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The
Trinity Endowment Fund
The
Gift That GrowsPurpose
and Objectives The
Trinity Endowment Fund has been authorized and established by the Congregation
of Trinity Evangelical Lutheran Church. The purpose of this fund is to receive
and invest gifts, grants, and bequests of money, securities, and real and personal
property of all kinds for the benefit of Trinity Evangelical Lutheran Church and
the community. A primary objective of the Endowment Fund shall be to enhance
the mission outreach of Trinity Evangelical Lutheran Church by providing a fund
which will generate income to be generally used for the mission of the Church
and its benevolent and charitable purposes outside the congregation, except where
otherwise authorized or directed by the terms of the gift.
Management
The
Endowment Fund shall be managed and administered by the Trinity Endowment Fund
Committee. The Committee meets periodically to review investments and to consider
requests for program funding. The committee is appointed by the Congregation Council,
which has ultimate control of the fund policies. The funds received will be invested
with the objective of protecting the principal and maximizing the income. Unless
authorized by congregational action, the principal of the Endowment Fund shall
be held intact and only the income distributed each year. How
Does One Contribute to the Endowment Fund? Contributions
may be made in cash, real estate, securities, life insurance, trust fund, or bequest.
Contributions to the Endowment Fund are tax deductible within provisions
of federal tax law.
Cash
Contributions
Cash
contributions, both large and small, to the Endowment Fund can be given at any
time for a variety of reasons. Charitable
Life Insurance
Making
the Trinity Endowment Fund of Trinity Evangelical Lutheran Church the beneficiary
of a life insurance policy enables you to finance a sizeable gift by the payment
of a relatively small annual premium. Both new and existing policies may be used
for such gifts. In all cases the Endowment Fund must be named as the irrevocable
beneficiary. In that way the annual premiums you pay are tax deductible and the
proceeds payable to the Endowment Fund upon your death are exempt from estate
and inheritance taxes.
Wills
and Bequests
A bequest
is a gift made through a will. Those interested should have an attorney draw up
a will to assure that property will be distributed in accordance with the donor's
wishes after death. Every person has the privilege of deciding who is to
receive his or her estate after death, no matter how small or large the estate.
Every Christian also has a stewardship responsibility of providing for the
continuing work of Christ through a portion of assets accumulated through one's
lifetime. These responsibilities may be fulfilled by including a provision for
the church in a valid will.
A gift to the Trinity Evangelical Lutheran
Church Endowment Fund made by a will provision could be in the form of cash, securities
or real estate and such gifts are free of federal estate taxes and inheritance
taxes. Your attorney is best qualified to advise you on these matters.
The
following suggestions are
offered here for discussion with your attorney.
1. General Bequest: "I give and bequeath
to Trinity Endowment Fund of Trinity Evangelical Lutheran Church, Moline, Illinois,
the sum of $xxx (and/or the securities or other property described herein, namely,
____________________)."
2. Residuary Bequest: "All the rest, residue
and remainder of my estate both real and personal, I give, devise, and bequeath
to Trinity Endowment Fund of Trinity Evangelical Lutheran Church, Moline, Illinois."
3. Contingent Bequest: "In the event
__(name of person)__ does not survive me, I give, devise, and bequeath such property
to Trinity Endowment Fund of Trinity Evangelical Lutheran Church, Moline, Illinois."
Distribution
of Funds In
disbursing income, the Committee emphasis shall be given to causes which are new
and different each year. Matters which may be considered for benefits could be:
1) special causes of Trinity Evangelical Lutheran Church;
2) scholarships
or grants to members of Trinity Evangelical Lutheran Church;
3) outreach
in the community or social service agencies and causes to which the Church relates;
4) missions and causes of the Lutheran Church throughout the world.
The Canterbury
Trust The
success of the Trinity Endowment Fund is due in large part to the Canterbury Trust.
The charitable contributions of Muriel Canterbury have assisted Trinity in accomplishing
the Fund's objectives. Trinity Evangelical Lutheran Church was one of six charitable
entities to receive the bulk of the estate of Muriel M. Canterbury. The total
assets owned at the time of her death exceeded $1,500,000. These assets included
investments and interests in gas and oil royalties in the State of Texas.
In 1996 a partial estate distribution added $334,807.35 to the Endowment
Fund. Approximately 60% of the year 2002 principal amount of $750,000 can be attributed
to the generosity of the Canterbury Trust. We continue to receive oil royalties
which have averaged around $40,000 a year for the past five years. During the
past 13 years (1989-2001) the Trust has provided over $675,000 in income.
Mrs. Canterbury wished that the members of her family would be remembered
in the Quad City community for their charitable contributions.
We
remember with sincere appreciation!
ONE
MILLION DOLLARS
At
the end of 2007, the Trinity Evangelical Lutheran Church Endowment
Fund passed
a significant milestone. The fund started distributions in
1990, and through
2004 over one million dollars ($1,300,000.00)
have been given in four
areas.
These grants have been distributed for Trinity member scholarships, special capital
or other causes within our own church, world/national programs of the ELCA and
local community outreach programs. With the objective of greater awareness within
our congregation, the following were among the distributions during the first
seven months of 2005. Since only the income from contributions to the Endowment
Fund is distributed, it has been and continues to be a wonderful gift that just
keeps giving. Tsunami
ELCA/Lutheran World Relief
Scholarships to seven Trinity members
Lutheran
Youth Organization-- Leadership Lab
Marriage and Family Counseling Service
Special Persons Encounter Christ
World Mission Ministry-Japan/Tanzania
Followers of Christ Lutheran Church, Plainfield, IL
Lutheran Campus Ministry
at Northern Illinois University
Trinity-New stove/oven-Multi Purpose room
Association for Retarded Citizens-Renovation of kitchen
Jenny Lind Chapel,
Andover-roof
Global Mission Program-Egypt
Illowa Lutheran Task Force | 