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Legacy Giving
Plant a seed for the future of Covenant Presbyterian Church
“It is the smallest of all the seeds, but when it has grown, it is the greatest of all shrubs and becomes a tree, so that the birds of the air come and make nests in its branches.” -Matthew 13:32
Support the Future of Covenant with a Gift of a Legacy
Thank you for your interest in leaving a legacy to Covenant Presbyterian Church. Through the grace of God, we are empowered by God to share our gifts. No matter what the size of a legacy gift, it is significant and welcome to further God’s ministries. It can be structured to benefit the donor and Covenant during the donor’s lifetime, or benefit Covenant’s ministries upon the death of the donor.
Believe in the future of Covenant and prayerfully think about a legacy gift to benefit and support generations to come!
Types of Legacy Gifts
Unrestricted Gift or Bequest: An Unrestricted Gift or Bequest is money or property* donated during the donor’s life (Gift) or after the donor’s death (“Bequest”) that is given with no restriction on how the donation is to be used.
Restricted Gift or Bequest: A Restricted Gift or Bequest is money or property* donated during the donor’s life (“Gift”) or after the donor’s death (“Bequest”) designated for a specific purpose.
Planned Gift: A Planned Gift is a gift accomplished through one or more legal techniques. An attorney with expertise in wills and trusts can provide information on these complex, tax-advantaged approaches. Additional information can also be found on the Presbyterian Foundation website.
* Note that Covenant does not accept gifts of real estate property.
Ways to Make a Gift
Bequest: A bequest is the simplest and most common type of Legacy Gift, for example...
“I give and bequeath to Covenant Presbyterian Church at 326 South Segoe Road, Madison, WI 53705, the sum of $_________ (OR ________% of my remaining estate) for its general purposes or to be used where the need is greatest.”
Bequests can be included when establishing your Will, or through an amendment to your Will, known as a Codicil. For more information, click on the Presbyterian Foundation link: Wills & Bequests.
Insurance Policies: Proceeds of an Insurance Policy are transferred to Covenant Presbyterian Church (“CPC”) when “Covenant Presbyterian Church” is the official designated primary beneficiary of the policy on a beneficiary designation form acceptable to the insurance company.
Retirement Benefit Plans: Retirement Benefit plans, like 401(k) plans and IRAs, donated to Covenant may provide important tax savings to the donor. As with insurance policies, the CPC must be designated as the primary beneficiary of the plan or account on a form acceptable to the plan or account. For more information, as well as additional ways to give, see the Presbyterian Foundation website.
New Covenant Funds
Covenant has established an endowment with the Presbyterian Foundation, The New Covenant Funds. The Presbyterian Foundation facilitates the funds for which Covenant receives quarterly interest payments generated by The New Covenant Funds. The principal is maintained for future growth to support Covenant’s ministries. For more information, please contact the pastor or GMB chair through the church office.
Many designated funds have been established under GMB in connection with children’s mission, medical mission, youth, and the organ, to name a few. Other established funds include the Legacy Lay Leadership, Legacy Lecture, Legacy Music and more. With the support of these funds, GMB can provide funding where most needed in these areas.
Resources
Who can help me decide how to make a Gift?
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Lawyer
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Financial Advisor
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Pastor
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Gifts, Memorials & Bequests (GMB) Committee
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Other
Always consult with your attorney or financial
advisor for specific legal or financial advice for your particular circumstances.
You may also contact the pastor or GMB Committee Chair by calling the office. They can work with you to discuss your objectives and put you in touch with additional resource people as needed, such as the Presbyterian
Foundation.
The role of Covenant is not to provide professional advice, but rather to help you identify possible ways to make a gift that reflects your values and faith.
Covenant Wish List
The Gifts, Memorials and Bequests (“GMB”) Committee maintains a Wish List of funding requests. There are many ways to share your gifts, in addition to the operating budget, as part of Covenant’s Ministry.
Click below for the list.
Friends of Covenant's Future
During the annual pledge drive each year, any member who makes a gift through Legacy Giving may check a box on their pledge card and/or online that they have remembered Covenant Presbyterian Church through Legacy Giving and become a Friend of Covenant’s Future. The Gifts, Memorials and Bequests Committee (“GMB”) sincerely thanks the members and friends who have already expressed their intent to secure God’s work at Covenant through a gift or bequest allowing Covenant to be nurture and grow in God’s love.
We encourage all members and friends to prayerfully consider a commitment of a future gift to Covenant Presbyterian Church or where the need is greatest. GMB has been able to continue Covenant’s ministries, even in less-than-optimal economic times, because our faithful members and friends planned for such a contingency. The generosity of those who provide funds to the Endowment continues to grow and to give back to this church community and to the many missions of the church beyond Covenant. Thanks be to God for these joyful givers and wonderful gifts.
How Gifts are Used
“Now there are varieties of gifts, but the same Spirit; and there are varieties of service, but the same Lord; and there are varieties of working, but it is the same God who inspired them all in everyone. To each is given the manifestation of the spirit for the common good. “ -2 Corinthians 12:4-7
Funds received and managed by the Gifts, Memorials, Bequest Committee over the years, have provided funding for the following, which is not a comprehensive list. Click below for list.
Thanks be to God for a cheerful giver!
Covenant has truly been blessed.
Questions?
Fill out the form below!
Gifts, Memorials & Bequests Committee
Barbara McCall, Judy Brannstrom, Marilyn Krichko, Ann Sydnor, Anne Lawrence, Janice Walden, Deb Cohn, or Charlie Berthoud