The St. James’s Endowment Fund, Inc. is a nonprofit corporation, established by the St. James’s Vestry in 1957 and managed by a separate Board of Trustees. Its purpose is for the development, expansion, beautification and improvement of the parish property; and the expansion of the religious, charitable and social work of the parish or community.
Income from the Endowment Fund is available for:
- Capital needs and major repairs of the facilities
- Seed money for new ministries, special programs or one-time projects
- Such other purposes as are specifically designated by donors whose gifts are included in the Endowment Fund.
By making a legacy gift to the Endowment Fund, Inc. you will automatically become a member of the St. James’s Whitlock Legacy Society.
Making a gift to the St. James’s Endowment Fund
There are two primary ways a gift can be made to the Endowment Fund:
- Cornerstone Gift – an immediate gift of cash or stock made directly to the Endowment Fund. Your name will be added to the list of those who have made a Cornerstone Gift to the Endowment Fund unless you wish to remain anonymous.
- Legacy Gift – a future gift in the form of a bequest in a will or other estate plan. Those who have declared their intention to remember the church in this way will become members of the Whitlock Legacy Society. Your name will be added to the list of Whitlock Legacy Society members unless you wish to remain anonymous.
When considering a legacy gift, you should first contact your attorney and/or financial advisor. Guidance is also available from the Stewardship and Development office at St. James’s, but St. James’s is not engaged in providing legal or tax advice. Some options available for planned giving include:
- Bequests are made by naming St. James’s Endowment Fund, Inc. as a beneficiary in your will or codicil.
- Life Insurance policies may name St. James’s Endowment Fund, Inc. as beneficiary and as the owner for which you pay the premiums.
- Charitable Gift Annuity guarantees a fixed annual payment to the donor or designee for life in exchange for the donor’s transfer of a certain amount of cash or securities to the church. The asset is an immediate tax deduction and a part of the income may be tax free.
- Charitable Remainder Trust allows the donor to transfer appreciated assets to the trust and receive a charitable income or estate tax deduction. The income is paid to an individual beneficiary for a term of years or until death at which time the assets are passed to St. James’s Endowment Fund free of estate taxes.
- Charitable Lead Trust allows the donor to provide for the St. James’s Endowment Fund, Inc. for a predetermined number of years. At the end of the period, the assets will pass to the donor’s designee at a reduced gift tax rate.
- Retirement Plan Benefits and IRAs designating the St. James’s Endowment Fund, Inc. as beneficiary will pass funds to the Endowment Fund free of income tax and estate tax
For more information about planned giving, contact Lois Wallenhorst, Stewardship Associate, 355-1779, ext. 365