The Silver Spring Fund
What is the Silver Spring Fund?
Created by the Session along with a set of operating procedures and administered by the Legacy Giving Committee, the Silver Spring Fund is a vehicle for pooling gifts, investing them for a good return and distributing the proceeds for needs identified by the Session. The Fund was created through the Presbyterian Foundation.
The Presbyterian Foundation, an agency of the Presbyterian Church (USA), is charged with funding Christ's mission by partnering with churches and their members. It works to attract and subsequently assist in the management of the financial resources of individuals and institutions. The Foundation encourages giving of our accumulated assets to further the work of the church. A subsidiary, The New Covenant Trust Company, offers personal trust and investment management services through socially responsible investing.
How is it organized?
The Silver Spring Fund consists of several components identified as Sub Funds. They are both permanent (interest only can be spent) and non-permanent. They are also restricted and non-restricted in their use.
The Ministry Enhancement Fund is a non-permanent fund that can be used for any program of the church that is not normally funded by the operating budget upon approval of Session. The Christian Education Scholarship Fund is also a non-permanent fund available for any Christian Education need. The Buildings & Grounds Fund is likewise a non-permanent fund to be used for the needs of our property.
The 1931 Fund is a permanent non-restricted fund originally created by the trustees in 1931 with no specified purpose. The Session has recently voted to make it a permanent fund and it will become the basis for a true endowment to help fund the long term program of our church.
The Legacy Giving Committee is currently in the process of transferring three McCormick Trusts created in the 1940's and 1960's from a bank trustee to the Silver Spring Fund as restricted permanent funds to be called the McCormick Funds. These were created for maintenance of the Meeting House and the McCormick burial plots and for the general purposes of the church within certain guidelines. Their original restrictions will remain intact.
How are contributions made to the Fund?
Gifts made to the church in memory of a loved one (Memorials) are added to the Fund unless another use is specified. Many have chosen to name Silver Spring Presbyterian Church in their Wills and they are encouraged to name the Silver Spring Fund directly. It is also possible to name the specific sub fund if desired.
However, gifts from members and friends are also possible during your lifetime. They can be directed to the fund on any occasion. As part of a planned giving schedule, naming the Silver Spring Fund is a powerful way to express your faith and to contribute to what matters most in your life.
What types of gifts are possible?
Gifts can be either outright or deferred. Outright gifts can be cash or almost any type of asset such as stocks, bonds, real estate, life insurance (by naming the church as beneficiary or by donating the actual proceeds), unneeded retirement accounts or any asset that can be converted to cash by the Fund and is deemed appropriate to receive by vote of the Session.
The most common deferred gifts are mentioned in wills, but can be any one of a multitude of legal vehicles such as charitable gift annuities, charitable remainder trusts, pooled income funds, and such. These can provide significant benefits to both the donor and the church, but require legal and tax assistance to create.
Please consider giving of yourself and your possessions to what matters most in this life, the lives of others and to the One who called upon us to give. Please remember Silver Spring Presbyterian Church and the Silver Spring Fund in your charitable giving plans.
For more information
Contact a member of the Legacy Giving Committee, the Session or a pastor. Confidentiality can be maintained. The Presbyterian Foundation can also be requested to provide assistance as a service.
Disclaimer: This is not solicitation nor does it provide legal or tax advice. Consult your advisors for assistance with your decision making.
