The First Christian Church of Torrance’s Endowment Fund is a permanent funding source that only grows with additional donations, typically given in memory or in honor of someone.
Why give to the Endowment Fund?
Most of us have been richly blessed, and the personal stewardship of God’s blessings can be a positive influence in the lives of members of our church here in Torrance and in the lives touched by outreach-giving generated by the Fund.
The gift is held in perpetuity. Earnings from the gift are available to sustain and strengthen the life and mission of the First Christian Church of Torrance.
A gift to the Fund can be a way of remembering and honoring loved ones (anniversaries, birthdays, memorials).
What is the Endowment Fund?
The Endowment Fund is comprised of gifts and bequests held separately from the operating budget of First Christian Church. The Fund is established to provide a meaningful extension of stewardship opportunities for members and friends of the congregation.
The assets in the Fund are managed by directors chosen from and approved by the congregation. A portion of the capital gains and/or income earned through the investment of the assets will be distributed according to the bylaws of the Endowment Fund.
How are earnings from the Fund distributed?
A portion of the assets of the Endowment Fund shall be made available yearly for distribution. The portion available for annual distribution shall be no more than 5 percent of the market value of the Fund’s portfolio. This percentage shall be periodically reviewed by the directors to insure that the principal of the Fund is not being depleted. The market value shall mean the principal plus the interest and/or growth on the principal as determined by the most recent portfolio statements.
All requests for use of these funds are to be submitted in writing by May 31 to the chairperson of the Endowment Fund. The requests may come from any established group in the congregation.
In keeping with the purpose of the Endowment Fund, as stated earlier, the distribution of funds may be offered for but is not limited to:
Departments of Outreach, Education, Worship, in which case the request for funds would be made by the Chairperson of the department
Reduction of outstanding debt or general church operating budget, in which case the request would be made by the Chairperson of the Official Church Board.
Property upgrade or Parsonage repair – the request would be made by the Chairperson of the Trustees.
How can gifts to Endowment Fund be made?
The Fund can receive many forms of gifts (please be sure to note “For Endowment Fund”):
- Cash
- Checks
- Stocks, Bonds, and other liquid assets
- Bequests in wills and trusts
- Property
- Other
Any specific gift must be reviewed and accepted by the directors. The directors are obligated to ensure the gift and any instructions are consistent with the purpose and vision of the Endowment Fund, and to ensure the gift cannot become a liability.
Any gift should be carefully considered and it would always be wise and recommended that the donor discuss the planned gift with a financial planner or advisor or appropriate legal representative.
