Future generations will be told about the Lord and proclaim his deliverance to a people yet unborn. —Psalm 22
Healthy, vital, and vibrant Episcopal congregations inspire and empower their members to become actively engaged in God’s mission in the world. For more than 60 years the Episcopal Church Foundation(ECF) has responded to the changing needs of the Church. We help congregations, dioceses, and other Episcopal communities of faith to develop the leadership and financial resources they need for ministry.
When you become a member of ECF’s Sherrill Society by creating a planned gift, or making a provision in your estate plans for a gift to ECF, you help ensure that ECF will continue to work to bring about transformational congregations that will make it possible for every one of us to respond to God’s call.
Four ways to give
In general, planned gifts are made through:
- A bequest in your will
One of the easiest and most common ways of making a planned gift is through a bequest in your will. You can leave ECF the residual of your estate, a percentage, or a specific asset. To remember ECF in your will, consider using this language:
I hereby give, devise and bequeath to the Episcopal Church Foundation, a nonprofit corporation with its principal office in New York, New York, the residue of my estate, ........% of my estate, or the sum of .............. dollars ($) as an unrestricted gift to be used in the area of greatest need at the time the gift is received.
- Life income gifts
A charitable gift annuity or a charitable remainder trust provides you and/or a designated recipient with an income stream for life and usually reduces or eliminates tax liability, leaving the remainder value to ECF.
- Gifts of Life Insurance
There are a couple of options:
- Naming ECF as the primary or contingent beneficiary of an existing or new life insurance policy. Although a current income tax deduction is not available, it will result in a federal estate tax deduction for the full amount of the proceeds payable to the charity, regardless of policy size.
- Making an absolute assignment (gift) of a life insurance policy you currently own or donating a new life insurance policy. Both approaches allow a current income tax deduction.
- Gifts of tax deferred retirement assets
Retirement funds are often overlooked as a source of charitable gifts. Giving from an IRA , a 401K, or 403B plan can provide important tax advantages. Since the funds accumulated in these plans have never been taxed, the IRS levies heavy taxes on any distribution, especially the final distribution to heirs when income and estate taxes are incurred, greatly diminishing its value before passing to heirs. However, if a charity is designated for the remainder, no taxes will be payable. Naming ECF as a beneficiary on that final distribution is easy and normally requires only completing a “change of beneficiary” form.
If you are interested in learning more about becoming a member of the ECF Sherrill Society, please contact the President's Office by phone at 800-697-2858 or email us.