Memorials, Planned Gifts and Major Gifts
Memorials, planned gifts and major gifts will typically fall into one of two categories: Non-Endowed and Endowed.
Generally speaking, endowed gifts limit spending to income only, allowing the principal to remain intact in perpetuity. Non-endowed gifts allow use of both principal and income to provide support for St. Paul’s as determined by the Vestry.
In order to provide guidance to the Director of Stewardship and Planned Giving, clergy, the Senior Warden, Vestry, and others who may counsel those individuals or families who express interest in making gifts to the church, guidelines for planned giving and funding options provided below.
Planned Giving Options
Publicly traded stocks and bonds may be electronically transferred, re-registered in the name of the church, or conveyed through use of a stock power form. The church will accept interests in mutual funds.
Real estate or personal assets may be contributed to the church. Procedures for Review of Gifts must be met before gifts are accepted.
Donors can create, with the assistance of their personal advisors, a trust to benefit St. Paul’s Episcopal Church, both during their lifetimes and after their deaths.
While the church does not serve as trustee for these planned giving options, it encourages donors to discuss these giving opportunities with their professional advisor(s).
Contracts which provide a stream of income to donors and a remainder benefit to the church may be written using a variety of financial and other charitable institutions.
Donors have the opportunity to contribute their home or farm for the future works of the church and maintain the ability to use these facilities for their lifetime(s).
Donors can gift an old or new life insurance policy with St. Paul’s Episcopal Church named as the beneficiary and owner providing an opportunity to make a significant gift to the church with little expenditure.
Donors can make a gift by naming St. Paul’s Episcopal Church as charitable beneficiary of a retirement plan after the death of the plan holder. Under certain circumstances the Charitable IRA Rollover may also benefit St. Paul’s directly. Although not counted as a charitable deduction, rollover gifts waive the tax paid on RMD (required minimum distributions.)
Donors can work with their attorney to make a charitable provision in their wills. Under certain circumstances, qualified retirement plan assets and individual retirement accounts (IRA’s), insurance policies and commercial annuities may be good assets to contribute to the church by designating St. Paul’s as a beneficiary.
Sample language for including St. Paul’s in a will might be: I give, devise, and bequeath (state the amount, asset, or percentage of estate) to St. Paul’s Episcopal Church, 520 Summit Street, Winston-Salem, North Carolina 27101.
All individual or collective memorial or tribute gifts shall be deposited in the Memorial Fund. These include gifts made in memory of or in honor of named individuals. Distributions from the Memorial Fund shall be determined by the Memorial Committee and approved by the Vestry.
A fund designed to accept gifts and bequests in any amount that will be used for general operations of the Church as determined by the Vestry.
1. Planned and major gifts may be directed to the Serving Boldly Fund to be used for areas of greatest need.
2. All undesignated planned gifts will become part of the Serving Boldly Fund at the direction of the Vestry.
3. Donors may also choose to support Serving Boldly Funds that are broadly defined. Gifts to these funds are not endowed and provide support for St. Paul’s as determined by the Vestry. These areas of interest may include:
Building and Grounds
For the beautification and maintenance of Church-owned buildings and their surroundings
Mission and Community Service
For outreach ministries, various missions of the church, and community involvement
Worship and Christian Education
For music, youth ministry, senior adults
An endowment held at The Winston-Salem Foundation that is intended to be a perpetual, consistent source of income for St. Paul’s Church so that it might more completely fulfill its mission by developing its ministries beyond what is possible through its annual operating funds. The fund is used at the discretion of the Vestry and limits the amount that may be used for general operating support within the terms of the endowment agreement.
Planned and major gifts in any amount may be directed to the Tower Fund.
Upon approval by the Director of Stewardship and Planned Giving, senior clergy, or the Senior Warden, the church may receive funds intended to be used for a specific expenditure, i.e., the purchase of an asset needed by the church to carry out its mission. For example, John Smith makes a gift of $25,000 for the purchase of a vehicle for use by EYC and other programs.
The funds would be temporarily restricted until actually used for the purchase intended and any excess funds remaining would be used at the discretion of the Vestry.
In addition to the options of giving to the Serving Boldly Fund or the Tower Fund, individual donors or families can work with the Director of Stewardship and Planned Giving to establish a named, endowed fund for $50,000 or more for the benefit of St. Paul’s.
1. Lifetime or planned gifts greater than $50,000 may be separately named and may reflect areas of particular interest if donors’ wishes are outlined in writing. Regardless of the value of these gifts, the Vestry reserves the right to redirect the use of any restricted bequest if the charitable purpose of the bequest cannot be fulfilled as outlined.
2. The individual donor or family and Church leadership must execute a written agreement with the name of the fund and its purpose clearly outlined.
3. The agreement will contain a frustrated purpose clause that allows the Vestry to redirect the fund income if the original purpose of the agreement cannot be achieved.
4. In the absence of a gift agreement, gifts greater than $50,000 will be deemed “unrestricted” and used at the discretion of the Vestry.