|The John Hamilton Gillespie Society
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The Redeemer Endowment Fund and the John Hamilton Gillespie Society Working Together
By approving the establishment of the Redeemer Endowment Fund, the Vestry has made it possible for parishioners and friends of Redeemer to help provide a reliable source of income to meet major capital needs of the parish for years to come.
The Endowment Committee invests the funds with the help of professional investment advisors for the long term needs of the parish. Annual spending limits are set so as to preserve principal and provide for growth.
It is our hope that the addition of new members to the John Hamilton Gillespie Society will be a major contributor to the growth of the Redeemer Endowment Fund over the next several years.
Donors interested in a particular ministry or need of the Church of the Redeemer may designate their gift for that specific purpose. However, there is a minimum amount set for designated gifts, and the Vestry must ultimately agree to accept the gift for the named purpose. Undesignated gifts to the Endowment enable the parish to address future needs as they arise, without restrictions.
The Means of Making a Planned Gift
Planned giving encompasses a variety of ways that gifts can be made to the parish from accumulated resources. While it usually involves financial or estate planning, and does often result in significant tax benefits to the donor, planned giving is not reserved just for the wealthy.
People of all means may find benefit – material, financial, and spiritual – in remembering our parish through a planned gift. And doing so allows donors to provide for family members while remembering the Church of the Redeemer as well.
Planned giving is essential to the long-term security of our parish – security which may only be achieved through the generosity of our parishioners and friends.
There are many ways to make a planned gift. We encourage anyone considering such a gift to consult with an attorney or financial advisor in determining which option or options will work best for them.
In general, planned gifts are made through one of the following means:
A Bequest in a Will – One of the easiest and most common ways of making a planned gift, bequests can be a specific amount of money, a percentage of your estate, or a specific asset. Redeemer may also be named as a contingent beneficiary.
Life Income Gifts – Gifts such as a charitable gift annuity, a charitable remainder trust, or a pooled income fund, provide you and/or your designated beneficiary income for life, after which Redeemer receives the gift. These types of gifts generally reduce or eliminate certain taxes and guarantee an income for life.
Retirement Accounts – You can make direct gifts from your retirement funds to Redeemer, or you can name Redeemer a contingent beneficiary of the fund. Often, retirement funds are the most heavily taxed assets of an estate.
Life Insurance – Life insurance may be used to make a sizeable gift to Redeemer. For example, you might purchase a new policy and make the church the owner and beneficiary of the policy, or, Redeemer may be named the owner and/or beneficiary of an existing policy.
A Life Estate – You can deed your home, vacation home, farm, ranch, or condominium to Redeemer and still retain the right to live in the property and/or receive income from the property for as long as you or your beneficiary lives. Capital gains, inheritance and estate taxes may be reduced, and an income tax deduction earned.
Appreciated Property – Securities, real estate, or tangible personal property such as jewelry, significant works of art, etc., may be used to make a gift to Redeemer. There are usually tax advantages to making these gifts.