Endowment

Planting Seeds for Future Ministry

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Jesus said, “Very truly, I tell you, unless a grain of wheat falls into the earth and dies, it remains just a single grain; but if it dies, it bears much fruit.” –John 12:24

Jesus has taught us by word and example about the power of making sacrifices that yield future abundance. Using the metaphor of seeds and grains, Jesus has shown us how we can plant seeds that yield an abundance of fruit.

The St. Peter’s Family Endowment trustees invite you to consider planting some seeds for future ministry. By making plans now you can guarantee that your future gift to St. Peter’s will bear much fruit by contributing to a thriving ministry in our parish for years to come.

An endowment is an amount of money that has been given to a church, school, hospital, etc. that is invested so the dividends can perpetually support the mission of that entity. St. Peter’s Family Endowment was established to fund specific ministries that expand opportunities for Christian education and outreach in the future. Therefore, every gift to St. Peter’s Family Endowment adds new vitality to the mission of our beloved parish. Your bequest to St. Peter’s Endowment will yield abundant new fruit for years to come; it will not be used just to pay the routine expenses of operating a congregation.

Some individuals and families at St. Peter’s already have stepped forward to pledge a future gift to our endowment or our parish. Some have donated a portion or all of a life insurance policy. Others have designated the transfer upon death of an IRA or other investment account or a piece of real estate. Still others have included St. Peter’s as a beneficiary in their Wills. All these persons have planted seeds now to help cultivate new life in the future.

These persons have become part of our Cornerstone Legacy Society―a group of people who have made a promise to support St. Peter’s with a legacy gift. The Cornerstone Legacy Society is not an exclusive group or an expensive group. It is simply disciples in this parish who, like St. Peter, want to build upon the cornerstone legacy of Jesus Christ, and plant more seeds in His name.

Making a legacy pledge is an ideal way to thank God for the blessings we have received in this life, and to plant seeds for new life in our Church for generations to come.

endowment1Would you like to see St. Peter’s provide and expand:

  • Religious services to the community?
  • Youth programs like you enjoyed?
  • Ministries in wider circles as time passes?
  • Improving the church campus?
  • Parishioner religious education for mission and ministries?

You can accomplish all these goals with one simple act - a contribution to the St. Peter’s Family Endowment.

Purpose

The St. Peter’s Family Endowment was formed to provide a continuing revenue stream through the generations. Endowment funds can only be used for the following purposes:

  • Expanding parish ministries
  • Church related education
  • Capital needs of the parish
  • Other purposes designated by donors

endowment3smFunds provided by the Endowment may not be used for the normal operations of the parish.

Donations Are Held in Trust

Donations to the Endowment are invested and held in trust – they may never be spent. Only the income can be spent.

Types of Donations

Donations to the Endowment take two forms:

    1. Outright Gifts are cash, check, appreciated securities, real or personal property – the gift is given now.
    2. Deferred Gifts are bequests made in a will, life insurance, charitable annuities, charitable gift trusts, etc. – the gift is established now but given in the future.

All Outright Gifts to the Endowment are tax deductible in the year given. Deferred Gifts can have immediate and long term tax benefits.

Designating a Gift

endowment2sGifts designated for one or more of the purposes of the Endowment may be in any amount and earnings from those gifts will be used for that purpose The donor may designate that the earnings from their gift be used for a specific purpose. The purpose of the gift must be in keeping with the mission of St. Peter’s and is subject to a minimum of at least $20,000 or higher based on the cash requirements of the purpose.

Additional Information

Please contact the Rector or one of the Endowment Trustees for additional information.

The Cornerstone Legacy Society members are parishioners who have indicated they have made provisions for a gift upon their death to the St. Peter’s Family Endowment or St. Peter’s Episcopal Church. Examples of provisions include making any of the following bequests:

  • All or part of your estate through your will
  • All or part of a life insurance policy
  • All or part of an IRA or stocks and bonds in a brokerage account
  • Real Estate
  • Personal Property
  • The remainder of a Trust

endowment4aThe St. Peter’s Cornerstone Legacy Society provides witness to the congregation and the Greenville community of members’ desire to insure the Church continues to provide its unique contribution to its members and the community in the future.

The society members will meet a few times a year for fellowship and to receive information about the financial performance of the endowment. Members will also be kept informed of various initiatives undertaken by the parish with financial support from St. Peter’s Family Endowment proceeds.

You may become a member of the Cornerstone Legacy Society by providing for a legacy gift to the endowment or the Church. No minimum amount is required. In fact, it is not necessary to disclose to the endowment trustees or the parish clergy the type or amount of your bequest unless you want to do so.

Becoming a member of the Cornerstone Legacy Society is as easy as making the appropriate arrangements with your financial advisor, insurance agent, or attorney. Then, simply communicate to either a St. Peter’s Family Endowment trustee or to Fr. Furman that you have made a provision for a legacy gift, and clarify whether you intend for your gift to be left to the endowment or to the parish.

If you intend to make a specific designation for a gift to the endowment, this requires a minimum gift of $20,000 or higher based upon the cash requirements of the purpose you have in mind. It would be helpful to discuss the details any designated gift or bequest in advance with either Fr. Furman or one of our endowment trustees in order to make sure that your purpose can be realized in perpetuity as you intend.

What is the difference between a gift to the parish and a gift to the endowment?

A gift made to the parish can be used for any purpose by the vestry, and gifts are typically utilized or designated for use within a short period of time. A gift made to the endowment is invested as a principal amount in perpetuity. The gift is permanently invested, and only the earnings and/or dividends from that gift may be utilized by the parish.

All gifts and bequests to the St. Peter’s Family Endowment are placed in a perpetual trust fund. Only earnings from the principal can be distributed by the endowment trustees to the vestry for use. Typical uses may include education, community outreach, capital needs, or other purposes designated by donors.