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©2013 Colorado Episcopal Foundation

Supporting the Diocese and its Congregations

for Generations to Come

A Program of the Colorado Episcopal Foundation

SAMPLES &

RESOURCES

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The Minister of the Congregation is directed to instruct the people, from time to

time, about the duty of Christian parents to make prudent provision for the well being of

their families, and of all persons to make wills, while they are in health, arranging for the

disposal of their temporal goods, not neglecting if they are able, to leave bequests for reli‐

gious and charitable uses. ‐Book of Common Prayer, p. 445

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SAMPLES & RESOURCES

TABLE OF CONTENTS

1. Now That’s a Good Idea!................................................................................................................5

Checklist………………………………………………………………………………………...7

2. Get Others on Board.......................................................................................................................9

Request a Presentation Form.....................................………………………………………..11

Sample Vestry Resolution and By‐Laws................................................................................13

Christ Church, Greenwich, CT....................................................................................15

Good Shepherd Episcopal Church, Centennial, CO................................................17

St. Stephen’s Episcopal Church, Aurora, CO............................................................19

The Church of Christ the King, Arvada, CO……………………………………….21

Endowment Templates and Samples.....................................................................................23

Endowment Template A..............................................................................................25

Endowment Template B...............................................................................................27

Good Shepherd Episcopal Church, Centennial, CO................................................29

St. Stephen’s Episcopal Church, Aurora, CO............................................................33

St. Stephen’s Statement of Investment Funds...........................................................35

The Church of Christ the King………………………………………………………43

Establishing/Marketing Your Endowment Article..............................................................45

Gift Acceptance Guidelines and Sample...............................................................................49

Gift Acceptance Guidelines.........................................................................................51

Episcopal Diocese of Hawaii.......................................................................................53

3. Giving It Shape...............................................................................................................................55

Enrollment Form, St. Stephen’s, Aurora, CO......…………………………………………..57

Informational Brochure (Sample).…………………………………………………………..59

Newsletter Articles/Ads...........................................................................................................61

One‐Liners……………………………………...............…………….......................................63

4. Enrolling Founding Members/

5. Enrolling New Members and Maintenance (On‐going).................................65

Status Report..................................................………………………………………………...67

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1. NOW THAT’S A GOOD IDEA

Checklist.................................................................................7

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Legacy Society Creation and Development Stages (Page Numbers are from the Samples & Resources handbook)

1 ‐ Now that’s a good idea

Interest

Contact CEF

Identify Leadership (ideally 2 people):_____________________&____________________

2 ‐ Get others on board

Rector Support

Vestry approval ‐ creation of by‐laws

See Christ Church’s Vestry Resolution, pg. 15

See Good Shepherd’s By‐Laws, pg. 17 or St. Stephen’s, pg. 19, or Christ the King,

pg. 21

Establish an Endowment and create necessary documents

See Endowment Templates, pgs. 25 and 27

Good Shepherds Endowment Draft, pg 29

St. Stephen’s Endowment and Statement of Investment & Policy Guidelines, pg. 33

Christ the King Endowment Trust, pg. 43

Gift Acceptance Policy Guideline, pg. 51

Gift Acceptance Guidelines, Diocese of Hawaii, pg 53

3 ‐ Giving it Shape

Choose a Name

Define Criteria for Membership

See St. Stephen’s Enrollment Form, pg. 57

Create any marketing/written material ‐ logo, brochures, sign up forms, etc.

See promotion from Martyn Hart Legacy Society, Saint John’s Cathedral for criteria

for membership and marketing sample, pg. 61

4 ‐ Enrolling Founding Members

Enrollment Period for Founding Members


Identify Individuals Who Have Already Made a Gift

Marketing through newsletter, bulletin, website, narthex, emails, phone calls, etc.

Hold celebration event for creation and founding members

5 ‐ Enrolling New Members and Maintenance (On‐going)

On‐going recordkeeping: updating information on Founding and New Member, in‐

cluding passing away


On‐going update to CEF on recordkeeping for the Diocese‐wide database

See Status Report, pg 67

On‐going marketing and review of marketing strategy & materials

Annual Recognition of Members

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2. GET OTHERS ON BOARD

Request a Presentation Form.............................………………..11

Sample By‐Laws............................................................................13

Endowment Templates and Samples.........................................19

Establishing/Marketing Your Endowment Article...................39

Gift Acceptance Guidelines and Sample....................................43

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PRESENTATION REQUEST FORM

Church Name: ___________________________________________________________ Address: _______________________________________________________________ _______________________________________________________________ Contact Person: __________________________________________________________ Phone: ___________________________ Fax: ___________________________ Mobile: ___________________________ Email: ___________________________ Please contact us regarding:

□ Stewardship Presentation to □ Vestry □ Stewardship Committee □ Other ___________________

□ Legacy Society Presentation to □ Vestry

□ Stewardship Committee □ Other ___________________

□ Financial Services Presentation to □ Vestry □ Stewardship Committee □ Other ___________________

□ Other ________________________ to □ Vestry

□ Stewardship Committee □ Other ___________________

Proposed date(s) of presentation(s):___________________________________

For further information and/or to submit this form, contact Vivian Berríos-Torres, Program Administrator, at 303-634-6778 or [email protected],

or mail or fax at the information below.

1 3 0 0 W A S H I N G T O N S T D E N V E R , C O 8 0 2 0 3 303.534.6778 ▪ F A X : 303.534.6012 ▪ T O L L F R E E : 888.543.8532 ▪ www.coef.org

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SAMPLE BY‐LAWS

Christ Church, Greenwich, CT.....................................................15

Good Shepherd Episcopal Church, Centennial, CO.................17

St. Stephen’s Episcopal Church, Aurora, CO.............................19

The Church of Christ the King, Arvada, CO…………………..21

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Christ Church

Greenwich, CT

Sample Vestry Resolution

IN GRATITUDE

For the heritage left to us by

our predecessors and,

~~~~~~~~~

Sensing that we bear a similar responsibility

for future generations

of the Christian community in Greenwich, and

~~~~~~~~~

With a deep sense of thankfulness for our lives here,

we the Vestry of Christ Church approve and support

a program of planned giving as a Christ Church function.

