Aldersgate Church General Purpose Trust Fund
The General Purpose Trust Fund was established in August of 2013 with generous gifts (ultimately exceeding $200,000) from Life Insurance policies and the estate of Leonard Tarman. The money was undesignated and, in accordance with church policy, became part of the church’s Endowment Funds.
After much debate, the committee voted unanimously to create a new fund which would not be designated for a specific purpose and could conveniently be added to by future donors. Additional gifts of undesignated monies ranging in size from $640 to two estate gifts exceeding $30,000 each have been added to this fund by vote of the Endowment Fund Committee.
The Fund provides for:
- Supplementing congregational giving by “providing monies for needs or other requests of the church with special emphasis on capital items, or special occurrences of operating budget items such as missions, music, worship, etc. (as opposed to routine items such as painting, maintenance and repair items, salaries, utilities, taxes, etc.)”. The fund agreement explicitly states that it should not, however, be routinely used as a substitute for any expenditures regularly provided for in the budgets of the church (operating, capital, or longterm).”
- The Fund Agreement specifically provides for “the annual transfer of up to 7% of the Fund’s prior December 31st Principal balance to its Income balance”. This provision ensures that Income balances are available for granting and are not “locked up” in restricted Endowment Fund Principal.
- The Agreement further states that “successor Endowment Committees should consider placing future undesignated bequests to the church into this fund.”
If you plan to include Aldersgate in your will, trust, or life insurance, have you given thought to how you would like to see the gift used? The General Purpose Trust Fund might be an excellent choice to provide a lasting legacy for your family and ongoing support for Aldersgate.
For a complete copy of the General Purpose Trust Fund Agreement or more information about Aldersgate’s Endowment Funds, contact Dan Calloway, Endowment Funds Chair at 410-218-0156 or [email protected]