The Silver Spring Fund
What is the Silver Spring Fund?
Created by the Session along with a set of operating procedures and managed by the Finance Committee, the Silver Spring Fund is a vehicle for pooling gifts, investing them for a solid return and, at times, distributing the proceeds for needs identified by the Session.
How is it organized?
The Silver Spring Fund consists of several components, both permanent (principal is not used) and non-permanent.
The non-permanent funds can be used for any program of the church that is not normally funded by the operating budget upon approval of Session. As an example, the Mission/Outreach Fund is a non-permanent fund available for projects that reach out to our community or provide for our mission efforts. The Buildings/Grounds Fund is likewise a non-permanent fund to be used for the needs of our property. The Ministry/Programs Fund helps to support our ministry projects and special programs providing ministerial aid to our community.
The permanent fund (originally created by the trustees in 1931) is the basis for a true endowment to help fund the long term program of our church.
How are contributions made to the Fund?
Gifts made to the church in memory of a loved one (Memorials) may be added to any of our long term funds unless we receive specific instruction. 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. A copy of our legacy giving handbook "A Bridge to the Future" may be obtained through the church office or in The Gathering Place.
Disclaimer: This is not solicitation nor does it provide legal or tax advice. Consult your advisors for assistance with your decision making.
