Questions & Answers 

AN EXPLANATION OF THE NASHVILLE AREA UNITED METHODIST FOUNDATION
 

 

WHO OWNS THE FOUNDATION?

The Foundation is owned by The Tennessee and Memphis Annual Conferences of The United Methodist Church.  The Board of Directors, which governs the Foundation, is elected by each Annual Conference.  An Annual Report of the Foundation is published each year and a detailed report is also included each year in the Conference Journal of each of the Annual Conferences.

 

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WHO SUPERVISES THE FOUNDATION?

The Foundation is supervised by its Board of Directors.  The Board has thirty elected members and five advisory members.  A list of the membership is available on this website and in its Annual Report.  The Board meets quarterly and has active executive, investment, credit, personnel, audit, vision, and nominating committees.
 

 

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HOW IS THE OPERATING BUDGET OF THE FOUNDATION FUNDED?

The operating budget is funded by income from the Foundation's own endowment, from minimal management fees, and from the Foundation's own investments in the United Methodist Development Fund of TN/KY, Inc.

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WHAT DOES THE FOUNDATION DO?

The purpose of the Foundation is to assist United Methodists in making significant gifts and bequests to United Methodist churches, ministries, and institutions.  Our counseling often includes connecting people with their passions and assisting to detailed estate and tax planning.
The Foundation retains legal counsel to assist persons and their attorneys as they consider various giving options.  As we work with persons, we are often called upon to provide counsel as to potential beneficiaries within the church.  Many gift plans require that a trustee be named, and the Foundation is ideally suited to serve in this capacity.
Many gifts require ongoing investment supervision, and The Foundation also serves in this role. The Foundation's resources are balanced between managing the affairs of gift funds previously established and seeking new gifts.
 As we seek new gifts, we work to identify interested persons, to promote an understanding of the various giving options, and to connect people's passions for ministry with ways in which they can leave legacies.

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HOW DOES THE FOUNDATION SERVE LOCAL CHURCHES?

The Foundation serves local churches in a variety of ways:
  1. 1.We counsel with churches interested in establishing a wills and legacies task force.  The Foundation provides resources that local churches can use in developing their own promotion of this emphasis.
  2. 2.The Foundation's President is a frequent speaker in local churches for Wednesday Night Live, Family Nights, Planning Retreats, Sunday Schools, United Methodist Women and Men meeting, and Estate Planning Seminars.  He also preaches upon invitation.
  3. 3.Persons contemplating significant lifetime gifts or bequests frequently talk with their pastors, seeking advice and information.  The Foundation's president will often join the pastor and persons interested in these topics.
  4. 4.The Foundation can also serve as trustee of gifts which benefit local churches and/or extension ministries of the Memphis and Tennessee Conferences.
  5. 5.The Foundation often enters into management agreements with local churches to manage and invest gifts previously made.  This arrangement can improve the local church's rate of return, thus increasing the benefit of the gift.

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DOES A GIFT GIVEN TO OR MANAGED BY THE FOUNDATION HAVE TO BENEFIT THE FOUNDATION?

Absolutely not. In fact, most of the gift funds managed by the Foundation benefit some other United Methodist concern. Through the endowment for the Foundation and modest management fees, the Foundation does not have to worry about funding its own program. Its mission is to help United Methodists support whatever part of the church is of importance to them, not in raising funds for itself.

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CAN THE FOUNDATION HANDLE A GIFT THAT BENEFITS MORE THAN ONE PERSON OR INSTITUTION?

Certainly. The Foundation serves as trustee of numerous charitable funds in which the income is distributed to more than one institution or program.

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SHOULD A GIFT TO THE FOUNDATION BE DESIGNATED FOR A SPECIFIC PURPOSE?

It depends upon what the donor wants to accomplish. The designation of gifts may either be broad or specific. It is helpful to the church at times to have undesignated endowments that can be used for emergency needs. Donors have many options in this area, and the Foundation can help donors select the best approach to meet their intentions. The Foundation would suggest that donors provide for flexibility especially in gifts establishing endowments, and that unforeseen needs in the future be considered.

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CAN THE FOUNDATION SERVE AS EXECUTOR IN A WILL?

An executor is someone you designate in your last will and testament to serve as your representative in handling your affairs at your death. In some instances, other institutions or persons are better equipped to serve as your executor. If asked, the Foundation will review your estate and determine its ability to serve.

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WILL THE FOUNDATION WRITE MY WILL FOR ME?

The Foundation strongly recommends that an attorney write your will. A handwritten (holographic) will is not recommended. If you want to benefit the Church in some way through your will, the Foundation can counsel with you to bring into focus all of their concerns that should be considered so that an attorney can write a will that meets your needs and attention.

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WHAT TYPE OF GIVING PLANS DOES THE FOUNDATION OFFER?

You have many additional choices relating to how the gift is made.
 
There are three major types of gifts:
  • •Your first choice is to make an outright gift.  An outright gift is made during your lifetime.  The gift is irrevocable, and is 100% income tax deductible, within limits that may be set by the Federal Government.
  • •Your second option is to use a life income agreement.  Life income agreements allow you to make a gift during your lifetime and still retain the income from your gift for the remainder of your life.  The Foundation offers several life income gift plans, and each can present many benefits.  When properly drawn, they are partially tax deductible.
  • •Your third options is to make a bequest in your will.  For many, a bequest is an ideal giving plan, because it allows a person to plan a gift to become effective at death.  This gift is possibly more substantial than any gift made during the donor's lifetime.  Charitable bequests are deductible for estate tax purposes.
If you are contemplating a significant gift, or if you're just curious about how these giving plans work, the Foundation would be pleased to provide additional information.
 

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DOES THE FOUNDATION ACCEPT GIFTS OF REAL PROPERTY?

Certainly. Many of the charitable funds we manage were created with gifts of real estate or securities. There can be significant tax advantages to the donor in making a gift of real property or securities rather than with cash. The Foundation is prepared to explain these advantages more fully at your request.

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CAN THE FOUNDATION MANAGE MY PERSONAL INVESTMENTS FOR ME?

Under certain circumstances, the answer is, "Yes."  However, we are not here to serve as money managers for hire by anyone.  If persons wish for us to assume responsibilities for significant gift commitments to benefit the Church and its ministries, we can work with them for the best steps in managing those funds.
            Under revocable trust arrangements, the Foundation can be the primary or back-up manager of your personal investments as a trustee, co-trustee, or successor trustee. You do not lose control over the assets in a revocable trust.
             Revocable trusts are a commonly used estate planning tool. Although they don’t create income tax benefits, they can significantly reduce probate expenses. The popularity of these trusts is due in large part to their ability to answer the worrisome question for many, “who will care for me if I become unable to care for myself?”
 

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HOW CAN I RECEIVE MORE INFORMATION ABOUT THE FOUNDATION?

Contact our President:
Dr. Vin Walkup, 304 S. Perimeter Park Drive, Suite 3, Nashville, TN  37211-4161
Phone:    (615) 259-2008 
Email:      vwalkup@nashaumf.org

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