Planned Giving
The anchor to secure our church's future and that of Unitarian Universalism on Vancouver Island
"The true meaning of life is to plant trees... under whose shade you do not expect to sit." - Nelson Henderson
You can plant one of those trees by leaving a legacy that will provide shade to current and future UUs.
Do you, as a Member or a Friend of FUCV, have a vision, a dream to ensure the future of our denomination? To do that, consider leaving a legacy that will endure for generations.
Options For Planned Giving
There are three "˜target" funds within the Planned Giving umbrella toward which you can direct your donations, all of which have income tax advantages. You may choose one, two or all three.
- The Mortgage Reduction Fund
- The Endowment Fund
- The FUCV Foundation
Mortgage Reduction Fund
Mortgage principal and interest make up a significant expense in the Church's annual Operating Budget. Reducing or eliminating this expense will make more money available each year for programs and other Church functions.
Endowment Fund
This fund is for the sole benefit of FUCV. The objective is to allow the capital of the fund to grow untouched. It can only be accessed in exceptional circumstances by a seventy-five percent majority vote of the Congregation. Money in this fund is conservatively invested by the Investment Committee, a member of the Finance Council. Earnings from these investments are used to fund special Church programs and projects. The Board of Trustees can spend earnings up to a maximum of five thousand dollars annually at its discretion. A simple majority Congregational vote is required for
earnings expenditures above five thousand dollars annually.
FUCV Foundation
The purpose of the Foundation is to promote UU principles and values, within our denomination and the wider community on Vancouver Island, by funding activities and projects related to:
Art and music
Campus ministry
Elimination of discrimination and poverty
Environmental protection
Fellowship and retreats
Peace promotion
Religious education
All members of FUCV are members of the Foundation. The Foundation Board, made up of FUCV Members, screens and approves applications for funds. All monies donated to the Foundation, which can be done by members of other UU members on Vancouver Island, are managed and invested by the Victoria Foundation, which charges an annual fee of 0.5% for its services Only earnings can be used. The capital can not be touched.
Ways To Leave A Legacy
Planned Giving is essentially a part of estate planning i.e. your will. If you do not have a will or have not reviewed your will for some time, you may want to do so now if you wish to include a legacy donation to any of the above funds. It is wise to remember that illness or accidents can strike at any age. It is also worth remembering that you can make a donation to any one of these funds at any time when you have extra cash or other assets you don't need!
Below are some suggested methods for Planned Giving. The details and comparative tax benefits are complex, and you may wish to obtain professional advice from an accountant, lawyer or financial advisor. Members of the Planned Giving Committee may also be able to direct you to a knowledgeable source.
- Bequest: a gift stipulated in a will, usually in the form of cash, securities or real estate. Donors who will securities do not have to pay capital gains tax on any increase in the value of those securities.
- Life Insurance: naming one of the funds as a beneficiary; premiums are then tax deductible.
- Gift of Residual Interest; the donor makes a gift of property e.g. real estate or art, but retains the property while alive.
- Charitable Remainder Trust: funded with income-producing assets (cash, securities, real estate). The income is paid, for life, to the beneficiary or donor, and the principal is paid to the beneficiary on the owner's death.
For more information, members of the PGC are available by telephone or will visit your home if requested. They can also direct you to qualified professionals for advice.