Frequently Asked Questions (FAQ’s) for Planned Giving:
St. Columba’s Endowment Fund and the Iona Society
What is planned giving?
A planned gift is any gift, made during your lifetime or at death as part of your overall financial and/or estate planning.
What is the basis for planned giving in the Episcopal Church?
“It is a tenet of the Episcopal Church for all persons to make wills, while they are in (good) health, arranging for the disposal of their temporal goods, not neglecting, if they are able, to leave bequests for religious and charitable uses.” (from the Book of Common Prayer, page 445)
What is St. Columba’s Endowment Fund?
St. Columba’s Endowment Fund was established by the Vestry to receive funds and gifts to enable the parish to more completely fulfill its mission by developing and funding ministries beyond what is possible through its annual operating funds. The Vestry established the Endowment Fund Committee to prepare and carry out a Plan of Operation for the Fund and to be custodian of the Fund.
What is the fund used for?
Distributions from the Endowment Fund are limited to the capital needs of the Parish, outreach ministries and grants, seed money for new ministries and special one-time projects, and such other purposes as are specifically designated by donors to the Parish whose gifts are included in the Fund. A robust Endowment Fund will provide St. Columba’s with earnings income to execute a variety of ministries or programs to improve the life or longevity of the Church such as: purchase of lighting and sound equipment, maintenance/upgrade projects for the church campus, community ministries, initial support for Youth and Family Ministry and Senior ministries. Only earnings from the fund may be used. It is the strict policy of the Endowment Fund not to invade the principal. Typically, annual grants are made in the amount of 3 – 5% of average fund value over three years.
How can I find out how to make a donation or gift to St. Columba’s Endowment Fund?
You may talk with the Rector, the Endowment Fund Committee Chairperson, or any member of the Endowment Fund Committee for further information concerning the Endowment Fund and Iona Society. Any gift is welcomed and appreciated. The Endowment Fund Committee strongly recommends that you speak with a professional concerning your estate and financial planning. Anyone on the Committee would be pleased to help you in finding this type of assistance. Once you have decided to include St. Columba’s in your planned giving, just fill out and sign a Declaration of Intent and provide a copy to the Rector or Endowment Fund Committee Chairperson. These forms are available from the parish office. They are also available online at https://stcolumbaca.com/iona-society/
What is the Iona Society?
The Iona Society is made up of those committed individuals who have included St. Columba’s in their estate plans or wills, or in some other way have contributed to the St. Columba’s Endowment Fund. The parish hosts a Grand Celebration periodically to honor and thank the members of the Iona Society. We currently have over 50 members (living and deceased) of the Iona Society. Join the Iona Society and leave a legacy to the Church you have been a spiritual part of over the years.
What is the easiest method to give to St. Columba’s Endowment Fund?
As described below, the simplest way to give to the Endowment Fund is to write a check – any gift amount is welcome! The next easiest form of planned giving is the bequest or will. You can include St. Columba’s Endowment Fund in your will. Other forms of giving include naming St. Columba’s Endowment Fund as a beneficiary of part of your retirement account (for example, IRA, ROTH, 401(k), name our Endowment Fund as a whole or partial successor beneficiary on your life insurance plan). You plan now and give later. You can make this gift and it costs nothing to you in your lifetime.
Another easy method is to make a donation or gift while you are still living. Several parishioners have done this already. You can write a check (no amount is too small – every gift makes a difference!), donate a stock, mutual fund, or bond, donate real property, a charitable gift annuity, or other item of value.
Remember to fill out a Declaration of Intent and provide it to the Rector or the Endowment Committee Chairperson. This form documents your intention and provides the Church with a record. The Declaration is not binding and is available in the Church Office or online at https://stcolumbaca.com/iona-society/
How does giving to the Endowment Fund benefit me?
Giving to St. Columba’s Endowment fund can benefit you in several ways. First, you are making a spiritual and sacrificial gift to the economic future of St. Columba’s. Knowing that your gift will benefit parishioners and the community in the future is something that cannot be measured. It really can bring you a sense of inner peace and contentment. Second, you may receive tax benefits while you are still living. There are other benefits to giving to the Endowment Fund. Contact your estate planning attorney for more details about the financial aspects of your gift. We also recommend talking with a tax attorney, as well. If you need assistance in finding an estate planning and attorney, please contact the Endowment Fund Committee Chairperson, or anyone on the Endowment Fund Committee.