The endowment fund
The Directors wish to thank all members and friends of The Falls Church Episcopal who have provided support in the past, and recommend consideration of this organization for anyone engaged in estate planning or considering annual gifts to charities.
Out of that love, you’ll find that this is a church where people are generous givers. Once connected, they happily and generously give their time, talent, and treasure. Read More.
Organized in 1976, The Falls Church Endowment Fund is the recipient of gifts and bequests from members and friends of The Falls Church Episcopal. So that the gifts of donors may work in perpetuity, principal is preserved but investment income is distributed regularly. We are a concrete and practical instrument to receive and administer unrestricted gifts, donations and bequests to support the outreach of the Church more effectively and to provide a reserve for unforeseen circumstances that may occur in the parish.
Our Mission stated in our governing documents is, quite simply, “to further the ministry and outreach of the Christian Church”. Such things include helping the poor, elderly and distressed of our community, assisting community service organizations, providing emergency aid where needed locally and world-wide, establishing new churches, missionary services, training of ministers, and support of Christian education in general. We focus on the greater Falls Church community, the Episcopal Diocese of Virginia, and the efforts of the Episcopal Church world-wide.
Directors of the Endowment Fund are appointed by the Vestry of The Falls Church Episcopal. Directors operate independently from of church financial operations, but they communicate regularly with the Rector and the Head of the Outreach Committee. The Endowment Fund qualifies as a 501(c)(3) non-profit corporation, so that gifts to the Endowment Fund are tax deductible.
HISTORY OF GIVING
Gifts & Bequests Received $ 317,963
Investment Income $1,583,855
Administrative Expenses - $ 59,587
Christian Outreach Grants - $ 823,374
12/31/2017 assets $ 1,018,858
SIZE OF GIFTS RECEIVED
Less than $2,500 $30,635
$2,500 - $5,000 $31,519
$5,000 - $25,000 $28,000
$25,000 - $100,000 $74,725
More than $100,000 $153,084
A History of Gifts & Bequests Received
Although the Endowment Fund received several major gifts in its first few years of operations, it has been sustained throughout its history by many smaller contributions. Bequests from estates or trusts are infrequent and unpredictable, so the Endowment Fund needs a modest level of gifts each year to meet the IRS Public Support requirements for a Public Charity.
Gifts of property other than securities are generally converted to cash when received. Investments are made on a conservative, long-term basis, typically in actively managed balanced mutual funds or passively managed indexed funds.
Administrative expenses have averaged less than $1,500 per year over the life of the Endowment Fund. Directors are not paid. There are no employees. Expenses typically reflect professional services to audit and maintain the Fund's non-profit tax status.
Grants have been made over the life of the Endowment Fund to recipients in the following categories for a total of $823,374
Supporting Families in Need $ 328,250
Supporting Ministry Education $ 131,786
Assisting Churches & Diocese $ 119,070
Supporting Medical Needs $ 116,500
World Relief and Missions $ 93,700
Supporting Christian Day Care $ 34,068
Organizations that have received assistance in recent years include:
The Arc of Northern Virginia
Chris Hancock China Ministry
CODA (Schooling and medical support for young organ transplant patients)
ENDependence Center of Northern Virginia
Episcopal Relief & Development, Hurricane Harvey Fund
Falls Church Community Service Council
Falls Church Homeless Center
Hispanic Committee of Virginia (Diocesan project)
Missionary Society of Virginia (new church financing)
Northern Virginia Family Services
Rebuilding Together, Arlington-Fairfax-Falls Church
Tinner Hill Heritage Foundation
Trinity Episcopal School (Scholarship support)
Virginia Theological Seminary (Seminarian Support)
The Directors would like to hear from members who are involved with and impressed by other charitable organizations not shown. The Endowment Fund can expand their candidate list when next soliciting grant proposals.
The Directors are appointed to rotating five-year terms by the Vestry of The Falls Church Episcopal. Directors appoint replacements should unexpired terms occur. Officers are elected annually. Current Directors are:
John McDonnell, Vice President
Michael Snyder, Secretary
Thomas E. Smolinski, President
Christopher Thayer, Asst. Secretary
Thomas R. Harter, Treasurer
Messages to the Directors, requests for information, or Gifts may be left at the Church Office or mail them to:
The Falls Church Endowment Fund, Inc.
115 E Fairfax St, Falls Church VA 22046
HOW TO CONTRIBUTE TO THE ENDOWMENT FUND
Make a cash gift
Cash gifts can be made at any time and are tax deductible in the calendar year they are received by the Endowment Fund. Small periodic contributions are especially appreciated because the Endowment Fund must demonstrate to the IRS that there is continuous support from its membership. Checks may be made payable to The Falls Church Endowment Fund, Inc., and may be dropped off at the Church office or mailed to The Falls Church Endowment Fund, Inc., 115 E Fairfax St, Falls Church, VA 22046. You may also contribute online.
Add to your will or trust
A bequest in your Will or Trust allows full use of your assets today while supporting the Endowment Fund and its beneficiaries tomorrow. It is revocable, you can change your will or trust at any time, and it is private.
It can be for a specific dollar amount, such as, “I bequeath the sum of $_____ for the general purposes of The Falls Church Endowment Fund, Inc.” Alternately, it can be for a percentage of the balance remaining in your estate after taxes, expenses, and specific bequests have been paid, what is known as residue. “I bequeath ____% of the residue of my estate for the general purposes of The Falls Church Endowment Fund, Inc.”
Your legal advisor can advise you more specifically regarding these documents and how donations are treated for tax purposes in your estate.
The IRS allows you one of its most significant tax breaks for gifts of appreciated securities. If held long-term (owned for 12 months or more), you will receive a charitable income tax deduction equal to the fair market value of the shares donated. For common stock, this is typically the value on the date that the Endowment Fund takes control of the shares you give. You will pay no capital gains tax on the appreciated value of the stock.
Gifts of stocks are deductible up to 30% of your adjusted gross income the year you make your gift. Any excess amount can be rolled over into the next tax year, for up to 5 additional tax years if you need it. Please be advised by your tax adviser and securities firm regarding your gift, but it is important that you contact the Endowment Fund so we can assist you with transfer instructions.
Are you carrying life insurance policies your family no longer needs? Consider giving a policy to the Endowment Fund. Make your gift by naming us the irrevocable owner and beneficiary of a paid-up insurance policy on your life. You will receive an immediate charitable deduction for your gift. It will be the lesser of the policy’s fair market value - your insurance company can guide you in determining this - or the total of your net premium payments. The Endowment Fund reserves the right to keep a donated policy in force during your lifetime, or to terminate it sooner for its cash- surrender value. Caution: A gift of a policy with a loan still outstanding will create taxable income for you in the amount of the loan balance. Please be advised by your insurance company.
It is also possible for the Endowment Fund to be named the beneficiary of a Retirement Plan, such as a 401(k), IRA, or Keogh plan. When benefits are paid to a beneficiary other than your spouse, the income tax on the distribution that might otherwise exist for your heirs would not apply to the Endowment Fund, as a qualified 501(c)(3) organization. Please contact your IRA or retirement plan administrator for information and advice.