Endowment & Memorials
PURPOSE AND FUNDS
The West Nidaros Endowment was established in 2000 through a vote of the congregation. It is a desire of West Nidaros to encourage, receive and administer gifts given by donors in accordance with their wishes and Endowment policies. The Endowment manages endowment and memorial funds.
WN Horizon Fund Grant Application Form
WN Horizon Fund Disbursement Guidelines
The Endowment Fund
The purpose of the Endowment Fund is to support the work of West Nidaros in carrying out its mission of Sharing Christ’s Love with All. With a gift to the West Nidaros Endowment, individuals can leave an enduring, beneficial legacy. Such gifts provide a way to continue Christian stewardship beyond one’s lifetime. The Endowment provides a mechanism to help assure financial strength for West Nidaros to meet challenges in the years ahead. Except where authorized otherwise in the terms of a gift, principal amounts shall be retained and only income from the fund expended. Income from the Endowment Fund shall be used for purposes outlined in the Endowment by-laws.
The Memorial Fund
The purpose of the memorial fund is to receive gifts given in memory of others. Both the principal and income may be distributed for purposes consistent with West Nidaros Lutheran Church mission, the Endowment’s policies and the donor’s wishes.
Endowment Management
A five-member committee elected by the congregation serves as a steward of gifts to the Endowment and is responsible for keeping records pertaining to invested funds. The committee makes recommendations to the church council concerning a) which professional financial institution the funds shall be invested in, and b) how available funds shall be distributed. All Endowment funds are currently invested with Lutheran Planned Giving of South Dakota. Free confidential gift planning is available from trained professional Lutheran Planned Giving of South Dakota counselors.
WAYS TO GIVE
Wills
One way to give to West Nidaros Lutheran Church Endowment is through a bequest in your will. This permits you to make a gift to the church upon your death and to determine now the nature and extent of the gift. Your professional advisor can help you select one of these ways to include the Endowment in your new or revised will.
Life Insurance
There are many types and arrangements of life insurance programs. The face amount of the policy would be paid to the Endowment, and the premiums you pay would be deductible since they would be going to a charitable organization.
Gift Annuities
You may wish to give cash to the Endowment but need to retain the investment income for your or a survivor’s life, after which the principal would go to the Endowment in name. There are tax advantages with this kind of arrangement.
Trusts
A trust may be established and property transferred to the trust to be managed by a trustee of your choosing. The trustee may be a private individual, a corporation having the trust powers, a trust department of a bank or a trust company, West Nidaros Lutheran Church Endowment, or the ELCA Foundation. You and other designated beneficiaries can receive the income from the trust assets for life.There are many types of trust arrangements which can result in both tax savings and the desired contribution. A trust should be specifically tailored to fit your needs. The creation of a trust should be discussed with your professional advisors.
Life Estate Gift
A donor can obtain income and estate tax benefits by making a charitable gift of a personal residence or farm, even though the donor retains the right to life enjoyment. A “personal” residence may include a donor’s vacation home even though it is not the “primary” residence. A life estate may be retained for more lives or for a term of years.The major benefit of the live reserved type of gift is that the donor continues to enjoy full use of the property during their lifetime and also has the immediate benefit of a current income tax deduction. In addition, when the donor dies, there may be savings in both probate costs and estate tax.
Lifetime Gifts
You may own a capital asset, such as real estate, securities or other property, that has increased in value since you acquired it and that would produce taxable capital gain if you were to sell it. If you give such property to the West Nidaros Endowment, you can take a deduction for part or all of the property and may avoid paying any tax on the appreciation in value.In addition to gifts of appreciated “capital gain” property, you can make gifts of other property whether or not it has appreciated in value since you acquired it. In these cases, the amount of your tax deduction varies with the type of property given and your cost basis for the property. In some cases only a portion of the appreciation may be deductible. Of course, you should consult your own professional advisors concerning the tax consequences of this type of transaction.
LINKS
Lutheran Planned Giving of South Dakota www.lpgsd.org
ELCA Foundation www.elca.org/resources/elca-foundation
For more information, please contact the West Nidaros office at (605) 543-5215 or office@westnidaros.org.