We have individually reviewed our own planned giving

as related to Christ Church, and enthusiastically

encourage all members to do the same.

Unanimously approved by the Vestry of

Christ Church

Greenwich, Connecticut

September 21, 1994

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ARTICLE VII – The Good Shepherd Legacy Society

Section 1. Function of the Good Shepherd Legacy Society

All major gifts and bequests (remainder interests and special gifts) received by the Church of the

Good Shepherd will be invested and managed under the direction of the Good Shepherd Episcopal

Legacy Society (“GSLS” or “Legacy Society”) consisting of five (5) people. Said Legacy Society will

be established by the Vestry with the tasks of management, investment and raising endowment

funds within the parish. The Vestry shall set standards for the determination of a threshold amount

which shall constitute a ʺmajor giftʺ or ʺbequest.ʺ These standards shall be set forth and explained in

the Statement of Endowment Policy (“Endowment Policy”) for guidance to and utilization by the

GSLSC.

Section 2. Qualifications of Committee Members

In order to qualify for appointment to the GSLSC, potential members must be communicants in

good standing, pledgers of record and regular in attendance at the parish. The term of committee

membership shall be five (5) years; however, initial appointments will be staggered such that two (2)

society members will serve an initial one (1) year term, two (2) society members will serve an initial

two (2) year term, and one (1) society member will serve an initial three (3) year term. No more than

one (1) member of the GSLS can be a member of the

current Vestry appointing committee members. Selection criteria for GSLS committee membership

include the following: (1) Skills in obtaining timely input from the Vestry for the application of in‐

vestment proceeds, (2) investment and, or, trust fund experience, (3) skills in marketing of the GSLS

program.

Section 3. Term

After expiration of two terms of service, GSLS members may be appointed to another term on the

GSLS after being off for one year.

Section 4. Quorum

In order to constitute a quorum, at least four (4) members of the GSLS shall attend any regular or

special meeting. Except as hereinafter set forth, all decisions of the GSLS regarding the management,

investment and raising of endowments shall require consent of a minimum of four (4) of the five (5)

members.

Good Shepherd Episcopal Church

Centennial, CO

By‐Laws for establishment of Legacy Society

DRAFT – 06/24/06

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Section 5. Maintenance and Distribution of Funds

The GSLS shall invest, maintain and monitor the funds of the parish endowment in accordance with

the laws governing fiduciaries under the statutes and common law of the State of Colorado. Invest‐

ments shall be made as set forth in the Endowment Policy. Concerning the distribution of the in‐

come from endowment funds, the committee shall determine what is principal and income accord‐

ing to generally accepted accounting procedures. The Endowment Policy will dictate the amount of

funds needing to accumulate prior to income from the investment of the principal being able to be

expended. The Endowment Policy will also stipulate how the funds are to be expended and the use

of principal.

Section 6. Meetings

The GSLS shall meet annually and other times as necessary. Special meetings of the GSLS may be

called at the request of at least three (3) committee members. A report of the GSLS shall be made to

the parish at its annual meeting each year.

Section 7. Removal of Members

Any member of the GSLS may be dismissed from said committee by unanimous vote of the full Ves‐

try. Should all members of the GSLS be dismissed, the responsibilities of said committee shall revert

to the Vestry for a period not to exceed ninety (90) days. By the end of said ninety (90) day period,

the Vestry shall appoint a new GSLS pursuant to these Bylaws.

Section 8. Financial Transactions

All financial transactions of the GSLS shall require the signature of two (2) society members, or one

society member and the Parish Treasurer.

Section 9. Bonded Status

The members of the GSLS shall be bonded in an amount determined by the Vestry, and the cost of

said bond shall be paid by the parish.

Section 10. Disposition upon Parish Dissolution

Should the parish close or this corporation be dissolved without succession, the endowments shall

revert to the corporation known as the Bishop and Diocese of Colorado, Inc., also known as the Epis‐

copal Diocese of Colorado, to be placed in its general endowment, with the income to be spent ac‐

cording to the determination of the Ecclesiastical Authority of the Diocese, his or her designated

committee, or his or her successor.

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St. Stephen’s Episcopal Church Aurora, CO

By-Laws for the Establishment of an Endowment Approved January 16, 1996

ARTICLE X ENDOWMENTS

Section 1. The Corporation shall establish and maintain an Endowment Fund, The purpose of such fund is to provide the Vestry an effective means of maintaining the viability of the ministries and programs of the Corporation and the capital maintenance and repair of the Corporation’s physical plant assets. Section 2. All gifts and bequests in excess of five thousand (5,000) dollars, that are not part of annual giving, will become part of the Endowment Fund. Unless otherwise directed by the donor, funds will become subject to the endowment policies that provide for the distribution, designation, investment or other aspects of the Fund. Section 3, Endowed funds shall be considered as follows: (a) Quasi-endowment. Those funds that the Vestry has determined are to be retained and in vested. The Vestry has the right to decide at any time to expend the principal. (b) Endowment. Those funds in which it is stipulated that the principal of the fund is to be maintained inviolate, in perpetuity, and only the income from the Investment of the fund may be expended. The income may or may not be restricted as to its use.

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ENDOWMENT TEMPLATES & SAMPLES

Endowment Template A...............................................................25

Endowment Template B................................................................27

Good Shepherd Episcopal Church, Centennial, CO.................29

St. Stephen’s Episcopal Church, Aurora, CO.............................33

St. Stephen’s Statement of Investment Funds............................35

The Church of Christ the King, Arvada, CO……………..……43

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Sample Endowment Policy “A”

ENDOWMENT POLICY STATEMENT

The mission of the entity is to ___________________________ .

