What is the St. Philip's Endowment Fund?
The Endowment Fund is a permanent amount of money which is invested. The income from the investments is used to support special ministries of the congregation. The fund has been received from gifts made by members and friends through direct gifts and through bequests in wills. The Endowment brochure can be found here.
Who operates the Endowment Fund?
An Endowment Committee is elected by the congregation. The committee has the responsibility to solicit gifts, to manage funds and to make grants. Members of the committee are elected at the annual meeting of the congregation in February. They serve three-year terms and can serve two terms.
Committee Members: Ron Ackerman, Judith Bergeland, Edd Brooks, Josh Glood, Jeanine Grandstand, Jim Kugler, Dick Lekang (Chairperson), and Dawn Young.
What is the size of the Endowment Fund?
Today the fund has $383,985. However, based on information provided to the Endowment Committee, many members have included the Endowment Fund in their estate plans. These gifts are conservatively estimated in excess of $750,000.
How can I Support the Endowment?
Members and friends of St. Philip's can support the endowment in a number of ways:
- Gifts of Cash: Gifts can be made directly to the Endowment Fund by writing a check. Gifts are fully deductible for tax purposes.
- Gifts of Stock, Mutual Fund Shares and Other Securities: Gifts can be made by transferring securities to St. Philip's Endowment Fund. By donating appreciated securities, the donor can avoid capital gains taxes.
- Insurance Policy: A member can designate St. Philip's Endowment Fund to be the beneficiary of all or a percentage of an insurance policy or can designate a percentage of a policy to go to the congregation. Your insurance agent can provide you with the form to make this change.
- Gifts of Real Estate: Appreciated real estate can also be donated to the Endowment Fund Committee. The Committee will work with the ELCA Foundation in gifts of this type.
- Charitable Gift Annuity: A Charitable Gift Annuity (CGA) is a way a donor can make a gift to St. Philip's Endowment Fund, get an immediate tax deduction and receive a guaranteed income for life. A CGA can be set up for one person or two persons. A CGA can be set up with a minimum gift of $1,000.
- Charitable Remainder Trust: A Charitable Remainder Trust (CRT) is often a good way for a person to make a substantial gift with appreciated assets and receive annual income and a tax deduction. A CRT does not provide guaranteed income, but provides a set percentage of return which over the life of a CRT will usually increase. Normally a CRT requires a gift in the area of $100,000.
- Your Will: Gifts to the Endowment Fund can be made in your will. The Endowment Committee urges all members to have wills and to be certain the wills are up to date. A will should be drawn up by an attorney. The following language should be provided to your attorney: "I give to the St. Philip's Lutheran Church's Endowment Fund (Fridley, Minnesota) [add the information such as 'ten percent of the residue of my estate,' '$25,000,' or whatever you plan]" Donors may wish to talk with a pastor regarding their estate plans. If a person does not have an attorney, the Endowment Committee will be glad to put the person in touch with an attorney.
- ELCA Foundation: The ELCA Foundation will accept gifts for the Endowment Fund. The Foundation provides advice to donors and has available various giving devices such as Charitable Gift Annuities, Charitable Remainder Trusts and Pooled Income Funds. There is no charge for using its services. The Foundation can be contacted by calling (800) 638-3522, Extension 2970 or by emailing firstname.lastname@example.org.
- Lutheran Community Foundation: The Lutheran Community Foundation is located in Minneapolis will provide assistance to people who want to support the Endowment Fund. Donors can set up a fund to provide support for the Endowment Fund and have the fund professionally managed with regular distributions made to the the Endowment Fund and other charities, The Foundation can be contacted by calling (800) 365-4172 or by visiting their Web site.
How can I request a grant?
By downloading a Grant Request Form by clicking here, completing the requested information and submitting it to the St Philip’s Endowment Fund Committee.