Leaving a Legacy Through Endowment Giving
An endowment is defined as a permanent fund of property or money bestowed upon an institution from which the income is used to serve the specific purposes of the donor. It is an investment in the future.
The Rewards of Giving
Endowment giving for the Christian provides the ultimate opportunity to express the depths of one's stewardship. It enables God's people to honor our Lord by using their resources as a testimony during their lifetime and beyond. The principles of God's word clearly reveal that He blesses His children in many ways with financial and material gains. We are to invest wisely and use these resources to be a blessing to others, thus advancing His Kingdom through purposeful planning and giving (Reference Matthew 25:14-30, Parable of the Talents).As God's people use their resources in obedience to His direction, three things happen: God's work is advanced, He is gloried and the giver receives abundant blessings of joy and fulfillment in this life. In addition, there are special rewards that we "lay up in Heaven" that God will bestow later.
God has blessed FBCIT and its members' wise giving, faithful stewardship and cooperative obedience. As a growing church, we want God's glory to continue to be manifested through donor gifts which will fund special needs, service and projects in keeping with God's Kingdom vision.
What is the First Baptist Church Indian Trail Endowment Fund?
This fund has been established in order to provide a way for individuals to make gifts that will advance the ministry of the church in areas not provided for through budgeted funds.The fund categories available for investing in at the current time are Building/Capital Improvements, General and Missions. Similar opportunities for investment are available for Metrolina Christian Academy, a ministry of FBCIT.
An Opportunity to Make a Difference
If you are interested in using your resources to expand His Kingdom through a Christian cause of your choice and one that supports the objectives of FBCIT, you are encouraged to contact the church office. You will be invited to speak with the Minister of Administration or the Finance Director, who will be happy to share additional information with you regarding either the establishment of an endowment fund of your choosing or donating to an existing fund.Ways Endowment Gifts May Be Given
Cash: Gifts of cash provide immediate benefits to the donor and the charity.Last Will and Testament: A deferred gift, giving some portion of one's estate at death by naming First Baptist Church Indian Trail as a beneficiary in one's will.
Property and Securities: The gift of appreciated assets may provide additional tax advantages because of their appreciated value. Generally, taxes are avoided on the appreciation if the property is owned for the required amount of time. The value at the time the gift is made is used as the value of the gift.
Life Insurance and Annuities: These can provide tax advantages when the church is the beneficiary and/or named the owner.
Trust Funds: Trust funds can provide income for you and/or your family, then become an endowment fund of your approved choice at the end of the specified term. There are a number of types of trusts that can be set up to meet your long range estate planning desires.
Tax Benefits of Endowment Gifts
The primary reason one makes gifts to the church is to further the work of the Lord. Additionally, tax advantages of outright gifts to an endowment fund are possible.Income Tax Deductions: For taxpayers who itemize deductions on their tax return, a contribution to the endowment fund is a charitable gift subject to the rules and regulations of the Internal Revenue Code.
Estate Tax Benefits: The amount of the gift to an endowment removes the amount given from the donor's estate.
Capital Gains Tax Bypass: Certain types of assets can possibly bypass capital gains tax when given through a planned gift.
Management and Investment of FBCIT Endowment Funds
FBCIT works with The North Carolina Baptist Foundation, Inc. as fund trustee for maintaining an investment policy for all funds and for updating that policy when necessary. The Foundation manages the investments of the Endowment Fund. NCBF has a well established history of serving North Carolina Baptist Churches and agencies and makes every endeavor to ensure that the funds are invested in socially responsible securities.The Executive Pastor, Finance Director and Chairman of the Finance Committee are responsible for evaluating and monitoring investment results of the NCBF.
If you have questions or need additional information, please contact the following:
Rev. Sammy Thomas, Executive Pastor 704.893.2610
Phyllis Smith, CPA, Finance Director 704.893.2624
Jeff Simpson, CPA, Finance Committee Chairman 704.282.0159