How Does One Contribute to the Endowment Fund?


September 26th, 2018

How Does One Contribute to the Endowment Fund?

Contributions may be made in cash, real estate, securities, life insurance, trust fund, or bequest.

Contributions to the Augustana Lutheran Church Endowment Fund are tax deductible within provisions of federal tax law.

 

Cash Contributions

 

Cash contributions, both large and small, to the Endowment Fund can be given at any time for a variety of reasons.

 

Charitable Life Insurance

 

Making the Augustana  Endowment Fund of Augustana Evangelical Lutheran Church the beneficiary of a life insurance policy enables you to finance a sizeable gift by the payment of a relatively small annual premium. Both new and existing policies may be used for such gifts. In all cases the Endowment Fund must be named as the irrevocable beneficiary. In that way the annual premiums you pay are tax deductible and the proceeds payable to the Endowment Fund upon your death are exempt from estate and inheritance taxes.

 

Wills and Bequests

 

A bequest is a gift made through a will. Those interested should have an attorney draw up a will to assure that property will be distributed in accordance with the donor’s wishes after death. Every person has the privilege of deciding who is to receive his or her estate after death, no matter how small or large the estate.

 

Every Christian also has a stewardship responsibility of providing for the continuing work of Christ through a portion of assets accumulated through one’s lifetime. These responsibilities may be fulfilled by including a provision for the church in a valid will.

 

A gift to the Augustana Lutheran Church Endowment Fund made by a will provision could be in the form of cash, securities or real estate and such gifts are free of federal estate taxes and inheritance taxes. Your attorney is best qualified to advise you on these matters.

The following suggestions are offered here for discussion with your attorney.

1. General Bequest: “I give and bequeath to Augustana  Endowment Fund of Augustana Evangelical Lutheran Church, Andover, Illinois, the sum of $xxx (and/or the securities or other property described herein, namely, ____________________).”

 

2. Residuary Bequest: “All the rest, residue and remainder of my estate both real and personal, I give, devise, and bequeath to Augustana Endowment Fund of Augustana Evangelical Lutheran Church, Andover, Illinois.”

 

3. Contingent Bequest: “In the event __(name of person)__ does not survive me, I give, devise, and bequeath such property to Augustana Endowment Fund of Augustana Evangelical Lutheran Church, Andover, Illinois.”

 

These guidelines were borrowed from the Trinity Endowment Fund of Trinity Lutheran Church in Moline, Illinois.