Saint Luke's Foundation
Mission of Saint Luke’s Foundation
The purpose of the Foundation is to receive, hold and manage gifts to promote the outreach mission of the church, to provide scholarships to fund outreach projects, and to provide for major capital needs of the church. In addition, the Foundation will accept gifts to fund specific purposes or projects within the scope of the mission of the foundation
The goal of the trust fund established hereby shall then not be an ever-growing store of funds but an ever-growing use of funds for the church’s outreach and scholarship efforts.
History
The Foundation document was signed July 22, 1974 by Julian Lackey, Wade H. Morton, J. R. McWane, W. T. Cothran, John Jemison and Tynes Sevier. The initial contributions to the trust totaled $8,500.
In a letter from George Maynard dated September 27, 1996, a resolution was adopted to establish a fund to receive contributions in memory of Andrew Wilson Darnall. With the establishment of this fund and appointing John Darnall as Director, new enthusiasm for the Trust and funds was gained.
John Darnall and Kathryn Miree presented a plan to the vestry. New marketing materials were published and the Trust grew from $18,000 in 1995 to approximately $1.5 million today.
The Foundation currently distributes approximately $50,000 a year to various programs and charitable organizations throughout the community.
The past ten years the Foundation distributed approximately $500,000.
Current Foundation Board members are John P. Darnall, III, Clark Gillespy, Cobb Hagan, Hugh Morgan, Jim Hancock, Ham Poynor and Betty O’Neil, church administrator
FAQs
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Why does the Foundation exist?
The Saint Luke’s Foundation was created in order to further the missions and ministry of the church
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What expenses are excluded from the Foundation’s purpose?
The Foundation is not to be used to defray normally budgeted expense items in the church. For example, our 2010 budget expenses were $3,069,500.
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How are decisions made about Foundation spending?
The Foundation is governed by the trustees of the Foundation. These individuals are responsible for allocating income from the Foundation on an annual basis set out in its mission and for approving distributions of principal, where appropriate. Donors may also direct that funds contributed to the Foundation be spent for specific purposes. The trustees oversee the distribution of all such directed funds. The trustees in turn report to the vestry and the parish about fundraising activities.
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How can I gift to the Foundation?
The Foundation is governed by the trustees of the Foundation. These individuals are responsible for allocating income from the Foundation on an annual basis set out in its mission and for approving distributions of principal, where appropriate. Donors may also direct that funds contributed to the Foundation be spent for specific purposes. The trustees oversee the distribution of all such directed funds. The trustees in turn report to the vestry and the parish about fundraising activities.
The Foundation will accept gifts for unrestricted, designated, or memorial purposes. These gifts may include:
- Stocks, bonds, life insurance, real estate, or other property
- Gifts under Will
- Retirement Plan beneficiary designations
- Life insurance beneficiary designations
- Charitable Remainder trusts
- Cash
4 Step-Process:
- Make current list of assets and how they are owned
- List your estate planning priorities
- Talk to advisors to formalize your plan
- Review and update plan accordingly
Foundation Distribution Channels
- Discretionary and Unrestricted Funds $750,000
- Environmental Fund $145,000
- Children’s Welfare Fund $100,000
- Claypool Scholarship $450,000
- Miscellaneous $2,000
- Family Specific Gifts $40,000