The endowment fund should be used to sustain the entity and to enable it to perform its mission.

With that general purpose in mind, the endowment should be subject to the following policies:

1. To maintain a reserve.

The endowment fund should have liquid assets in an amount sufficient to operate the entity for a

period of six months in case of a significant decline in the entity’s financial resources. For purposes

of this endowment policy statement, “operations of the Entity” includes not only support of the

Entity’s staff and physical plant but also the investment of the Entity’s resources, principally its

staff and volunteers, in supporting local organizations as well as the other programs of the Entity,

including its support to the Parent Organization.

2. To generate earnings in amounts that may be necessary to supplement the Entity’s annual

operating budget.

Accordingly, the endowment should yield a total return that may be used, if necessary, to sustain

the Entity’s operations. Any amount that is not needed to fund the Entity’s operations should re‐

main in the endowment. For purposes of this Policy Statement, the total return which may be

drawn on, if needed, for a calendar year shall be no more than ___% of the value of the assets in

the endowment averaged over a rolling twelve (12) quarter period, ending on September 30 of the

preceding calendar year. The portion of the endowment that is designated, under paragraph 5 be‐

low, for use as a “Special Account” shall not be included in the calculation of total return. By way

of example, the total return that may be drawn on for 2003 shall be calculated based on the average

of the value of the endowment (excluding the portion that has been designated for use by the Spe‐

cial Account) as of the end of each of the twelve (12) calendar quarters ending on September 30,

2002. The amount that may be withdrawn from the endowment shall not exceed ___% of the total

return for the calendar year, calculated according to the preceding sentences. Withdrawals, if any,

from the endowment shall be made in equal quarterly installments.

3. All unrestricted gifts in excess of $________ shall be added to the endowment.

4. The Special Account shall be included in the endowment and shall be a separate designated

fund.

From time to time, the Entity may purchase parcels of real property in strategic areas of the Desig‐

nated Region for eventual sale to new local organizations to be used for their organizational pur‐

poses. In any fiscal year of the Entity, the amount added to the portion of the endowment desig‐

nated for the Special Account shall not exceed ___% of the amount of the endowment’s total return

(as defined in paragraph 2 above) that can be withdrawn from the endowment for a calendar year,

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as set forth in paragraph 2 above. The principal function of the Entity shall be to support existing

local organizations; purchases of real property shall be subordinate to the principal function. Ac‐

cordingly, first priority for expenditure of the Entity’s income shall be providing support to existing

local organizations.

The proceeds of sale of any real property in the Special Account shall be added to the portion of the

endowment that is designated for the Special Account.

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Sample Endowment Policy “B”

Statement of Endowment Policy

Approved by the Vestry

on (Date)

I. Introduction

Throughout its history the Church has received gifts and bequests of funds intended to provide for

the future of the Church. Over time these funds have become known as the Church’s Endowment

Fund (“Fund”). The Vestry of the Church, in its desire to preserve and protect the future of these

funds and any similar funds that might be received in the future, hereby adopts this Statement

of Endowment Policy.

II. Endowment

The Church’s Endowment Fund includes all those funds that are true endowment funds and those

funds which are “quasi‐endowment” funds. A detailed listing of these funds can be found in the

attached Appendix. To clarify, true endowment funds are funds where the donor has stipulated

that the original principal is to be maintained in perpetuity and only the income generated by the

fund can be distributed. Generally, true endowment funds are created and governed by some

form of legal document (i.e., trust agreement). Quasi‐endowment funds are funds that the Vestry

has determined will be retained and invested similar to endowment funds.

It is the policy of the Church that all gifts and bequests in excess of $10,000 that are not a part of

annual giving will become part of the Church Endowment Fund unless otherwise directed by the

donor and will, therefore, become subject to this and any other policies that provide for the distri‐

bution, designation, investment, or other aspects of the Fund.

III. Distributions

Due to the fluctuating nature of the income stream generated by the Church Endowment Fund

and the desire to maintain the purchasing power of the Fund over time, the Vestry of the Church

has adopted and hereby readopts a “Total Return” policy with respect to annual distributions from

the Fund. Simply stated, this policy is to distribute no more that 5% of the average market value of

the Fund on an annual basis.

More specifically, the 5% is calculated before the start of the fiscal year based on the average of the

prior thirteen calendar quarters’ total market value of the Fund ending with September 30. This

way an exact distribution can be used in preparing the coming year’s operating and capital budget.

This distribution policy applies to the entirety of the Church Endowment Fund and in no way

overrides the terms of any true endowment funds. Nor does it preclude any donor from creating

true endowment funds in the future. It does mean that in years when the income generated by true

endowment funds is less that 5%, an amount greater than 5% will be taken from quasi‐endowment

funds.

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Likewise, in years when the income generated by true endowment funds is greater than 5%, it will

mean that an amount less than 5% will be taken from quasi‐endowment funds.

IV. Designation

The amount distributed from the Church Endowment Fund will be used to enhance the Church’s

operating and capital budget beyond what is possible through the monies raised during the annual

stewardship campaign. Specifically, annual distributions from the Church Endowment Fund will be

used for capital maintenance and improvements, and program and ministry needs, including such

things as Christian Education, Music, Worship, and Outreach.

This designation policy applies to the entirety of the Church Endowment Fund and in no way over‐

rides any designations that may have been placed on funds by their donor. Nor does it preclude any

donor from designating funds in the future.

V. Amendment

This policy may be amended by a three‐fourths affirmative vote of the entire Vestry, including the

Wardens and the Rector, at any meeting for which 21 days’ prior written notice outlining the pro‐

posed changes to this policy has been provided to the Vestry. Notice of any approved amendment to

this policy will be provided to the entire congregation on a timely basis except for amendments

dealing with changes to the Appendix.

