An endowment is established to fund the causes YOU choose until Jesus returns!
Endowed funds come about when God stirs the hearts of His people to participate in Kingdom work that will continue even beyond their lifetimes! Learn how God has inspired others through their giving stories:
SINCE INCEPTION IN 1950,
BFSC HAS DISTRIBUTED OVER
TO KINGDOM MINISTRIES FROM PRIMARILY ENDOWED FUNDS
OF THE TOTAL BEING DISTRIBUTED IN 2020 ALONE.
Endowment funds accounts are typically established by individuals, either through a trust or bequest in a Will or a gift of cash or securities. However, institutions, agencies, associations, and churches may establish endowment accounts for specific ministries or causes.
- Endowment accounts are established to FUND PERPETUAL OR LONG-TERM NEEDS.
- The giver (grantor) chooses the ministry or ministries that the endowment will benefit.
- The endowment gift is preserved to benefit the project or THE GRANTOR CHOOSES.
- The SC Uniform Prudent Management of Institutional Funds Act (UPMIFA) governs the investment and distribution of endowed funds. If a church receives an endowed gift, the church needs to manage the endowment according to UPMIFA.
- The Baptist Foundation can assist individuals and churches/ministries with management of endowed funds.
- Annually, a distribution from the endowment will perpetually benefit the ministry or ministries which have been CHOSEN BY THE GIVER to receive annual income. This distribution is calculated through a Spending Policy. The current policy for endowments managed by BFSC distributes 4.25% of the prior 16-quarter average endowment value.
WHAT MAKES AN ENDOWMENT ATTRACTIVE?
Endowments are attractive for individual givers as well as for collective givers through the church because they provide an opportunity for gifts to support ongoing ministry needs in the future.
Perpetual Endowments are typically established by individuals through their wills or through large gifts of cash, stocks, or other assets. Annual financial support is provided for one or more ministry causes that the giver chooses and the principal remains intact. This is attractive to givers who want to make an annual gift until Jesus returns!
Term of Year Endowments are typically established by individuals mainly through wills or trusts. The giver specifies a number of years in which to pay out the gift. Each year, a proportional amount is paid to one or more ministries that the giver has chosen until the gift is depleted at the end of the term. This is attractive to givers who don’t want to leave a large gift all at once, but who want to provide impactful gifts for a time period.
Church Endowed Funds are established through a church legacy program in which current and future gifts, large and small, are given by church members to support future church needs. These funds are managed according to guidelines established by the church. A church endowment program provides an opportunity for members to participate in future church vision.
GIVE TO AN EXISTING ENDOWMENT
The Foundation manages several existing endowments that continue to support ongoing ministry needs. If you’d like to give a tax-deductible gift of any size to an existing endowment, we will be glad to assist you. You can give by check, give a gift of stock, or give online. If you have questions about giving to an existing endowment, contact us today.