Questions & Answers
How does the Endowment Foundation Operate?
The Marietta FUMC Endowment Foundation is administered by the Endowment Foundation Board, which is comprised of the Senior Minister, Chairman of the Church Council, and nine elected Marietta FUMC members. The board has responsibility for directing the administration of the Foundation and carrying out the wishes of the contributors to the Foundation. It operates like other church committees with 3-year member terms. The Lay Leader- ship Committee participates in the nomination process.
Can the principal be spent?
The Endowment Foundation’s investment objective is to leave the princi- pal value of all gifts intact, and use only the income and earnings from the principal to fund special programs and projects. This allows each gift to the Foun- dation to be a permanent gift and make a lasting contribution through the life of Marietta FUMC. However, the principal may be withdrawn and spent in extreme and overwhelming circumstances, and only if approved by a majority vote of the Endow- ment Foundation Board.
What are the most popular ways to give?
Appreciated securities. Transfers of stocks or mutual funds may be made directly from your brokerage account to the Endowment Foundation. To inquire about how to transfer securities, please contact Lori Walsh at 770-429-7800 extension 7824, or send an email request to firstname.lastname@example.org.
Beneficiary designations. Donors may make a significant deferred gift to the church by designating the Endowment Foundation as a beneficiary of a life insurance policy or retirement plan. There are many ways to give through life insurance and retirement plans, some of which may have benefits to donors. Please contact your financial advisor.
Bequest in your will. Give a fixed amount or item (property) to the church. Some donors prefer to designate a percentage of their estate or donate the residual amount left in the estate after all other bequests are granted.
Life income plans. Life insurance plans such as charitable gift annuities and charitable remainder trusts may be set up to benefit the Endowment Foundation. Donors receive a charitable deduction when the gift is made and income throughout their lifetime. The remainder goes to the church upon the death of the donor.
Is an endowment gift tax deductible?
Yes, your gift has the same tax benefits as your other gifts to the church or any charitable organization. Other tax advantages are available by creating a remainder trust or funding an endowment through your will.
I see it takes $25,000 to set up a new designated endowment fund, but how much do I have to give to make a contribution to the existing Marietta FUMC Endowment Foundation?
Any size contribution may be given to our existing foundation. The $25,000 mini- mum gift is designated for starting a new fund with a specific purpose and it is usually named in honor or in memory of someone.
Who determines whether a church project is eligible for Endowment Foundation funds?
The Marietta FUMC Endowment Foundation Board will determine which church projects receive Endowment Foundation funding. The Marietta FUMC Church Council and Trustees will provide recommendations for projects to the Foundation Board.
Is the Marietta FUMC Foundation related to the Georgia United Methodist Foundation (GUMF)?
The Marietta FUMC Endowment Foundation is separate from the Georgia United Methodist Foundation. However, the GUMF provides many useful educational mate- rials on Endowments and Legacy giving, and Marietta FUMC will make those resources available to our members.
How was the goal of $10 million by 2022 chosen?
The extensive experience of our church leaders in managing funds for similar foundations, our commitment to a balanced investment approach, and an assessment of future MFUMC needs led us to the five year funding goal of $10 million. Based on our membership, the foundation board believes this goal is reasonable and attainable.
What are some examples of how the income from the foundation will be used?
While we do not know what exciting things the future will bring, some prominent examples of the past decade would be: The Park on Polk, renovation of the Chapel for sensory friendly worship, Restore to Glory Program, and periodic major modernization of our facilities.
The purpose of this publication is to provide general gift giving information. Neither the author nor this organization is engaged in rendering legal or tax advisory service. State laws govern wills, trusts and charitable gifts made in a contractural agreement. For advice and assistance in specific cases, the services of an attorney or other professional advisor should be obtained.