UUFR Endowment Fund and the UUFR Foundation
What is the UUFR Endowment Fund?
The Endowment Fund is our savings account for the future. As families save for the future so that they can enrich their lives as well as cover unforeseen emergencies, so should the Fellowship. The Endowment Fund is managed by the UUFR Foundation.
The UUFR Foundation is a non-profit corporation whose sole purpose is to manage the Endowment Fund. It accepts contributions to the Endowment Fund, invests the Endowment, and disburses funds to UUFR. The Foundation is a separate corporation from UUFR but authorized by UUFR bylaws. It has its own bylaws and Board of Directors.
What is the Endowment Fund’s purpose?
The Endowment Fund provides a way for us who owe so much to those who have preceded us to make a financial contribution to ensure a healthy and exciting future for those who will come after us “in one unbroken line.” It is truly for our tomorrows and permits each of us to fund a legacy.
How are the Endowment funds used?
The Foundation’s bylaws provide that earnings from Endowment Fund will be used to finance UUFR facilities, to enrich our programs, and to help meet the needs and purposes that are outside the operating expenses of the UUFR.
- Spending the Fund’s principal is not permitted without the unanimous consent of the Foundation’s Board of Directors and the UUFR Board of Directors. If such consent is given, use of principal is limited to 25% of the net worth of the unrestricted assets of the Foundation at the beginning of the year in which the distribution is made.
- The Foundation cannot give funds to UUFR for its operating budget. However, funds can be used to make interest bearing loans to UUFR that could be used in the event of an operating shortfall.
The UUFR Foundation Manages the Endowment Fund
The UUFR Foundation comprises seven Directors. Six are selected by the UUFR Board of Directors. The seventh member is a member of the UUFR Board of Directors. The Foundation Directors, who must be UUFR members, function under bylaws and articles of incorporation established by the Foundation Board.
|Jim VanKirk||Board Representative||919-740-7594|
How can you give?
Gifts can be made to the Foundation by:
- Naming the UUFR Foundation as a beneficiary to receive money, stock, real estate (a house or land), or other property under you will;
- Naming the UUFR Foundation as a beneficiary under your life insurance policy;
- Transferring your home to the Foundation but reserving a “life estate” in the property that allows you to live there until you die;
- Establishing and funding a trust that will provide income to you or your family until a specified event and then transfer the property to the Foundation;
- Donating cash, stock, or other property to the Foundation while you’re still living (donating stocks that have appreciated substantially while you’ve owned them may result in significant tax savings).
What is the Barbara Jobe Michos Bequest Society?
The UUFR Foundation’s Barbara Jobe Michos Bequest Society recognizes UUFR members and friends who have made or arrange to make a lasting contribution to UUFR’s long-term financial health through a planned gift to UUFR.
The Society is named for long-time UUFR member Barbara Jobe Michos who cared deeply about the financial health of the Fellowship. Barbara was the daughter of founding UUFR members L.H. and Lizzie Jobe. She volunteered large amounts of her time to promote stewardship and set an example of planned giving by making a bequest to UUFR in her will.
Membership in the Michos Society is conferred on anyone who includes UUFR in their estate planning documents. Members of the Michos Society have their names placed on a plaque prominently displayed at UUFR and are recognized at events held to celebrate their generosity. There is no minimum gift required to belong to the Society, because all gifts are important and valued.
To assist in long-term planning and confirm membership in the Society, we request that donors share the pertinent language and details of their planned gifts in a confidential manner with the Foundation Board. By receiving a copy of the documentation, UUFR is better able to ensure that a donor’s estate planning gift is properly realized. To share your intent, please print, complete and mail our Planned Gift Form to the Foundation Board. Even if your gift is not to the Endowment Fund, the Foundation Board serves as the conduit and repository for planned giving documents (which will be placed in a locked confidential file).
Planned gifts are typically made from assets in your estate and take effect upon your death. Common gift specifications include a lump sum amount, e.g., $10,000, or a specific percentage, e.g. 5%, of the net estate amount after taxes and expenses. Other specifications can include all or a share of a specific asset, such as a house, a retirement account, or an ownership interest in an insurance policy or a business. Most planned gifts are bequests that are transmitted to UUFR by the executor of an estate (if by a Will) or the Successor Trustee (if from a Living Trust). Other planned gifts include bequests from retirement accounts or annuities, life insurance proceeds, or other assets.
For information on arranging for a donation, or any other questions, please contact the Foundation’s President, Karthik Kripapuri, either by email, or by calling him at 651-592-9826.