What is the Northminster Foundation?
Specially Designated Funds
How to Give
Legacy Society
Letter of Intent
Contact the Foundation Board
Northminster Foundation
The Northminster Foundation is an endowment created in 1987 to secure the future ministry of the Church and to provide additional income for the ongoing work of the Church each year.
The Foundation is funded with gifts from members of the Church, and those funds are invested to grow the endowment. As a general rule, only income generated from investments is spent on the Church’s ministry, with the principal funds being preserved for additional growth and emergency needs of the Church.
The Foundation’s Mission Statement directs the Foundation to:
• Seek bequests and other special gifts for the benefit of the Church
• Invest funds prudently to balance the interests of current income and long-term growth of principal
• Administer specially designated funds according to the donor’s direction
• Make regular grants from the Foundation’s general funds to support the Church’s current needs, based on income of the funds
• Make exceptional grants from general funds to meet any emergency needs of the Church
• Provide advice, loans and other forms of assistance to support the Christian ministry of the Church
Specially Designated Funds
The Foundation manages both general funds for the benefit of the Church and special funds for particular purposes as directed by the donors of the money. The current special funds include:
* Mathias Fund for scholarships to theology students
* McGaughey Fund to support special events in the Church such as guest speakers, training for Church leaders, and musical programs
* Mission Fund to enhance the mission work of the Church
How to Give
Donations to the Foundation may be made several ways:
Bequest in your will: This is the most common way. A bequest states that a certain dollar amount or a percentage of your estate will be given to Northminster Presbyterian Church Foundation upon your death.
Beneficiary of a retirement account: You may designate Northminster Presbyterian Church Foundation as a beneficiary of a retirement account to receive a certain dollar amount or a percentage of the account upon your death. This is an effective charitable giving option because it may help avoid paying income taxes.
Beneficiary of an insurance policy: Similar to naming the Foundation as a beneficiary of a retirement account, you may name the Foundation as a beneficiary of a life insurance policy. You may obtain a beneficiary designation form from the insurance company.
Transfer on death: Many items of value including bank accounts, cars, stocks and other assets may be designated to be transferred upon your death directly to the Foundation.
Memorial gift: You may honor a special person or occasion by making a memorial or honor gift to the Foundation.
Required minimum distributions from retirement accounts: If you are required to take a required minimum distribution from a retirement account each year and do not need all that income, you may direct that all or part of the distribution be donated directly to the Foundation. This will allow you to avoid paying income taxes on the amount donated.
Legacy Society
Donors who contribute to the Foundation or to the Church through their estate plan automatically become members of the Legacy Society. Their donations leave a legacy that ensures Northminster’s continued ministry for generations to come.
If you decide to join in that legacy, please complete and return to the Church the Letter of Intent so the Foundation will know of your plan. You then will be placed on the Legacy Society’s membership list. No outlay of funds is required before the death of the donor.
Letter of Intent
Read more about the Foundation in the Fall 2020 issue of Proclaim magazine.