ESTABLISHING A NEW NAMED FUND

First Church has benefitted from the commitment and foresight of many members and friends who have established named Endowment Funds in areas of particular interest. An Endowment can be a meaningful and lasting way to honor family or friends.  The Senior Minister and Trustees of First Church are most willing to work with you, your attorney, or your financial advisor as you decide how you wish your gift to be used in the years ahead. Won’t you seize the opportunity to create your lasting legacy of support for First Church and its ministries?

Here are a few examples of “areas of interest” your named endowment gift might support:

  • Art and Music
       Support for choir lead/soloists positions

         Support for the Congregational Concerts 

  • Building and furnishings

         Support for equipment purchases and maintenance

         Support for grounds beautification and outdoor improvements

               Support for continued development of the West Lot

  • Church and Pastor support

        Support for church growth initiatives

        Support to bring seminarians on staff

        Support for church staff salaries

  • New named funds will be established upon approval of the Board of Trustees and receipt of a gift of $5,000 or more and the commitment to bring the Fund to $25,000 within 5 years or through an estate gift  (see types of gifts).
  • The use(s) of the new fund must be in keeping with the mission and goals of First Church and accepted by the Board of Trustees.
  • The assets of the fund must be invested by the Trustees in accordance with its current investment policy.
  • As a practical matter, it is preferable that disbursements from your new fund be made in accordance with the guidelines and policies used and amended periodically by the Trustees.

Here is an example of a recently established fund:

STARR-WINGFIELD FURNISHINGS FUND

(A Restricted Endowment Fund held by the Board of Trustees)

Funded by gifts in honor of Allan Wingfield and Rupert D. (Twink) Starr

Corpus restriction: In order for the fund to exist in perpetuity, the same, current spending formula used by the Trustees should be used for disbursements from this fund. The formula is currently to permit disbursement of no more than 5% of the fund’s 3-year average value. It is permissible to spend a portion of the corpus as long as no more than 5% of the fund’s value is expended in any one calendar year. If 5% is not spent in a year, the “unspent funds” may not be combined with the next year’s 5% limit.

Purpose restriction: The Fund is to be used for the purchase of furnishings for rooms within the church building(s). Furnishings would include wall coverings/paint, carpet, drapes, new furniture, fabrics for reupholstering, lighting, accessories and art. It is not to be used for maintenance type work such as repairs and cleaning or insurance of the furnishings. Those costs should be borne by the Church.

Investment restriction: None

Authority to spend funds: The Board of Trustees will have the final say of any expenditure from this fund. Recommendations for expenditures must come to the Board after approval by the committee responsible for maintaining the building’s furnishings as well as the Church Council.

Transfer of proceeds: Proceeds will be disbursed by the Treasurer of the Trustees upon the submission of receipts or invoices by the committee responsible for maintenance of the building’s furnishings or its designee.

For more information about establishing a new fund, please contact the Senior Minister, a trustee, or the Church Office at 614-228-1741 or by e-mail [email protected].

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