The First United Methodist Church of Dallas Foundation (FirstFoundation) is a permanent endowment fund that was established to enable FirstChurch to grow in mission and ministry, so that future generations may know the full love of Christ.
With a variety of giving options, FirstFoundation invites members to invest in the church’s long-range vision, and friends and family may give as a lasting way to honor a loved one. The donor creates a legacy for the future and provides a permanent resource for FirstChurch’s witness for Christ.
To make a donation to FirstFoundation, click here.
FREQUENTLY ASKED QUESTIONS
What is FirstFoundation?
FirstFoundation is a charitable entity organized to support the programs and needs of First United Methodist Church of Dallas which are not included in the annual budget of the church.
Why is now the right time to establish a permanent endowment fund at FirstChurch?
The Staff, the Trustees and the Finance Committee, along with the newly formed FirstFoundation Board, are working in concert to create unified long-term plans for FirstChurch. As part of this unified vision, it seemed important that FirstChurch be endowed for the future and only by creating this fund now can we begin to ensure that future vision.
What is an Endowment Fund?
An endowment fund is the accumulation of gifts and bequests made to an institution. The principal amount (the corpus) is invested while the investment income is available for use in support of the church.
Who administers FirstFoundation?
FirstFoundation is administered by a board of 7 Directors which always includes the Finance Committee Chair, Church Council Chair and the Board of Trustees Chair.
Do gifts to FirstFoundation have to be large amounts?
No. Any gift of any size is welcome. Over time, FirstFoundation will grow based on all donations.
Are gifts to FirstFoundation tax deductible?
Yes. Gifts are deductible for federal income tax purposes. FirstFoundation is established as a 501(c) (3) and is classified by the Internal Revenue Service as a Type I Support Organization. Financial records and accounts of FirstFoundation are maintained separately from those of First United Methodist Church of Dallas.
Will the interest and earnings of FirstFoundation be used to support the budget?
The intent of FirstFoundation is to build a long term fund to support First United Methodist Church of Dallas. The intent is not to use the earnings to make up for budget shortfalls.
What is the difference between my annual pledge, gifts to the Goodrich Facilities Fund and gifts to FirstFoundation?
ANNUAL PLEDGE – Supports the annual operating budget of the church. All members are encouraged to pledge each year to support the church.
GOODRICH FACILITIES FUND – Managed by the Board of Trustees. It is used to care for the facility and any unexpected emergencies that arise. Gifts to the Goodrich Facilities Fund are often made by members to support a current need e.g. the remodeling of the youth space.
FIRSTFOUNDATION – Long-term fund managed by the Board of FirstFoundation. As the fund grows there will be larger disbursements of income which can be used to start and/or support programs, mission projects, capital improvements and other ministries of the Church. Gifts to FirstFoundation are often made by members in honor or in memory of an individual.
PLANS FOR GIVING
FirstFoundation receives contributions from the following sources:
Bequest in Will to FirstFoundation is one of the simplest ways to help ensure the future of First United Methodist Church. The gift may be a dollar amount, a specific asset or a percentage of assets in the donor’s estate after other provisions have been met.
Gifts of Cash may be made by check, credit card, or automatic draft made payable to FirstFoundation. This may be made one time, monthly or annually.
Stocks and Bonds make excellent gifts. Securities held for more than one year might offer additional tax benefits.
Life Insurance Proceeds by indicating FirstFoundation as beneficiary in an existing policy.
Retirement Accounts such as IRAs or company plans may be given to FirstFoundation when it is designated as a beneficiary.
CDs, Savings, Brokerage or Bank Accounts designated “P.O.D.” may easily be given to FirstFoundation. By adding a “P.O.D. provision” (“Payable on Death”) to an existing account, the donor retains full ownership and control of the account for life. At the donor’s death, the account balance is immediately paid to FirstFoundation without going through probate.
Real Estate is one of the most overlooked methods of giving. A donor may deed a property with “life tenancy”, retaining lifetime occupancy or income from the property until the owner’s death.
Gifts of Personal Property can be accepted by FirstFoundation. Gifts which exceed $5,000 in value are required by the IRS to have a “qualified appraisal” to substantiate the deduction.
The purpose of this publication is to provide accurate information of a general nature only. Complete information concerning the First United Methodist Church of Dallas Foundation (FirstFoundation) and your gifts to it can be obtained by contacting Wendy Westberg, Church Administrator for First United Methodist Church of Dallas.
FirstFoundation will be pleased to work with you and your professional advisors to explain the benefits of each of the opportunities listed and how each can work for you.
Gifts to FirstFoundation usually involve tax considerations and may involve overall family estate planning, even if the gifts are given during an individual’s lifetime. These considerations vary, depending upon the particular circumstances of the donor. Accordingly, FirstFoundation strongly recommends that, in considering a gift or bequest, the donor seek the advice of qualified legal or investment counsel familiar with the donor’s particular circumstances. FirstFoundation cannot render legal or tax advice to a donor but will work with the donor’s counsel to best meet the donor’s needs.
To make a donation to FirstFoundation, click here.