Give Permanent Support for Your Charity
An endowment is a special fund at the Baptist Foundation that is set up for providing permanent income support for named Baptist organizations or ministries. The donation is invested, and the earnings are distributed to the designated charities at least annually.
Endowments may be established in the name of the donor or they can be named in honor or in memory of someone special. Because of the desire to serve all North Carolina Baptists, the Foundation will serve as permanent trustee for endowments both large and small. Endowments can be added to at any time and in any amount. Many choose to add significantly to their endowments by Last Will and Testament. The Foundation will serve as trustee for endowments that include a variety of charities as long as Baptist ministries receive at least 51% of the endowment income.
Example: Tom and Beverly Langford would like to set up a fund to provide annual support for the Baptist college that provided such a good foundation for their careers. In fact, they met while in school. They want to donate some stock this year that they purchased for $5,000 twenty years ago that is now worth $25,000. The stock ownership is transferred to the Foundation, and a short endowment agreement is prepared and signed by the Langfords and the Foundation. The Langfords receive a full income tax deduction and avoid all potential capital gain taxes. The stock is sold by the Foundation, and the college begins receiving the income from the investment in the name of Tom and Beverly Langford, forever.