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DRAFT – 06/24/06

The Good Shepherd Legacy Society

Statement of Endowment Policy

Approved by the Vestry

on xx/xx/xx

I. Introduction

Throughout its history Good Shepherd Episcopal Church, Centennial, Colorado, (the Church) has

received and will continue to receive gifts and bequests of funds intended to provide for the future

of the Church. Over time these funds have become known as the Church’s Endowment Fund

(“Fund”) invested and managed by the Good Shepherd Legacy Society (“GSLS or “Legacy Socie‐

ty”). The Vestry of the Church, in their desire to preserve and protect the future of these funds and

any similar funds that might be received in the future, hereby adopts this Statement of Endow‐

ment Policy.

II. Endowment

The Church’s Endowment Fund includes all those funds that are true endowment funds and those

funds which are “quasi‐endowment” funds. A detailed listing of examples of these two types of

funds can be found in the attached Appendix “A”. To clarify, true endowment funds are funds

where the donor has stipulated that the original principal is to be maintained in perpetuity and on‐

ly the income generated by the fund can be distributed. Generally, true endowment funds are cre‐

ated and governed by some form of legal document (i.e., trust agreement). Quasi‐endowment

funds are funds that the Legacy Society has determined will be retained and invested similar to

endowment funds.

In efforts to enhance the manageability of any designated funds received, in the event donor desig‐

nated endowments are insufficient at the time of the gift to meet the intended purpose, the gift

shall be retained in the Endowment Fund and earnings to the extent of the “Total Return” referred

in Section IV shall be allocated to the designated endowment. However, if after five (5) years the

accumulated designated gift, earnings and additional gifts received designated for the same pur‐

pose have not been received to carry out the donor’s intended purpose, these designated funds

shall be re‐characterized as undesignated funds.

III. Investments

Investments shall be made at the Colorado Episcopal Foundation unless the GSLS and Vestry con‐

cur that a different investment vehicle is preferable based upon sound investment criteria. Moreo‐

ver, all endowment funds shall accumulate until they reach an amount of $100,000.00. All gifts

and bequests in excess of $10,000 that are not a part of annual giving will become part of the

Church Endowment Fund unless otherwise directed by the donor and will, therefore, become sub‐

ject to this and any other policies that provide for the distribution, designation, investment, or oth‐

er aspects of the Fund.

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IV. Distributions

Concerning the distribution of the income from endowment funds, the Legacy Society shall deter‐

mine what is principal and income according to generally accepted accounting procedures. Due to

the fluctuating nature of the income stream generated by the Church Endowment Fund and the de‐

sire to maintain the purchasing power of the Fund over time, the Legacy Society has adopted a

“Total Return” policy with respect to annual distributions from the Fund. Simply stated, this policy

is to distribute no more than 5% of the average market value of the Fund on an annual basis.

More specifically, the 5% is calculated before the start of the fiscal year based on the average of the

prior thirteen calendar quarters’ total market value of the Fund ending with September 30. This way

an exact distribution can be used in preparing the coming year’s operating and capital budget.

This distribution policy applies to the entirety of the Church Endowment Fund and in no way over‐

rides the terms of any true endowment funds. Nor does it preclude any donor from creating true en‐

dowment funds in the future. It does mean that in years when the income generated by true endow‐

ment funds is less than 5%, an amount greater than 5% will be taken from quasi‐endowment funds.

Likewise, in years when the income generated by true endowment funds is greater than 5%, it will

mean that an amount less than 5% will be taken from quasi‐endowment funds.

V. Designation

The amount distributed from the Church Endowment Funds shall be available to the Vestry annual‐

ly to accomplish the following purposes:

a. For capital improvements, debt reduction or the building program of the parish or

to be held in escrow or spent for major maintenance of this parish;

b. For scholarships or grants to members of the parish who demonstrate need for the

purpose of attending college, seminary, nursing or medical school; for special medical

or psychological needs; for church related camping or leadership conferences; or for

training which enables members of this congregation to grow in the Christian faith and

service to God’s people

c. For outreach into the community, including but not limited to, social service agen‐

cies, institutions and agencies to which this parish relates, and to special programs

designed for those persons in our parish area who are in spiritual and/or economic

need; and

d. For projects of the Episcopal Church at home and overseas, including but not lim‐

ited to, grants to the Domestic and Foreign Missionary Society of the Protestant Epis‐

copal Church in the United States of America for new mission development, profes‐

sional leadership, educational ministries, and stewardship.

e. This designation policy applies to the entirety of the Church Endowment Fund and

in no way overrides any designations that may have been placed on funds by their do‐

nor. Nor does it preclude any donor from designating funds in the future

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VI. Use of Principal

Principal may be taken from endowments only for emergency parish needs by a unanimous vote of

the GSLS and a unanimous vote of the full Vestry.

VII. Conflicts of Interest and Confidentiality

The parish’s affirmative policy shall be to require that all actual or potential conflicts of interest be

disclosed promptly and fully to the Vestry and all other appropriate parties. This policy shall apply

to all Legacy Society members appointed by or reporting to the Vestry, and all employees having

discretionary management authority. When any such person has an actual or potential conflict of

interest, as defined by the written policies of the Vestry and/or COLO. REV. STAT. ʹ 7‐128‐501, he or

she shall make a prompt and full disclosure of such interest to the Vestry prior to its acting on the

matter. Such disclosure shall include any relevant and material facts known to such person about

the person’s relationship or interest and about the matter or transaction which might reasonably be

construed to be adverse to the parish’s interest.

The body to which such disclosure is made shall thereupon determine, by a majority vote, whether

the disclosure shows that a conflict of interest exists or can reasonably be construed to exist. If a con‐

flict is deemed to exist, such person shall not vote on, nor use any personal influence on, nor partici‐

pate (other than to present factual information or to respond to questions) in, the discussions or de‐

liberations with respect to such contract or transaction. Such person may be counted in determining

whether a quorum is present but may not be counted when the Legacy society votes on the transac‐

tion. The minutes of the meeting shall reflect the disclosure made; the vote thereon; where applica‐

ble, the abstention from voting and participation of the interested person; and whether a quorum

was present.

