WHAT IS THE FOUNDATION?
In 1989, a group of visionary leaders of First Baptist Church–El Paso chartered The Foundation as a supporting organization to the Church. The purpose of The Foundation is to develop and facilitate the long term stewardship plan of members of the Church, and others, to enhance the kingdom building through the efforts of our church. Significant funds have been raised through gifts, bequests, and investment results, and more importantly, these funds have been distributed to further the ministry and missions of First Baptist Church–El Paso.
"The Foundation provides a concrete way our people can leave funds in their estate or give gifts in honor of others that will continue to serve our Great God through this Great Church until our Lord Jesus comes again."
–Pastor Levi Price, 1989
Not used to supplement the operating budget, The Foundation supports any religious, missionary, benevolent, charitable or education undertaking, by making distributions, or carrying on activities which exclusively benefit or carry out the religious, missionary, benevolent, charitable and educational purposes of First Baptist Church–El Paso. The Foundation provides, in perpetuity, a confirmation of God's abundance for His church for the future, empowering its mission to continue long after we are gone. The Foundation receives gifts and contributions over and above the support of the Church's operating budget, world missions and special fund raising events like capital campaigns and emergency relief to victims of national disasters.
Today The Foundation maintains its assets under a professional management firm wherein these funds are available to use as God would direct.
Since 2009, income distributions from The Foundation have supported our church music, scholarships, seminary tuitions, facilities, landscaping, communications, missions and evangelism, day school and community ministries of the Church, as well as funding outreach ministries such as The Living Christmas Tree, Downtown Church Connection, Baptist Relief Services and others.
One of the functions of The Foundation is to act in a fiduciary capacity to carry out the wishes of the members of First Baptist Church–El Paso. With this responsibility in mind, control features have been established to ensure the fiduciary requirements are met. A summary of these features follows.
The Foundation is run by a seven (7) member board elected by the Deacons, and from the congregation for three year terms, to govern The Foundation's operations. The Foundation Board serves without compensation. Rotation of board members is required.
The Foundation has been approved by the IRS as a 501c(3) supporting organization of First Baptist Church–El Paso.
The Foundation raises money quietly, using current and planned giving techniques. Experienced tax professionals are available to assist members' professional advisers when requested. Timely tax reporting information is provided to donors and Church members on request.
Disbursing of Resources
The Foundation is required to use its resources to promote the Kingdom of God through the grants and distribution of funds, as considered and approved by the Board of The Foundation. Grants and distributions are reviewed and approved by the Congregation at the periodic business meetings.
Approved grant making policies are in place, as well as a Conflict of Interest policy. Further, the grantees and beneficiaries supported by The Foundation agree to report back to The Foundation on how the support was used.
The Foundation adheres to a confidentiality policy concerning gifts received, and thus obtains a signed statement from donors covering their wishes on confidentiality.
The Foundation accounting records are maintained using accepted accounting practicies and provide the necessary separate accounts for the following types of funds:
• Undesignated Endowment Funds
• Designated Funds
• Expendable and Nonexpendable Funds
• Memorial Funds
• Donor Advised Funds
• Charitable Gift Annuities
Maintaining these funds enables The Foundation to carry out donor wishes whether it be to add their gift to the undesignated endowment fund, create a special designed use fund such as scholarships, expend the corpus and earnings thereon as needed to fund a specified ministry, make a gift in memory of a loved one, create a Donor Advised Fund, or be issued a Charitable Gift Annuity.
The Foundation files a federal Information Return (Form 990) annually, as required by law. It is available to the public for review.
METHODS OF GIVING
Participants in The Foundation are acting out their love of God by sharing a portion of their accumulated assets. This sharing is over and above their annual giving to the church and often becomes the largest gift they are able to give.
Current and Deferred Giving Examples
• Stock/Appreciated Securities
• Real Estate/Property
• Life Insurance
• Marketable Securities
Income–Gifts that Pay Back
• Charitable Gift Annuities
° Charitable Gift Annuity
° Charitable Remainder Trust
° Charitable Lead Trust
• Insurance Death Benefits
• Temporary Gifts
• Homes or Vacation Homes
• Benefits from an IRA or 401(k) retirement plan
• Contributions using a Donor Advised Fund
• Bequests from a will or living trust
• Beneficiary Designations
Christian Estate Planning
• What Is Your Testament?
• What Is Your Legacy?
Our suggestions are not meant to be legal or tax advice. We are, however, happy to meat with your advisor(s) to assist in developing your plan. The Foundation Board has a network of professional planners available to it and you, to provide tax, estate, insurance and gift guidance, if needed. All discussions are confidential.
We encourage all members of First Baptist Church–El Paso to remember The Foundation in their wills by designating a percentage of their estates or a specific dollar amount to the Foundation. In this way, our love for God's Kingdom will be a part of creating a legacy – here and now.