Endowment Fund

THE FUND

What is the Fund?

The fund is dedicated to extending the church’s ministry and providing resources to meet future needs such as a Youth Director and Capital Projects and Maintenance to our aging facility.

How is the Fund administered?

The Endowment Fund Committee is made up of Parish Council members. The committee is responsible for making policy recommendations to the Fund Manager and implementing these policies in relation to the professional management teams and disbursement of the gifts as well as counseling and communicating with parishioners.

How will income be disbursed?

The Fund is intended to exist in perpetuity, which means the principal investment will not be diminished by withdrawals. Each year beginning in 2014 (three years after inception) 6% of the value of the Fund will be used for special ministries. The fund may not be used for daily operating expenses of the parish. The more our Fund grows, the larger the income will be that it provides.

How will the Fund be managed?

The Fund is professionally managed by Mestmaker and Petrey Wealth Advisors, A Raymond James broker, in Bakersfield, CA and provides income to the church based upon the fund’s market value.  You can get more information at their website:

www.mpwealthadvisors.com

For more information:

St. George Church’s Parish Council contact is Danny Andrews 331-0723. You may also contact the Greek Orthodox Archdiocese Stewardship Ministries Department at (646) 519-6160 or the Department of Parish Development (847) 478-5275. Consult with your attorney, accountant or financial planner to determine the gifting plan most appropriate for you.

GIFT OPTIONS

Outright Gifts:

You will receive immediate tax benefits for gifts of cash, stock, real estate of personal property. Celebrate your birthday or anniversary with a gift to the Fund. Honor a relative or friend with a gift in their name. Remember a loved one with a memorial gift.

Deferred Gifts:

This option allows you to make a gift while retaining income. Many deferred gifts offer immediate tax deductions.

Annuities:

Charitable gift annuities offer an income based on the ages of those who will receive payments. A portion is non-taxable. Deferred payout gift annuities delay income payments until a future date (such as retirement) and produce a higher income rate.

Appreciated stock:

Giving stock allows you to receive a charitable income tax deduction for the full market value of the stock and avoid paying capital gains tax on the appreciated value.

Life Insurance:

You can designate the Church as your policy beneficiary. If you no longer need the policy, taking this step allows future premiums to be tax deductible.

Real Estate:

A gift of real estate qualifies you for a charitable income tax deduction for the full value of the property and exclusion from capital gains tax on the transfer. You may also retain use of the property during your life, receiving a tax deduction for the value of the eventual gift.

Trusts:

Trusts produce a fixed amount or percentage of income. You can designate how funds are used and by whom. You can set up a trust now or establish one in a will.

Wills and Bequests:

You can use your will to make a contribution to the church.

Charitable Remainder Unitrust:

A charitable remainder unitrust is an irrevocable trust created under the authority of Internal Revenue Code 664.  This special, irrevocable trust (known as a "CRUT") has two primary characteristics: (1) Once established, the CRUT distributes a fixed percentage of the value of its assets (on an annual or more frequent bais) to a non-charitable beneficiary (which is considered the settlor of the trust); and (2) At the expiration of a specified time (usually the death of the settlor), the remaining balance of the CRUTs assets are distributed to charity.  The trustee determines the fair market value of the CRUT's assets at the time of contribution, and therefore on the applicable valuation date.  The fixed annuity percentage must be at least 5% and no more than 50% of the fair market value of the assets contributed to the CRUT.  Code Section 664(d)(1) sets the federal income tax requirements for a charitable remainder unitrust.

 

 

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