Our Foundation
On May 1, 1966, the congregation of First Presbyterian Church adopted a resolution creating a charitable trust known as the First Presbyterian Church Foundation. This action was taken to provide a mechanism by which church members and interested friends of the church could make gifts and/or bequests to an endowment fund, the income from which would be available to support capital improvements of the church, as well as extend the church’s educational and charitable causes beyond those provided in the annual operating budget.
As provided by the trust agreement, the foundation is managed by a board of trustees, including the pastor, the moderator of the Diaconate, and four other trustees elected by the Session (one each year) to serve four-year terms. The trustees direct the manner in which gifts or bequests are invested. Trustees have the authority to dispose of certain assets and reinvest the proceeds in other assets. The trustees are required to report to the Session annually on the amount of income earned in the preceding year and a list of assets owned by the foundation. The Session has the authority to spend the income following requirements set in the trust.
In the years since 1966, the Foundation has received gifts or bequests from many members and friends. In the latest report to the Session in January 2009, total assets held by the foundations were valued at $1,295,726. Ordinary income for 2008 was $37,779. Additional capital gains are not part of spendable income but are reinvested and become part of principal from which future income is earned.
During the 1990s, the income received by the Session was used to help retire debt incurred in financing our 1991 First Into the 21st capital campaign.
In addition to the gifts and bequests already received, other individuals have made it known to the trustees that they have established bequests to the foundation in their wills. Names of some families and individuals who have done that are on a plaque in the Foundation Parlor.
Gifts and bequests are wonderful ways to create a lasting legacy to support the mission of First Presbyterian Church for many years in the future.
Click here to read a copy of the Trust Indenture.
