Frequently Asked Questions

The Westminster Legacy of Gratitude Program

1. Who should make a Legacy Gift? Any person, young or old, who would like to create a Legacy of Gratitude in thanksgiving for the many blessings God has bestowed. A gift can be structured for nearly any circumstance. The best gift is one that fits your particular situation and desires, and that reflects your values.

2. Isn't the Legacy of Gratitude program only for large gifts or wealthy people? No. A gift of any size is significant, because it reflects your values, and faith in the future of this congregation. All gifts are invested to help the church to remain a vital and relevant telling presence. Any gift can make a large impact over time, because it will grow.

3. How will my gift be used? You will decide how you’d like it to be used. Many people choose to make an unrestricted gift, which means that Westminster can use it for whatever is most needed at the time. (Unrestricted gifts are currently invested in the Open Doors Open Futures initiative.) Others choose to restrict their gifts to the endowment or a particular fund within the endowment (since the principal is not spent for endowment gifts, the income from your gift will continue to support Westminster in perpetuity.) Gifts are used to help Westminster fulfill its mission, and for capital improvements to help maintain our historic building. Although Westminster prefers unrestricted gifts so that they may be deployed as needed, a donor may elect to direct a gift to a specific program or initiative if desired (note: this needs to be in writing at the time of the gift).

4. How are gifts allocated within the endowment? If a gift is restricted to the endowment but not further to a fund within the endowment, it will be invested 40%-40%-10%-10% to operations, capital, and local and global mission funds, respectively.

5. Who manages the endowment and when was it established? The Board of Trustees manages the endowment. It was established in 1914, thanks to the foresight of Charles Thompson, with a gift of $5,000 (roughly equal to $130,000 in today’s dollars). Charles Thompson was Westminster’s Clerk of Session for nearly thirty years, and wanted to “have some little part of the work of this church after I have gone,” according to his last will and testament.

6. What are the goals of the endowment? To spend income, preserve principal, and protect against inflation. Over time, the endowment’s return has been 7-8%. It provides indispensable support to Westminster’s annual and long-term budgets. The annual operating budget receives about 17% of its support from endowment income, and the capital budget, for capital additions and maintenance, receives its main support from the endowment.

7. Can I direct where my gift is allocated? As mentioned above, Westminster prefers an unrestricted gift because of its flexibility. However, a donor may direct a gift to a Fund, such as to an existing Designated Endowment Fund (Capital, Operating, or Program Fund), or a new Designated Endowment Fund (this generally requires a gift of at least $50,000).

8. What are the programs that comprise the Endowed Program Funds? Mission, Music, Westminster Counseling Center, Town Hall Forum, Meisel Scholarship, Women’s Ministries, Jason Carter Gift of Grace, Spiritual Life, and Camp Ajawah – all receive support from the Endowment, and a donor may restrict their gift to one or more of them (note: this should be noted in a Legacy Gift Form and returned to Westminster).

9. May I make a gift in memory of someone? You may make a Legacy Gift in memory of a loved one; however, in order to establish a fund in the name of that person, the amount would need to meet the criteria of a new Designated Endowment Fund as described above.

10. What happens to my Legacy Gift when Westminster receives it? The Board of Trustees is informed of the donor’s documented wishes (Legacy Form on file, estate documents), and directs the gift as indicated. If there are no intentions on file, the gift will be invested by current policy towards the Open Doors Open Futures campaign, until complete.

11. How will I be recognized for my Legacy Gift? There is an annual Legacy Appreciation Luncheon in May to honor and thank those in the Legacy Circle (i.e. those who have made provisions for a Legacy Gift).

12. I prefer to keep my gift and / or plans confidential – can I do this? Yes. Westminster inquires about and respects a donor’s desire for confidentiality and anonymity. Gift amounts are never made public. And, if you indicate in writing, Westminster will not include your name on any roster of Legacy Givers.

13. What are the steps for creating a Legacy Gift? Deciding how you’d like to be remembered is a sacred process that can be very meaningful. First, consider which family members or people and organizations you’d like to fortify in the future through your generosity. Second, set up a meeting with the Director of Stewardship to talk through your options and values, in preparation for a meeting with your attorney or financial planner. Third, meet with your attorney or financial planner to ensure that your documents reflect your intentions, and finally, complete a Legacy Gift Form to inform Westminster so that we have your intentions on file, and you can be included in the Legacy Circle. You may want to tell your family or loved ones about your decision. Then, take joy in the fact that you have helped provide for future generations to carry forward in faith, hope, and love!

14. Who can help me decide how to proceed? Contact Mary Hess, Director of Stewardship, as a first step. She can work with you to discuss your objectives, and put you in touch with additional resource people as needed, such as the Presbyterian Foundation or local experts. You should always consult with your financial and / or attorney for specific legal or financial advice for your particular circumstances. The role of Westminster is not to provide professional advice, but rather to help you identify possible ways to make a gift that reflect your values.

15. How does Westminster work with the Presbyterian Foundation? Westminster draws on the expertise of the Presbyterian Foundation to plan, structure, and manage life income gifts, in recognition of our shared goals in the Presbyterian tradition. For example, the Presbyterian Foundation administers annuities on behalf of some of our church members. In addition, the Foundation provides informational materials and general resources and assistance on planned giving.

16. Can I set up an annuity or another vehicle with an organization other than the Presbyterian Foundation? Yes. Any organization or Foundation that offers these services may be used.

17. I’m not sure I will have enough money to last my lifetime. Can I still make a Legacy Gift? Absolutely. Perhaps the easiest way to make a gift is to create a bequest in a will that simply designates some percentage, or dollar amount, of the remaining estate to Westminster. In addition, certain annuity vehicles can provide income during a donor’s lifetime, which can be a significant help to the donor’s current circumstances. Beneficiary designations to Westminster are another easy and straightforward way to give. Contact Mary Hess or visit the Westminster website for bequest language to share with your attorney, or to explore an annuity.

18. If I make a legacy gift, should I still make an annual contribution? Yes. Generally speaking, a Legacy Gift is considered an “ultimate gift,” i.e. over and above regular annual pledging. It is often the largest gift a person makes in their lifetime, because it comes from assets beyond just cash.

19. What about Memorial Gifts? Memorial Gifts are separate from the endowment, and are accounted for separately. They are not considered Legacy Gifts.

20. What are the ethics of an endowment - should we really be building it or should we be spending the principal for current needs? Prudent investment policy and commitment to previous donors dictates that Westminster maintain an endowment as a “savings account” in order to guard against unforeseen circumstances (economic downturn, accidents or natural disaster, etc.). Westminster’s philosophy is that current members should support current needs; therefore, the annual operating budget is supported mainly by pledge and gift income. In general, Westminster has endeavored to keep the operating budget’s support from the endowment to less than 25% of the total.