All persons who may serve the Parish as clergy, or as a Vestry Member, Warden, committee mem‐

ber, employee, or agent shall recognize the confidentiality of information provided to such person in

his or her official capacity. Information which may be considered confidential shall include financial

information of individuals or families, medical or psychological information, information concern‐

ing personal or spiritual history, legal information, and any other information which a reasonable

person would consider confidential. The confidentiality of such information shall be maintained

with the care that a reasonably prudent person would utilize to maintain the confidentiality of his/

her own confidential information. This provision shall not be interpreted to prohibit the sharing of

such information among such clergy, staff, agents or volunteers who have a reasonable need to

know such information to carry out their duties on behalf of the parish.

VIII. Amendment

This policy may be amended by a three‐fourths affirmative vote of the entire Vestry, including the

Wardens and the Rector, at any meeting for which 21 days’ prior written notice outlining the pro‐

posed changes to this policy has been provided to the Vestry. Notice of any approved amendment to

this policy will be provided to the entire congregation on a timely basis (at least at the Annual Meet‐

ing) except for amendments dealing with changes to the Appendix.

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ESTABLISHING/MARKETING

YOUR ENDOWMENT*

An endowment is the accumulation of the gifts of assets made to the parish for permanent manage‐

ment and from which only a portion of the value of the gift is used. Strictly speaking, endowment

funds are invested for the long term and only the earnings from the principal can be used.

Successful Parish Funding

A parish’s endowment is but one aspect of total financial resource development that, in most par‐

ishes, is the least understood and the least emphasized in the overall funding of the parish. The sev‐

en elements of successful parish funding include:

1. Offerings

2. Annual Campaigns

3. Endowment

4. Special Appeals

5. Grants that the Parish May Receive for Specific Ministries

6. Capital Campaigns

7. 501(c)3 Organizations

Parish Endowments Blend Three Ingredients for Best Results

Theology ‐ Affirmed by the clergy, lay leadership and congregation; the parish leaders and con‐

gregation have a theological and philanthropic understanding of an endowment and its uses.

Management ‐ Managed in a social and fiduciary responsible manner; the parish has established

sound and well‐understood investment policies

Development ‐ Marketing and educational programs are in place and functioning.

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KEY STEPS IN BUILDING

AN ENDOWMENT*

1. Develop a Long Range Plan/Mission for the Parish

If your parish does not have a current mission statement, one should be adopted. The purpose

of a mission statement is to state what the parish is in business to do. It should specify funda‐

mental reasons for the parish’s existence, establish the scope of parish activities, and provide

overall direction for the parish. The mission statement should provide the basis for the Endow‐

ment Guidelines, particularly those regarding distribution.

2. Establish endowment structure with functioning governance and management documents

guiding the operations

A. Endowment Bylaws

As bylaws will be specific to each church, the Colorado Episcopal Foundation can work with

you to develop your bylaws, and will be glad to provide you with sample parish bylaws on re‐

quest.

A new parish bylaw should be created to deal with the Endowment Committee. The following

is a guideline that each church will alter to suit its own needs.

We recommend you include the following:

Purpose: All bequests received by [Parish Name] will be under the direction of an Endowment

Committee whose purpose shall be to manage, invest and raise endowments within [Parish

Name].

Composition: The Vestry will appoint a committee, being communicants in good standing,

pledges of record and regular in attendance to serve on the Endowment Committee. The Ves‐

try should decide if Vestry members should be members of the Endowment Committee.

Terms: Terms should be limited to a specific number of years. The initial committee should be

set up to have members rotate off in such a manner that new member(s) are added each year.

Meetings: Once the Wills Program has been completed, the Endowment Committee should

meet at least once a year. A report of endowments should be made to the parish at the annual

meeting.

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Removal: Include a provision for removing members, if necessary.

Bonding: The Committee should be bonded for whatever amount the Vestry determines.

Distribution: Include a statement that refers to how the income shall be distributed as defined

in the bylaws.

B. Authorization And Approval

The Vestry should adopt the endowment bylaws for incorporation in the parish bylaws and

affirmed by the congregation at the parish annual meeting.

C. Endowment Committee Appointed

The Endowment Committee appointed by the Vestry, will be the group responsible for setting

up and managing the program.

The Endowment Committee will:

Establish roles for the Committee.

Be responsible for implementing a Planned Giving program, such as the Wills Program or a

similar program in the parish (see “Establishing a Wills Program” on page 50).

Work with the finance committee to see that information on the program is included in all

financial plans, programs and literature.

Work with the newsletter editor, bulletin editor, etc. to see that information in the program

is included.

Remind the Vestry and Rector that each of them should have a will that includes the parish.

Oversee the management of the endowment funds through sound spending and investment

policies

3. An Endowment Marketing program

The endowment marketing effort should be focused on accomplishing the following goals.

The staff, Vestry and Endowment Committee members should seek a consensus about the goals at

the outset. The goals should include the following:

48


To give visibility to the parish and the people it serves.

To increase parish awareness of the endowment and its purposes.

To create the expectation that donors will make bequests and other planned and current

gifts.

To disseminate information about charitable gift provisions in wills and estate plans.

To generate donor inquiries for endowment and planned giving information and services.

Spur the donor to say, “Sounds interesting. Tell me more.”

To involve donor and prospects through their participation in testimonials or other mar‐

keting activities.

To identify prospective donors — for the endowment and current programs.

To educate prospective donors about the various ways to make endowment gifts and the

implications of each.

To motivate prospective donors to take action .

