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| March 10, 2010 | Churches & Institutions | |
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Creating Permanent Funds by Individuals or Congregations The Foundation manages several million dollars in hundreds of funds that have been created over the years to further particular ministries or causes. There are two ways such accounts come into being. Sometimes a congregation or institution of the church decides to set aside funds designated for a particular purpose. Other times one or more individuals set in motion the proper paper work to create a permanent fund. It is the privilege and responsibility of TPF to provide not only the best investment management of such funds as is possible, but also to do so in a way that honors the original intent of the creator of those funds. Such a fund can be created during the lifetime of a donor or through the wording of a will. If a donor chooses to do so in a will, it is most helpful if the Foundation is informed of this during the donor’s lifetime so that any questions or clarifications can be made. It is important that the fund be created in such a way that TPF has only investment management responsibility. Any discretionary role in determining, for example, the recipients of scholarships, must be placed in some ongoing body of the broader church. Staff would be pleased to work on this with any donor considering such a fund. Quite often donors create permanent funds as a part of a life income planned gift. With such a plan the donors receive income for their lifetimes and upon their death, the balance in the account—or a portion of the balance—is used to establish some form of endowed fund. This endowed fund then provides income in perpetuity to support a ministry chosen by the donors. The appropriate body in any congregation or institution can also create permanent funds. Such accounts are still owned by that body and therefore they are able to modify the arrangements surrounding them within that organization’s own guidelines. Such designated funds are invested by TPF based on the asset allocation determined by the client and reporting and activity is kept separate. | ||
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