While there are many opportunities to fund the mission of St. Barnabas, some opportunities call for monies not available from regular church giving. The St. Barnabas Endowment Fund allows the congregation to enhance its ministries with a permanent source of income.
By using only a portion of the annual earnings of the Endowment, the Fund continues to grow and will support ministries consistent with this Mission Statement:
The St. Barnabas Endowment Fund exists to extend God's mission at St. Barnabas Lutheran Church as our community is inspired by the Holy Spirit to praise, grow and serve. The purpose of the Fund is to receive and invest gifts to support ministry projects in several targeted areas.
Responding to our call:
To Praise, the endowment will support projects in the Arts at St. Barnabas.
To Grow, the endowment will support projects that enhance St. Barnabas' Hospitality ministry.
To Serve, the endowment will support Education and Mission projects at the local, national and global levels.
A gift of cash is one way to realize your charitable objectives. Cash gifts qualify as a charitable deduction for federal income tax purposes and are fully deductible up to fifty percent of your adjusted gross income in the year that the gift is made. Deduction amounts exceeding this limit may be carried forward up to five additional years.
Gifts of appreciated securities held more than one year (readily marketable stocks and bonds, and stock in closely held companies) can also be given to the Endowment Fund. You can avoid the recognition of capital gains tax and deduct the full current fair market value of the gift of securities, equaling up to thirty percent of your adjusted gross income in the year of the gift. Deduction amounts exceeding this limit may be carried forward up to five additional years.
Bequests and Memorials
Through your will, you can perpetuate good works with a living memorial. The Endowment Fund can be a beneficiary of all or a portion of your estate, the recipient of a specific devise or the ultimate beneficiary of a charitable remainder trust. The value of the devise is deductible for federal estate tax purposes. In addition, any funeral memorials that are contributed in your memory can be directed to the Endowment.
There are several ways to give life insurance to the Endowment Fund. You can transfer the ownership of an existing life insurance policy, purchase a new contract of insurance in the name of the Endowment Fund or name the Endowment Fund as a beneficiary of the life insurance policy. In addition to estate tax benefits, the donor may also obtain a charitable income tax deduction for lifetime transfers.
A gift of real property held for more than one year can provide the same tax advantages as a gift of securities. You can also choose to donate the remainder interest of a personal residence to the Endowment Fund while retaining a life interest in the residence by transferring the residence to a qualified personal residence trust.
Gifts that Provide a Stream of Income
A number of plans allow you to make a gift to the Endowment Fund, and in return receive an income for you, a spouse, children, or others. Options include gift annuities and charitable remainder trusts (including unitrusts, annuity trusts, and charitable lead trusts).