To provide helpful information to professional advisors and increase their knowledge of

the parish’s endowment program

To recognize and thank the parish’s endowment donors and their advisors.

To encourage repeat gifts to endowment.

*Some portions of this article are excerpts from Ernest Q. Petrey, Jr.’s Show It & Grow It: Marketing Your Endow‐

ment. Petrey, the CEO of Ardleigh Minerals, Inc. has served in various leadership positions with the Diocese of

Ohio, St. Paul’s, Cleveland Heights, Ohio and with the Consortium of Endowed Episcopal Parishes.

49


GIFT ACCEPTANCE GUIDELINES & SAMPLE

Gift Acceptance Guidelines..........................................................51

Episcopal Diocese of Hawaii........................................................53

50


51


Key Points to Consider when Drafting a Gift Acceptance Policy

• Gifts accepted and gifts not accepted:

1. Listing of gifts accepted and not accepted.

2. Mention unrestricted vs. restricted gifts. How are restricted gifts handled? May

want to have a blanket statement that all restricted gifts must be approved by the

vestry before accepting.

3. Gifts that Vestry has given authority to accept without receiving transaction spe‐

cific approval (cash, publicly traded stocks, etc).

4. Gifts that Vestry/other committee must approve before accepting (real estate, etc.).

5. Planned Gifts – probably only want to “accept” bequests and beneficiary designa‐

tions. May want to mention CEF as source for other planned gifts (gift annuities,

Pooled Income Fund, etc.).

• Criteria and specific guidelines for accepting gifts – especially important when

accepting real estate, etc.

• Valuation guidelines – who is responsible for assigning value, who pays for

appraisals, etc.

• Use of legal council.

• Acknowledgment to donor.

• Use of gifts/proceeds – over a certain $ amount, proceeds into endowment, etc (CEF poli‐

cy is anything over $1,000 goes into endowment). Then, mention in endowment policy how

money is to be disbursed and what it can be spent on. If not in endowment, then how is it

spent? Also, may want to include general guidelines on when/how to sell non‐cash gifts.

52


53


Gift Acceptance Policy ‐ Episcopal Diocese of Hawaii

X. PROCEDURES FOR ACCEPTED PLANNED GIFTS

A. Policy

It is the general policy of the Diocese that all planned gifts received, large or small, will be added

to an endowment. Names of donors to this fund will be recorded and given proper acknowledge‐

ment. Major gifts, in excess of $100,000, will be used to establish named funds within the endow‐

ment. The investment of any unrestricted gifts received by the Diocese will be governed by an in‐

vestment policy which is established by the Diocesan Council and reviewed by them from time to

time.

B. Gifts Designated as to Purpose

Some gifts will be designated as to their purpose by prior agreement with the donor. Such gifts

shall be used for the designated purpose, as long as such purpose exists and is consistent with the

general purposes of the Diocese. The agreement with the donor should include language which

allows the use of the gift to change if circumstances so warrant.

C. Gifts Restricted As to Use of Principal

Donors may wish their gifts to be used as endowments which are restricted (i.e. “no invasion of

principal”). Such restrictions shall be honored using existing Hawai`i State Law and accepted en‐

dowment fund management principles as guidelines.

D. Undesignated Gifts

1. All funds received by the Diocese that are not designated for specific purposes shall be

used for general purposes of the Diocese. These purposes may change from year to year

based on the needs of the Diocese, as determined by the Diocesan Council.

2. It is strongly recommended that the Diocesan Council establish goal oriented funds with‐

in the endowment e.g. Christian Education, Outreach, Capital Improvement etc. as a way to

foster gifts and meet the needs of the Diocese.

3. In no case shall planned gifts be taken into working capital, i.e. the

operating budget.

E. Unrestricted Gifts

Any gift received where the donor specifically states that the principal may be used for any pur‐

pose will be placed in a separate fund in the endowment (or in a named fund if the gift exceeds

$100,000) which allows the use of the principal. Sound endowment fund investment management

principles shall be the governing policy.

54


55


3. GIVING IT SHAPE

Enrollment Form, St. Stephen’s, Aurora, CO...………………..53

Informational Brochure (Sample)......…………………………..55

Newsletter Articles/Ads................................................................57

One‐Liners………………...…………….......................................59

56


57


TH

E E

NV

ISIO

N L

EG

AC

Y,

ST.

ST

EP

HE

N’S

, AU

RO

RA

O

ur H

oly

Pla

ce

E

nro

llmen

t F

orm

I w

ant t

o be

com

e a

mem

ber

of th

e E

nvis

ion

lega

cy

I ha

ve r

emem

bere

d th

e ch

urch

: In

my

Last

Will

and

Tes

tam

ent

In m

y qu

alifi

ed r

etire

men

t pl

an

In a

life

insu

ranc

e po

licy

Cha

ritab

le G

ift A

nnui

ty

Cha

ritab

le R

emai

nder

Tru

st

Oth

er p

leas

e de

scrib

e) _

____

____

____

____

____

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(Che

ck a

ll th

at a

pply

) I u

nder

stan

d th

at m

y na

me

may

be

reve

aled

as

a m

embe

r of

th

e S

t S

teph

en’s

Env

isio

n Le

gacy

for

the

pur

pose

of

reco

gniti

on a

nd to

hel

p en

cour

age

othe

rs to

bec

ome

mem

bers

: Y

es, y

ou m

ay u

se m

y na

me

No,

ple

ase

keep

my

gift

anon

ymou

s N

ame_

____

____

____

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ne__

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ity _

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te__

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mai

l Add

ress

___

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igna

ture

. ___

____

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_Dat

e __

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TH

E E

NV

ISIO

N L

EG

AC

Y,

ST.

ST

EP

HE

N’S

, AU

RO

RA

O

ur H

oly

Pla

ce

Wh

at is

th

e E

nvi

sio

n L

egac

y?

