Frequently Asked Questions about the Foundation
Q. What is the Foundation?
A. The First United Methodist Church Killeen Foundation, Inc. is a 501(c) (3) organization established in 1986 for the sole benefit of the First United Methodist Church Killeen.
Q. What is the Mission and Purpose of the Foundation?
A. To solicit, receive, maintain and preserve (either absolutely or in trust, as trustee) gifts and bequests which are intended to benefit the First United Methodist Church Killeen, an exempt organization under Section 501(c) (3) of the Code, in whole or in part. To support, benefit, be and responsive to the needs of our church to promote the ministries, programs and activities of First United Methodist Church Killeen.
Q. Why does our Church need a foundation?
A. Historically, the Foundation has provided for capital expenditures, facilities maintenance, repair and renovation of church property, which is not addressed in the operating budget of the church. The Foundation provides financial resources for the perpetual support and enhancement of our Church’s outreach and ministry programs.
Q. Why is the Foundation separate from the Church?
A. The Foundation exists separate and distinct from the budget of the Church, intended to serve the ministry of our congregation now and beyond our lifetimes. The Foundation was established to receive and manage gifts and bequests for the perpetual support and to the enhancement of our Church’s ministries.
Q. Who governs the Foundation?
A. A Board of Directors consisting of seven to ten voting members selected by the nominating committee of the Board and elected by the Charge Conference of the Church governs the Foundation.
Q. How can gifts be made?
A. Individuals may contribute cash, securities, personal property, or real estate. Other options for donors are: planned gifts, bequests and will provisions, charitable trusts, gift annuities, and paid up life insurance policies.
Q. Can gifts be designated?
A. Yes! You may designate your contributions to the Memorials and Honors Fund. Designated gifts to this fund may be made within five basic groups of the Foundation’s endowment:
* Youth Ministries
* Christian Education
* Older Adult Ministries
* Music Ministries
* FUMC Killeen Campus
Q. What is an endowment?
A. An endowment is a permanent fund of which only earnings are spent. Since only investment earnings are spent, not the principal sums, endowment gifts become a means of supporting the work and ministry of First United Methodist Church Killeen – forever.
Q. Can gifts be given in honor or memory of someone?
A. We are happy to acknowledge gifts made in honor or in memory of individuals. If you send us a name and address, we will be happy to send an acknowledgement of the gift to the family. No mention of the dollar amount will be made.
Q. How does the Foundation invest the gifts it receives?
A. Financial managers work with the Board of Directors to maximize investment performance. The current asset allocation strategy is 50% of funds invested in equities and 50% of funds invested in fixed income.
Q. What does the Foundation do with the gifts it receives?
A. The Foundation directs your gifts exactly for the purpose you specify. The Foundation staff works closely with donors and with the Board of Directors to assure the highest standards of integrity in investing and spending these funds.
Q. How does the Foundation make sure that the funds it receives are spent for the purposes intended by the donors?
A. The Foundation’s accounting office carefully monitors expenditures made from the Foundation accounts. The Foundation only transfers funds to the Church for the purposes specified by the donor and approved by the Board.
Q. What information does the Foundation provide about its operations?
A. The Foundation is committed to retaining the trust of donors and prospective donors. The Foundation openly discloses information about its policies and activities. The following items are available to interested individuals: financial audits, investment policies, operating budget, the copy of the IRS Letter of Determination, and tax form 990.
Q. To whom do I write my check?
A. First United Methodist Church Killeen Foundation, Inc.
Q. Where do I send my check?
A. First United Methodist Church
3501 E. Elms Road
Killeen, TX 76542
Q. I have more questions about making a gift. Whom do I contact?
A. Please contact the Board at foundation@fumc-killeen.org
If you find that we did not answer your question, please contact the Foundation at:
.
