ENDOWMENT

A robust endowment fund helps keep the light of Holy Comforter burning in our community long after we are gone – not unlike the Holt gift of 1911 that established our Church. The Holy Comforter Endowment Fund was established in December 2004 to help our parish fulfill our mission by developing ministries beyond what would be possible through annual operating funds. The goal is to build a large enough endowment principal such that the earnings can be allocated to projects and needs the annual budget cannot support. No distribution of the Endowment Fund net income will be made if it results in reduction of the fair market value of the fund to a sum below $500,000. When any payout from the Fund is ultimately transferred to the Parish budget, those funds can only be used for:

• Mission and outreach
• Capital expansion and improvements
• Other purposes that support the mission and goals of the Parish as decided upon by the Endowment Board and Vestry

The Endowment Fund operating policies are stringent and ensure the integrity of the fund management. An Endowment Fund Board is entrusted with the administration of the Endowment Fund, and their administration is subject to all Church policies as well as relevant public laws and Diocesan Canons.

How can I get more information about the Endowment Fund?

If you have questions about the Holy Comforter Endowment Fund or Endowment Fund Board, or would like to review the governing documents of the Endowment Fund, simply call the Church office and you will be directed to a member of the Endowment Fund Board. The Endowment Board for 2019-2020 includes:
Frank Harris | Louis Hibbitts | Elizabeth Hood | John Landi | Sid Little | Martha Stewart | George Silides

Planned Giving

“Your Kingdom is an everlasting kingdom, and your dominion endures through all generations.” Psalm 145:13 If you would like to perpetuate and secure the works of Holy Comforter and our buildings and grounds because they matter deeply to you, you may want to consider planning a gift that will not diminish your assets or income during your lifetime.

Everyone can take advantage of the benefits of planned giving. Planned giving is essentially mapping out how you want your personal resources to ultimately be distributed. A planned gift is timed so as to help you minimize tax liability as a donor or to be able to make a gift that might not be possible during your lifetime.

Common methods of planned giving include:
• Bequests – For many people, a bequest is the means to the most generous financial gift they will make. Using this method, Holy Comforter would be bequeathed a gift in a donor’s will or living trust. The gift may be a percentage of the donor’s estate, a specific dollar amount or description of property.
• Life insurance and retirement accounts – Holy Comforter can be named as a beneficiary of a life insurance policy or retirement account.
• Charitable trusts or gift annuities – Trusts and annuities provide the donor with a number of financial benefits: provide life income for the donor and others, reduce capital gains taxes, qualify for a charitable income gift deduction, reduce or eliminates probate expenses and estate taxes.

Making a Bequest to Holy Comforter

Throughout its history, Holy Comforter has benefited greatly from bequests. Making a provision for the Church in your will is a wonderful way to leave your legacy and to also ensure that the legacy of Holy Comforter will continue long into the future. Anyone seeking to include Holy Comforter in their will should be certain their intention and the designation they have in mind are clearly worded within their bequest. (The Leave a Legacy® organization www.leavealegacy.org offers helpful guidance regarding different kinds of bequests.) Samples of general bequest language are provided below.

Holy Comforter’s Financial Administrator can also provide direction to interested donors. This guide is not intended to provide specific advice about estate planning or to recommend a specific course of action. It is important to discuss your gift strategy with your attorney or tax advisor in order to ensure that your philanthropic goals are met.

General bequest language:
“I give, devise, and bequeath to the Episcopal Church of the Holy Comforter in Burlington, North Carolina, the sum of $________, [or _____% / all the rest, residue, and remainder of my estate] to be used for the purposes of the endowment of the Episcopal Church of the Holy Comforter.”

Or, to make an unrestricted non-endowment bequest to the Church:
“I give, devise, and bequeath to the Episcopal Church of the Holy Comforter in Burlington, North Carolina, the sum of $________, [or _____% / all the rest, residue, and remainder of my estate] for the benefit of the Episcopal Church of the Holy Comforter and its general purposes.”

Contingency bequest language:
“I devise and bequeath the residue of the property, real and personal and wherever situated, owned by me at my death, to {name of beneficiary}, if {she/he} survives me. If {name of beneficiary} does not survive me, I devise and bequeath my residuary estate to the Episcopal Church of the Holy Comforter in Burlington, North Carolina, for its endowment.”

Or, to make an unrestricted non-endowment contingency bequest to the Church:
“I devise and bequeath the residue of the property, real and personal and wherever situated, owned by me at my death, to {name of beneficiary}, if {she/he} survives me. If {name of beneficiary} does not survive me, I devise and bequeath my residuary estate to the Episcopal Church of the Holy Comforter in Burlington, North Carolina, for its general purposes.”

How to Create a Personalized Endowment

A Personalized Endowment may be established for the Church with an outright or planned gift of $25,000 or more. In such a case, the donor may tailor the purpose of the gift to benefit a particular area of interest. Sample bequest language follows:

“I give, devise, and bequeath to the Endowment Fund of the Episcopal Church of the Holy Comforter in Burlington, North Carolina, the sum of {insert amount of at least $25,000} for the benefit of the Episcopal Church of the Holy Comforter to be used for the following purpose: {state the purpose; examples: for the music program; for youth Christian Formation program support; for landscape upkeep}. If at any time in the judgment of the Vestry of the Episcopal Church of the Holy Comforter it is impossible or impracticable to carry out exactly the designated purpose, they shall determine an alternative purpose closest to the designated purpose.”