Memorial Fund (Non-Endowed)
All individual or collective memorial or tribute gifts shall be deposited in the Memorial Fund. These include gifts made in memory of or in honor of named individuals. Distributions from the Memorial Fund shall be determined by the Memorial Committee and approved by the Vestry.
Serving Boldly Funds (Non-Endowed)
A fund designed to accept gifts and bequests in any amount that will be used for general operations of the Church as determined by the Vestry.
1. Planned and major gifts may be directed to the Serving Boldly Fund to be used for areas of greatest need.
2. All undesignated planned gifts will become part of the Serving Boldly Fund at the direction of the Vestry.
3. Donors may also choose to support Serving Boldly Funds that are broadly defined. Gifts to these funds are not endowed and provide support for St. Paul’s as determined by the Vestry. These areas of interest may include:
Building and Grounds – for the beautification and maintenance of Church-owned buildings and their surroundings
Mission and Community Service – for outreach ministries, various missions of the church, and community involvement
Worship and Christian Education – for music, youth ministry, senior adults
Tower Fund (Endowed)
An endowment held at The Winston-Salem Foundation that is intended to be a perpetual, consistent source of income for St. Paul’s Church so that it might more completely fulfill its mission by developing its ministries beyond what is possible through its annual operating funds. The fund is used at the discretion of the Vestry and limits the amount that may be used for general operating support within the terms of the endowment agreement.
Planned and major gifts in any amount may be directed to the Tower Fund.
Gifts for a Specific Expenditure
Upon approval by the Director of Stewardship and Planned Giving, senior clergy, or the Senior Warden, the church may receive funds intended to be used for a specific expenditure, i.e., the purchase of an asset needed by the church to carry out its mission. For example, John Smith makes a gift of $25,000 for the purchase of a vehicle for use by EYC and other programs. The funds would be temporarily restricted until actually used for the purchase intended and any excess funds remaining would be used at the discretion of the Vestry.
Gifts Greater Than $50,000
In addition to the options of giving to the Serving Boldly Fund or the Tower Fund, individual donors or families can work with the Director of Stewardship and Planned Giving to establish a named, endowed fund for $50,000 or more for the benefit of St. Paul’s.
Named Endowment Funds:
1. Lifetime or planned gifts greater than $50,000 may be separately named and may reflect areas of particular interest if donors’ wishes are outlined in writing. Regardless of the value of these gifts, the Vestry reserves the right to redirect the use of any restricted bequest if the charitable purpose of the bequest cannot be fulfilled as outlined.
2. The individual donor or family and Church leadership must execute a written agreement with the name of the fund and its purpose clearly outlined.
3. The agreement will contain a frustrated purpose clause that allows the Vestry to redirect the fund income if the original purpose of the agreement cannot be achieved.
4. In the absence of a gift agreement, gifts greater than $50,000 will be deemed “unrestricted” and used at the discretion of the Vestry.