A g

roup

of p

aris

hion

ers

who

hav

e re

mem

bere

d S

t. S

teph

en’s

in th

eir

will

, life

insu

ran

ce, I

RA

or

othe

r re

late

d le

gal o

r fin

anci

al in

stru

men

t. H

ow

do

I b

eco

me

a m

emb

er?

In

clud

e th

e ch

urch

in a

ny o

f the

abo

ve a

nd a

dvis

e th

e E

ndow

men

t Com

mitt

ee o

r th

e R

ecto

r th

at y

ou

have

don

e so

. You

do

not h

ave

to r

evea

l the

siz

e of

yo

ur r

emem

bran

ce, a

ny a

mou

nt w

ill q

ualif

y.

Wh

o is

a F

ou

nd

ing

Mem

ber

?

Any

one

who

join

s th

e E

nvis

ion

Leg

acy

on o

r be

fore

M

ay 3

1 st,

2007

Ho

w d

o I

mo

dif

y a

will

or

oth

er in

stru

men

t fo

r th

is

pu

rpo

se?

Y

ou c

onta

ct y

our

atto

rney

or

finan

cial

adv

isor

. The

C

olor

ado

Epi

scop

al F

oun

datio

n ca

n he

lp w

ith th

is

effo

rt.

If I

hav

e al

read

y re

mem

ber

ed S

t. S

tep

hen

’s in

so

me

way

, wh

at s

ho

uld

I d

o?

F

ill o

ut th

e E

nrol

lmen

t For

m a

nd r

etur

n it

to th

e ch

urch

offi

ce.

58


59


Rem

embe

r ou

r F

utur

e T

oday

1.

Bei

ng a

wit

ness

of J

esus

Chr

ist

2.

Cre

atin

g sa

cred

spa

ces

3.

Cre

atin

g a

lovi

ng a

nd

thri

ving

com

mun

ity

4.

Ref

lect

ing

our

valu

es th

roug

h

plan

ned

dist

ribu

tion

of

mat

eria

l goo

ds

Fo

ur

Leg

aci

es

of

the

Fa

ith

ful.

..

Ret

urn

form

to th

e C

hurc

h O

ffic

e, R

oann

e R

oss,

Den

nis

Log

an, o

r M

arle

ne L

ogan

Re

me

mb

er

ou

r Fu

ture

To

da

y

St.

Jos

eph

’s

Leg

acy

Soc

iety

Rem

emb

er o

ur

Fu

ture

T

od

ay

To

crea

te y

our

own

plan

ned

givi

ng s

cena

rio,

go

to

ww

w.c

oef.

gift

lega

cy.c

om

60


I w

ant t

o be

com

e a

mem

ber

of S

t. Jo

seph

’s L

egac

y S

ocie

ty

I ha

ve r

emem

bere

d th

e ch

urch

:

C

heck

all

that

app

ly

In

my

Las

t Will

and

Tes

tam

ent

In

my

qual

ifie

d re

tire

men

t pla

n I

n a

life

insu

ranc

e po

licy

Cha

rita

ble

Gif

t Ann

uity

C

hari

tabl

e R

emai

nder

Tru

st

Oth

er (

plea

se d

escr

ibe)

__

____

____

____

____

____

____

____

____

__

I un

ders

tand

that

my

nam

e m

ay b

e re

veal

ed a

s a

mem

ber

of

the

St J

osep

h’s

Leg

acy

for

the

purp

ose

of r

ecog

nitio

n an

d to

hel

p en

cour

age

othe

rs to

bec

ome

mem

bers

: Y

es, y

ou m

ay u

se m

y na

me

No,

ple

ase

keep

my

gift

ano

nym

ous

Nam

e___

____

____

____

____

____

____

____

____

____

___

Phon

e___

____

____

____

____

____

____

____

____

____

___

Add

ress

____

____

____

____

____

____

____

____

____

____

_ C

ity _

____

____

____

____

____

Sta

te__

___

Zip

____

____

E

mai

l Add

ress

___

____

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____

____

____

____

____

____

Si

gnat

ure.

___

____

____

____

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____

____

____

____

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D

ate

____

____

____

____

____

____

____

____

____

____

___

E

nrol

lmen

t for

ms

rece

ived

on

or b

efor

e

Dec

embe

r 31

st, 2

008

wil

l be

co

nsid

ered

Fou

ndin

g M

embe

rs.

Wh

o is

a F

oun

din

g M

embe

r?

Any

one

who

join

s th

e St

.

Jose

ph’s

Leg

acy

Soc

iety

on

or

befo

re D

ecem

ber

31st

, 200

8

How

do

I m

odif

y a

wil

l or

oth

er

inst

rum

ent f

or th

is p

urp

ose?

C

onta

ct y

our

atto

rney

or

fi

nanc

ial a

dvis

or. T

he C

olor

ado

Epi

scop

al F

ound

atio

n ca

n al

so

help

wit

h th

is e

ffor

t. If

I h

ave

alre

ady

rem

embe

red

S

t. Jo

seph

’s in

som

e w

ay,

wh

at s

hou

ld I

do?

F

ill o

ut th

e E

nrol

lmen

t For

m

and

retu

rn it

to th

e ch

urch

of

fice

.

Wh

at is

the

St.

Jose

ph’s

L

egac

y S

ocie

ty?

A g

roup

of

pari

shio

ners

who

ha

ve r

emem

bere

d S

t.

Jose

ph’s

in th

eir

wil

l, li

fe

insu

ranc

e, I

RA

or

othe

r

rela

ted

lega

l or

fina

ncia

l in

stru

men

t. H

ow d

o I

beco

me

a m

embe

r?

Incl

ude

the

chur

ch in

any

of

the

abov

e an

d ad

vise

the

L

egac

y S

ocie

ty C

omm

itte

e th

at y

ou h

ave

done

so

by

fill

ing

out t

he E

nrol

lmen

t F

orm

and

ret

urni

ng it

to th

e ch

urch

off

ice.

