan our gifts through the creation of a will or trust, our decision to include a gift to our church becomes a tangible affirmation of our faith. There are three ways you may give a gift: unrestricted, designated or endowment gifts that go directly to the First Presbyterian Church Foundation.
Unrestricted & Designated Gifts
If a donor names the church in their estate but does not designate the use of the gift for a particular program (an unrestricted gift), the Session determines how to best employ the gift. For example, the Session may have a pending program or project that requires additional funding beyond the annual operating budget. They may determine the new estate gift could be best used for this program. Alternatively, the Session may decide to place some portion or all of these gifts into our permanent endowment funds held by the First Presbyterian Church Foundation.
If the donor’s wishes are to designate their estate gift to a particular area of interest within the church, the Session will make every effort to honor the request of the donor. The Session determines whether to use the gift immediately for the program or to place the funds in a temporarily restricted fund to be used for the program at a later date. Alternatively, the Session may decide to place some portion or all of these restricted gifts into our permanent endowment funds held by The First Presbyterian Church Foundation for the purpose intended by the donor.
On December 13, 2005, our Session created The First Presbyterian Church Foundation. The purpose of The First Presbyterian Church Foundation is to manage the permanent endowment funds of the church. Annual distributions are made exclusively to our church to support the programs and activities within our annual operating budget. In 2017, 25% of our church’s annual operating budget was generated from endowment distributions.
While the Session may direct gifts to the Foundation, the donor also has the option to give his or her gift for the church directly to The First Presbyterian Church Foundation. Whether directed by the Session or the donor, upon receipt by the Foundation, each gift is placed in one of five endowment funds designated by the donor or the Session. Each fund is a permanently invested sum of money that provides a steady, predictable source of income for the church’s annual operating budget. In short, this as an annuity for the church. A portion of endowment income is distributed to our church annually. The annual distribution is determined based on a three-year rolling average of each fund’s balance plus an amount retained to equal the current year’s inflation. Through this process each fund will maintain its purchasing power for future annual distributions to the church’s operating budget.