Design Your Special Gifts to the Endowment Fund
Your gift to the endowment Funds is a gift which keeps on giving. It is a means of assuring donors that the work of Westminster Presbyterian Church extends beyond their lifetimes, just as we currently enjoy the thoughtfulness and faith of those who preceded us. Gifts can, of course, be given for specific purposes subject to acceptance by the Session.
The best gift is one that is appropriate…one that fits your particular circumstances. Gifts of all sizes are important! Please contact one of the Trustees to discuss the plan which is best for you.
Memorials: Gifts in memory of any person are welcome. All gifts to the Endowment Fund are separate and distinct from giving for the annual budget.
Bequest in your will: “I give and bequeath to Westminster Presbyterian Church with offices at 400 Rugby Road, Charlottesville, VA 22903, the sum of $_________(and/or the securities or other property described here, namely, __________) for Westminster Presbyterian Church’s Endowment Fund.
Charitable gift annuity: A gift of $500 or more is invested and the donor receives a guaranteed payment for life based on the donor’s age at the time of the gift. Minimum age: 50.*
Deferred payment gift annuity: The same as charitable gift annuity; however, payments are made at a predetermined future date after the first year. The longer the delay between the gift date and payment date, the higher the payments and the charitable deduction*
Pooled income fund: A gift of $2,000 or more is invested in a pooled fund and the donor receives a share of the fund’s income in proportion to the amount invested. Minimum age: 50.*
Trusts: Revocable and irrevocable trusts and other financial and estate planning devices can benefit you and eventually Westminster.*
Insurance: An existing or a new insurance policy may be donated.
Beneficiary Designations: You can assign a percentage or dollar amount of retirement accounts or insurance policies to Westminster Presbyterian Church. Such gifts will not incur income taxes to your estate.
Special Note: Outright gifts of property, such as stock, bonds, and real estate that have appreciated, allow a tax deduction for the current market value without incurring tax on the capital gain. Annuities provide an immediate tax deduction for a portion of the appreciated gift. Some plans provide a tax deduction on a part of the yearly income as well.
*Gift plans which pay life income are administered by the Presbyterian Church (USA) Foundation on behalf of Westminster Presbyterian.
The Endowment Funds
Our church has been blessed by the generosity of those who have gone before us. The sanctuary building was a gift of Mrs. William H. White, Jr., in memory of her father, Frank S. Royster.
Mary Royster Memorial Fund. Shortly after the building was constructed in 1939, Mrs. White established the Mary Royster Memorial Fund in memory of her mother. The grant specifies that the principal must be held intact and the income will be used for “repairs, renewals (not including ordinary upkeep and maintenance), repainting, and similar purposes for the sanctuary building only.
Mary R. White Fund. Mrs. White’s will established the Mary R. White Fund in 1973. The Trustees are to hold the fund’s principal and use the income as part of the Church’s annual operating budget.
The Organ Fund. In 1992 the Session approved establishing an endowment fund for the future costly maintenance of the organ. This fund has received allocations from the annual budget and gifts from members.
The Piano Fund. This fund was established in 2007 by Session to plan for the required maintenance and/or replacement of the choir rehearsal room piano.
The Lectureship Fund. The fund was established in 2006 to support an annual lectureship series at Westminster addressing topics in contemporary theology.
The James J. Baker Manse Fund. The Manse Fund was created in 2000 to assist our pastors in purchasing homes by providing modest loans on favorable terms.
Recognizing the importance of endowment funds in the church’s past history and consistent with our mission, the Session, beginning in 1994, has approved more general permanent endowment funds, separate from the annual operating budget, to provide a vehicle for members and friends to make bequests and planned gifts of cash, securities, or property to benefit Westminster Presbyterian Church. They are:
Mission Fund. Only the income of this fund will be used to extend our local, national and worldwide benevolence for such needs as:
- Hunger, here and aboard
- Victims of catastrophes and natural disasters
- Educational scholarships for deserving students
- Support of local mission projects
Building Fund. The income and/or principal of this fund will be used for capital improvements, emergency maintenance, and repair of the physical plant. The fund will not be used for normal operating expense of the church unless required by the terms of a specific gift. The principal of this fund may be used for capital improvements if approved by a three-fourths vote of Session.
Westminster Fund. In 2015, recognizing that the church’s needs change over time, Session created the Westminster Fund, with the flexibility to support a range of important objectives, as determined in the discretion of Session. As the Westminster Fund accumulates, Session may decide, for example, to transfer a portion to another endowment fund for permanent augmentation of that fund’s resources, or use a portion to address temporary shortfalls in the operating budget.
Bequests or gifts to the church’s endowments not directed by the donor to a specific fund will be placed here.
All endowment funds are entrusted to the Presbyterian Foundation which serves 1,600 churches nationwide and has over one billion dollars under its investment management program.