You

do

not

have

to r

evea

l the

siz

e of

you

r re

mem

bran

ce, a

ny a

mou

nt

wil

l qua

lify

.

St.

Jose

ph

’s L

egacy

Soci

ety

Ret

urn

form

to th

e C

hurc

h O

ffic

e, R

oann

e R

oss,

Den

nis

Log

an, o

r M

arle

ne L

ogan

Rem

emb

er o

ur

Fu

ture

To

da

y

St.

Jos

eph

’s L

egac

y S

ocie

ty

En

roll

men

t F

orm

61


Ad for Saint John’s Cathedral’s Legacy Society published in Newsletter

Includes criteria for membership.

62


Article Published in St. Joseph’s Episcopal Church, Lakewood, CO Newsletter

Announcing formation of the Legacy Society

The St. Joseph Legacy Society

By Roanne Ross

Imagine that! Our very own Legacy Society that will help support the future of our beloved church

after we are no longer on this earth (gulp, die). It’s hard to write it, “die,” let alone say it, but it’s an

inescapable reality we all have to face. Sorry, I’m not preaching, just talking to myself and working

on being neutral and accepting that some day this world will actually go on without me. Imagine

that!

So... I tithe to St. Joseph now... Why not continue to give after I die? (gulp) So I’m in the process of

rewriting a will (gulp), and have happily changed the original one to leave to St. Joseph the same

percent I’ve been tithing for years. And it feels great! I don’t know why I didn’t do that the first

time around... It just never occurred to me that I could. And maybe it hasn’t occurred to you either.

Right?

So sometime in June, someone from the Colorado Episcopal Foundation will come to St. Joseph’s

between the two Sunday Services to speak to us about being a part of a St. Joseph Legacy Society.

Simply consider giving something to your church when you die (gulp), in your will or as part of

your estate planning. I don’t understand all the details, but THEY do, and they have helped set up

Legacy Societies in many churches in our diocese, including the Cathedral. All I ask you to do is

COME AND SEE the possibilities available to us to continue giving after we die. (No gulp this

time... Wow!)

63


One‐Liners

These could be used in newsletters or bulletins as reminders to the congregation to consider the

church when they make or update their will. Make up your own! If you come up with any really

good ones, please let us know.

A WILL is a creative vehicle through which to make thoughtful gifts.

Not only wealthy people need a Will. Even if your estate is modest, your heirs few, your wishes

simple, you too can make a will!

Wills are not restricted to gender. Women live longer than men, earn more than ever before and

control approximately 2/3 of all assets in the United States.

By making a WILL you:

Name guardians for your children

Control the distribution of your assets

Select who will administer your assets

Are a good steward

Remember to include the work of the church in your will.

WRITE YOUR WILL TODAY!

When is the best time to make a WILL? TODAY!

Your WILL is an opportunity to honor those who have given meaning and purpose to your life.

A steward by definition is a manager. Making a WILL is an act of stewardship.

Make sure you know who your heirs will be—make a will!

Who needs a WILL? Every adult who owns anything and cares what happens to it.

When was the last time your WILL had a check‐up?

Who would care for your children if they lost both parents? Through your WILL, you can de‐

clare your choice of guardians.

The cost of making a WILL may be the best bargain you ever receive. It costs little compared to

what you can save your heirs.

64


Are you leaving a legacy of “red tape” for your heirs? A WILL can cut through confusion and

help avoid misunderstandings.

Your WILL can be a testimony of your faith. Consider leaving a gift to your church.

Your WILL speaks for you after your death. What does yours say about your Christian commit‐

ment?

Be a WILLING Christian. Remember the church.

Through your WILL you can support:

The St. Francis Center Community Ministry

Your Parish The Colorado Episcopal Foundation

Your church music program Your church altar guild

Your WILL is your final opportunity to practice good stewardship.

Does your WILL reflect your will, God’s will, or the state’s will? If you do not have a WILL, the

state will control your assets, distribute your property, and decide on guardians for your chil‐

dren.

Through an annuity provision in your WILL, you can provide payments for life to a relative or

friend and also make a gift to your church. Your dollars do double duty!

A WILL can safeguard your estate from unnecessary taxes and court costs.

Your WILL should be reviewed every few years.

Is your out‐of‐state WILL valid in Colorado? Probably, but it is a good idea to have your WILL

checked by an attorney when you move to another state.

65


4. ENROLLING FOUNDING MEMBERS/

5. ENROLLING NEW MEMBERS AND

MAINTENANCE (ON‐GOING)

Status Report........................................................………………..63

66


67


QUARTERLY STATUS REPORT

Fax: 303.534.6012 or ANY QUESTIONS?

Mail: Colorado Episcopal Foundation Call 303.534.6778

1300 Washington St.

Denver, CO 80203

PLEASE PROVIDE THE FOLLOWING INFORMATION:

YEAR_______________________________ QUARTER_______________________

NOTE: Include photocopies of your New Member Enrollment Form with this report to reduce errors in re‐

producing information.

Please list the names of Legacy Society Members who have died this quarter.

Please list the names of Legacy Society Members whose status (e.g. divorced) and/or contact information has changed

this quarter.

Form can be downloaded at www.coef.org/resource/form

New Member Name/s

Gift Vehicle

Beneficiary/ies Enrollment

Date #

Enrollees 1.

2. 3.

1. 2. 3.

1. 2. 3.

1. 2. 3.

68


69


1 3 0 0 W A S H I N G T O N S T D E N V E R , C O 8 0 2 3

P H O N E : 3 0 3 . 5 3 4 . 6 7 7 8 T O L L F R E E : 8 8 8 . 5 4 3 . 8 5 3 2

F A X : 3 0 3 . 5 3 4 . 6 0 1 2

O F F I C E @ C O E F . O R G W W W . C O E F . O R G

70


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