FBC Foundation

 

You will be enriched in every way for your great generosity, which will produce thanksgiving to God through us; for the rendering of this ministry not only supplies the needs of the saints but also overflows with many thanksgivings to God.

2 Corinthians 9:11-12 (NRSV)

About the FBC Foundation

Why do we have the Foundation?
The First Baptist Church of Clemson Foundation was established December 4, 2003, to receive and manage Church funds that are to be invested and not spent. Our endowment funds are invested through the CBF Foundation.

Is the Foundation related to annual contributions?
No, Foundation gifts are given to the Church in addition to annual contributions and capital campaign gifts.

How are Foundation gifts defined?
They can be bequests in a will or funds given to establish an endowment or to support an existing endowment.

What is a bequest?
A gift of personal property, such as money, stocks, bonds, real estate, etc., owned by a decedent at the time of death, which is directed by the provisions of the decedent’s will.

What is the relationship between the Church and the Foundation?
There is a strong relationship between the Church and the Foundation. Funds earned by the Foundation are returned to the Church to supplement programs and activities in the annual Church budget. Investment income earned can be restricted funds to a specific program or activity of a donor’s choosing. Or, they may be unrestricted earned funds to be spent at the discretion of the Stewardship and Finance Committee.

What is an endowment?
A permanent fund of money was established to benefit the Church. It has a specific purpose defined for which the income derived from the money or property is to be applied. In an endowment fund, the principal is invested and only a portion of the investment earnings is spent. The balance of the earnings is reinvested so that the endowment grows over time. In this manner, the endowment becomes a perpetual source of funding.

How do I establish an endowment?
You should contact the Church Financial Secretary who will contact the Foundation President. A Fund Trust Agreement will be prepared to administer the endowment according to the directions of the donor.

What is the minimum amount to establish an endowment?
After the necessary Fund Agreement is executed, an endowment may be started at any time and in any amount. A minimum of $10,000 must be funded before the endowment earnings can be spent.

Who do I contact at the Church about requests in my will?
You may contact the Church Financial Secretary. We need to know if you have made or plan to make a bequest to the Church Foundation.