Permanent Endowment Fund
What is the Lakewood UMC Permanent Endowment Fund?
Lakewood United Methodist Church's Permanent Endowment Fund (Endowment Fund or PEF) was created to receive perpetual gifts in support of the ministries of LUMC. Unlike donations to the Memorials & Gifts committee, which are meant to be fully spent, all gifts and bequests to the Endowment Fund are permanently invested and only the earnings growth from the investments may be spent. By preserving the principal through conservative investment standards, gifts can benefit LUMC ministries now and forever and express an everlasting appreciation of God's blessings.
Gifts or bequests may be undesignated or designated for a specific purpose. The purpose of a designated gift must be in accordance with the Social Principles of the United Methodist Church and be deemed achievable by the Endowment Fund Trustees.
The PEF offers an important opportunity for interested individuals to endow and permanently contribute support even after death to LUMC ministries that are dear to their heart. Click here to view additional information on wills.
What are the ways I can give to the fund?
- Gifts of cash - Simplicity and ease of giving are the reasons that cash is the most popular type of giving. A gift of cash is considered given on the date it is made to the fund.
- Gifts of securities - A gift of long-term securities generally results in several federal tax benefits. You are entitled to an income tax deduction for the full market value of the securities as of the date of your gift. You are not liable for the capital gains tax you would incur if you sold the securities.
- A gift of property - Real property in any location may be given to the foundation, provided it meets certain criteria. If the property is owned one year or longer, the fair market value is deductible, no capital gains taxes are payable on appreciation, and the property is removed from your taxable estate. Donations of a personal residence, ranch or farm are welcome, and you can retain use of them throughout your lifetime. Real property must be readily marketable for conversion to cash.
- A personal will or estate planning - In your will, you may decide to bequeath a percentage of your estate (or a specific amount), or the remainders after bequests to other beneficiaries are made.
How is the Endowment Fund administered?
The Endowment Fund was created following guidelines from the Book of Discipline (2000) in October 2003 by vote of a Charge Conference. The charter requires a minimum balance of $500,000 before disburesements may be authorized (click here to view the charter). The Endowment Fund may have up to eleven trustees, consisting of six at-large members elected for staggered three-year terms and five ex-officio members of the Church leadership:
- Chairperson of the Administrative Board (now Church Council)
- Chairperson of the Outreach Ministries Council (now Missions)
- Chairperson of the Board of Trustees
- Chairperson of the Finance Committee
- Senior Pastor
The principal duties of the Trustees are to:
- Promote awareness of and giving to the Endowment Fund.
- Manage investment of gifts in accordance with the Endowment Fund charter.
- Approve specific disbursements of funds from the income on designated gifts in accordance with their designated purpose and the operating guidelines of the Endowment Fund.
- Present the Administrative Board with recommendations for any other distribution of funds from the Endowment Fund.
How are the Endowment Funds managed?
The Endowment Fund Trustees have entered into a contract with the Texas Methodist Foundation for the investment and management of all donations.
Additional questions?
If you have questions about giving a donation to the Lakewood United Methodist Church Foundation Permanent Endowment Fund or would like to discuss further how you can leave the Endowment Fund in your will or estate plan, please contact us:
Lakewood United Methodist Church Permanent Endowment Fund
11330 Louetta Road
Houston, TX 77070
281-370-2273
Endowment@lakewoodumc.org
(Should you desire complete confidentiality about your inquiry or gift, please call the church office and ask to speak to the Director of Finance.)
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Resources for Wills, Estate Planning, and Finding an Attorney
OTHER CHARITABLE GIVING RESOURCES
The Texas Methodist Foundation
The Texas Methodist Foundation (TMF), located in Austin, was established in 1938 by a handful of active, forward-thinking United Methodist clergy and laity who represented the Annual Conferences of Texas. It serves United Methodist churches, institutions and individuals within six Annual Conferences: Central Texas, North Texas, Northwest Texas, Rio Grande, Southwest Texas and Texas. TMF manages many endowment funds for churches (including Lakewood UMC) and conferences, and chartable remainder trusts for individuals. Capital is available from these funds for new church construction and expansion. Lakewood UMC has been a TMF borrower. TMF serves as a premier resource for the conferences on all manner of stewardship including operating, capital, and endowment fund campaigns.
TMF serves and guides individuals regarding:
- Investing in the Individual Fund
- Ways to give to United Methodist churches and institutions
- Establishing permanent life income and donor advised gifts
- Providing trustee and accounting services for planned gifts
For additional information from TMF regarding wills, click here.
PROFESSIONAL HELP RESOURCES
The Endowment Fund Trustees do not endorse any providers of professional services. These links are a starting point to learn more about wills and estate planning and related legal services. The links provided here are not regularly monitored. The first two sites provide a wealth of helpful information in understanding the general topic of wills and the Texas Probate Website “Consumer” link includes helpful worksheets to help you begin planning a will. Following these two sites are three bar association-related sites with some additional information and tools to help you find an attorney.
Best Estates Planning Resources - Contains a short, non-technical critique of web based estate planning resources and includes hotlinks to their websites. One Texas based website makes this list and as of August 2006 this is what they had to say about it.
Texas Probate Web Site - “In the last year or so, the Texas Probate Web Site of Barnes & Karish, P.C., in Austin, Texas, has become one of the premier estate planning web sites on the Internet. Particularly useful are the ratings (by hot peppers) of other tax and estate planning sites. While many estate planning web sites have closed up shop or not done much updating, it's great to see a site that has really grown and improved. “
Houston Bar Association - The HBA has three legal handbooks available in English, Spanish and Chinese for the public and some handbooks available in Vietnamese and Korean. These handbooks are prepared by attorneys who are experts in their respective fields, and are written in an easy to read, question and answer format. The handbooks are updated after every Texas Legislature session (every 2 years.) Also available is a medical directive to physicians and family or surrogate, commonly referred to as a "Living Will."
State Bar of Texas – Additional Information For The Public - The State Bar offers a lawyer referral service and other tools to help you select a lawyer who best suits your needs. In Houston, the referrals are managed by the Houston Lawyer Referral Service (see below entry for more details). Through the state bar’s member directory you can identify members of the Texas Bar who have been certified by the Texas Board of Legal Specialization (TBLS) in “Estate Planning and Probate Law” or self-identify “Wills-Trusts-Probate” as their area of practice.
Houston Lawyer Referral Service - HLRS is a non-profit community service that was established in 1958. HLRS attorneys are screened and must meet specific requirements. Click here to view a comprehensive overview to getting started in selecting an attorney.
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