PERMANENT ENDOWMENT FUND….for long term investments to benefit and better the property and programs of the Solon United Methodist Church
What is the Permanent Endowment Fund?
A fund established to provide members and friends of the Solon United Methodist Church with the opportunity to make charitable gifts to the church that will provide permanent support for the ministries of the church. Because only the interest earnings are distributed for actual use, each gift will make a lasting contribution to the life of the church. The endowment fund provides for support of the church in perpetuity.
How might earnings be used?
For special needs and ministries determined by the church leadership. A portion is traditionally used for scholarships for high school seniors to further their education at the college level. Earnings are also used for maintenance and improvement of physical facilities that are not possible through the general fund. Selected programs or missions can also be funded.
What type of gifts can be made?
- Securities—stocks, bonds, mutual funds
- Life Insurance
- Bequests through wills and trusts
Gifts may be of any size and are deductible not only for income tax purposes but also for federal estate and Iowa inheritance taxes. We recommend consulting with your attorney regarding any large gift.
How have the Endowment earnings been used?
The Endowment Fund has distributed more the $350,000 through 2015. Examples of projects funded include:
- Scholarships for 53 students
- Siding, windows, and roof on the parsonage
- Siding and roof on fellowship hall
- Ceiling fans in family life center
- Flooring for downstairs in the church
- New church sign
- AC, furnace, heat ex-changer replacement
- Computer, server, copier upgrades and maintenance
- Mortgage ($155,000) for family life center paid off
- Replacement and repair of kitchen appliances
- New telephone system for church offices
- AV equipment for sanctuary
- LED lighting for church and Family Life Center attorney regarding any large gift.
How is the Fund administered?
It is managed by the Permanent Endowment Fund Committee. The endowment funds are held in a variety of financial instruments including cash and cash equivalents, bonds, and diversified stock mutual funds which meet the Methodist conference criteria for social concern. Monthly financial reports are reviewed. Distributions are determined at the end of each year based upon earnings as adjusted for inflation to protect the principal. An annual report is submitted to the SUMC Church Board.
How is the Endowment Fund different from other ways of giving to the church?
Annual pledges made during consecration Sunday support the day to day operation of the church facility, staff, and programs. There are capital campaigns which are major one time gifts to support specific church facility needs. There are also memorial gifts where the gift dollars are used to support a specific wish of the donor. The difference between the endowment gift and these other types of giving is that the endowment fund invests the gift funds for future needs.
Permanent Endowment Committee Members:
Kris Kucera, Chair 624-2864
Keela Herr, 624-3040
Richard Novak, 624-2816
Tina McCoy Hearn, 331-6160
Jim Jacob, 624-2066
Paul Saupe, 624-3975