What is Planned Giving?
Planned Giving comprises a variety of ways that charitable gifts can be made to the Church from our accumulated resources. It usually involves financial or estate planning; although it is not reserved only for the wealthy. Personal estate and gift planning are the means by which each person who is concerned with the wise use of his or her personal resources makes a considered choice about their ultimate disposition.
Planned Giving is a set of ways you can leave money or other assets to a nonprofit organization, such as the Church, upon your death or a way to invest money so that you receive benefits during your lifetime and then pass on the remaining funds to the Church or another nonprofit, either upon the passage of time, the occurrence of a certain event, or upon your death.
Various financial instruments are available that you can adapt to your personal needs and situation. In general, planned gifts are made through:
- a bequest in your Will
- a gift of assets, such as Real Estate or Securities (Bonds, Mutual funds, Stocks)
- designating a beneficiary in a Life Insurance Policy, IRA, IRA Rollover, 401K, or Life Income Gift (e.g., a Charitable Remainder Trust, Charitable Gift Annuity or Pooled Income Fund)
For more details about Securities giving, click here.
Planned Giving establishes a way for us to provide for family members while also remembering the Church. It often enables us to provide more for our heirs and make a larger gift to the Church than otherwise possible. Quite frequently it reduces taxes.
Planned Giving enables you to distribute financial resources to provide for yourself and your family, as well as to help provide a means to enable St. Timothy’s to carry out its mission. You can ensure that your financial generosity is used in exactly the way you want it to be. Anyone can take advantage of this opportunity. There is no minimum amount for a planned gift.
What can planned gifts do?
Your generosity in making a planned gift can:
- Strengthen the church’s financial future;
- Support a ministry especially important to you;
- Honor your family, a loved one or friend; or
- Promote and Grow the church’s outreach efforts, its youth ministry, its music program and generally enable it to carry out its mission.
How are planned gifts used?
At St. Timothy’s, unless otherwise specified by the donor, planned gifts are deposited into the parish’s Operating Account and, upon acceptance by Vestry, transferred to the Endowment Fund. A six-member Planned Giving Committee is charged with the responsibility to safeguard and promote the growth of the Endowment Fund and to encourage parishioners to consider supporting the Fund through special gifts or by remembering the Church in their estate plans. The Committee’s trustees, two of whom are elected by the parish each year for three-year terms, are charged with preserving the principal of the fund and maximizing the income that is earned each year. Funds are used to support the Church’s mission, in accord with the designated intent of each donor for designated ministries (Youth, Outreach and Music), the maintenance and improvements of our building, or to provide seed money toward special projects or new ministries. The Rector Roger Greene, along with other members of the Vestry may serve as an ex officio member of the Planned Giving Committee. At the Annual Meeting, the Parish votes to ratify these appointments.
Click here to view the most recent Endowment Fund Quarterly Summary.
what is the next step?
If you would like to consider making a planned gift, first talk it over with your family so they understand your wishes. Then speak to the Rector or a member of the Planned Giving Committee who can discuss this further with you. We encourage you to then work with your "trusted advisor" be it your accountant, attorney, or financial advisor to ensure that the option you choose is appropriate for your particular circumstances.
We would be happy to discuss with you how a charitable gift can be an important part of your estate plan and would be pleased to discuss with you and your advisor the most advantageous ways to make them.
You are welcome to attend any of the estate planning seminars that the Planned Giving Committee hosts for interested parishioners.
Large or small, your planned gift is your legacy to ensure that St. Timothy's remains alive and vital, continuing to serve, enrich and provide for the spiritual needs of all. St. Timothy's appreciates your interest and support.
St. Timothy’s Episcopal Church and members of its Planned Giving Committee are not engaged in rendering legal or tax advice. For advice and assistance regarding planned giving, please consult an attorney, financial adviser, or other professional.