Frequently Asked Questions
FREQUENTLY ASKED QUESTIONS About Ben Hill UMC LEGACY ENDOWMENT GIVING (LEG)
1. What Is Legacy Endowment Giving Ministry?
Legacy Endowment Giving or “Planned Giving” means mapping out a plan for making gifts to your church. You may integrate planned giving into your financial strategies during different phases of life. Many individuals consider planned giving when they decide how to transfer their estates to the places and people whom they want to benefit from a lifetime of hard work. In addition to fulfilling their charitable goals and acknowledging (financially and spiritually) their gratefulness to God, donors may receive tax benefits and lifetime incomes through several types of tax-favored plans. Planned giving takes many forms and is tailored to meet the needs and goals of the donor.
2. What is the Legacy Endowment Giving Committee?
The Legacy Endowment Giving (LEG) Committee is composed of 12 members of our church and one advisor from a related church who has successfully established an endowment. The resolution establishing this ministry was approved at the Ben Hill UMC Charge Conference in September, 2015. This ministry was established to ensure that the work of Jesus Christ through Ben Hill UMC may continue for generations to come through the establishment of an endowment program.
3. What is an endowment program?
An endowment is an investment fund that creates a permanent source of income from interest and investment earnings to support programs and ministries. The income of the fund is available to spend on an annual basis. A healthy endowment can provide a source of funds – beyond our annual operating budget – for opportunities in operations and outreach as well as a hedge against challenging economic times.
4. What will a gift to the Endowment fund mean to me?
A gift to the Endowment Fund is a reflection of our faith and love in Christ. As Christian Stewards, we give back to God as a way of life out of the abundance with which God has gifted us.
5. Who decides how the income is spent?
Per the Charge Conference Resolution, the LEG Committee determines the distribution of income for the designated purposes, to include Unbudgeted Capital Improvements, Christian Education, Missions, Children’s Ministries, Youth Ministries and Worship.
6. How are gifts to the Endowment Fund different than regular gifts to the church?
Your annual gifts to the church fund the operating budget allowing the church to provide ministry each year. The addition of an endowment program will create a new stream of income for Ben Hill. Gifts to the Endowment Fund are gifts that are invested to provide a funding source in perpetuity to support ministries above and beyond those provided for by the annual operating budget.
7. May I make my annual pledge to the Endowment Fund instead of the general church budget?
Please don’t. We ask you to continue your regular tithes and offerings and to give to the Endowment Fund above and beyond your regular giving.
8. What kind of gifts may I give?
Endowments are funded through outright gifts, pledges, donations of securities or other noncash assets as well as through a variety of planned gifts. This includes gifts in your will, charitable gift annuities, beneficiary designations in retirement plans, financial accounts, insurance policies, gifts of real estate and personal property.
9. May I give a gift now?
Yes. Ben Hill UMC gives donors the option for gifts to the endowment during life as well as giving at death. Donors who give during their life get to see the benefits of their gifts. Some examples of gifts during your life are cash, stocks and bonds, and property. Any gift of any size is important and very much appreciated.
10. Who invests the funds and how?
Funds are currently invested with the Georgia United Methodist Foundation. The funds are invested to ensure that ministries are supported over a long period of time. For more information, please contact Janice Smith, Ben Hill Controller at jsmith@benhillumc.org.
11. How can I keep alive the memory of a special person?
A gift to the Endowment Fund is a wonderful way to honor a special person in your life, because it is a gift that keeps on giving. All gifts to the LEG Fund go to support the General Endowment Fund.
12. May I name a fund and have a specific purpose for the endowment?
Not at this time. Ben Hill has established one General Endowment fund. Income from this fund may support Capital Improvements and Unbudgeted Property Maintenance; Christian Education; Missions; Children Ministries; Youth Ministries; Worship; and any other use designated from time to time by the LEG Committee and approved by the Board of Trustees.
13. What do I do if I have already remembered Ben Hill UMC in my will and estate plans?
Please let us know if you have already remembered or plan to remember Ben Hill UMC in your will or estate plan. We want to thank you and ask that you complete the Legacy Gift Confirmation form available on the Ben Hill UMC website at www.benhillumc.org or at the church office.
14. How can I tithe my estate?
You may tithe your estate by giving 10% of your estate to the endowment fund.
15. Do I Need a Will?
YES! Without a will, the laws of the state will determine who will receive your assets and who will manage your estate. As a result, the state may not include all of the persons or charities that you would like to benefit. A will allows you to appoint a guardian for your minor children, choose a representative to carry out your wishes, and determine the final distribution of your estate assets. Giving through a will and through beneficiary designations are some of the simplest ways to make a planned gift. You may state in your will the amount or percentage of assets that are to pass to the church. You receive an estate tax deduction for the amount of the gift. There is no limit on the amount that can be deducted for estate tax purposes.
16. Where can I receive more information about different options for giving or other questions?
Please contact any member of the LEG Committee