Gifts and Bequests

In designating gifts in lieu of flowers, families are encouraged to consider designating one of the funds listed below.

General Policy

Normally, the Financial Management Committee will allocate spendable income annually based on 8% of the fund balance averaged over the previous two year ends. Amounts in excess of this spending allocation can be approved by the Session.

Endowments for restricted purposes offered by individuals or estates will be evaluated for acceptance by the Session. Amounts of less than $10,000 will be accepted provisionally and given 5 years to reach the $10,000 level, during which imputed interest is credited annually at 10%. If $10,000 is not achieved, the Session will, determine the disposition of the fund. These policies are subject to change by the Session. Individuals are encouraged to consult with the Minister, the Treasurer, or a member of the Financial Management Committee in planning for major gifts or bequests.

Our "late" organ, purchased in 1960, was the gift of a local carpenter. He had no close relatives. He consulted one day with Elder Emmet Harper, inquiring as to how he might leave something of benefit to the church. Mr. Harper suggested the church might soon need a new organ.

Do you sense needs of the church which your "gift of a lifetime" might provide? Your gift can continue to serve the church after you are gone. Let us discuss, with you how you would like your gift to be used to benefit future generations either by a bequest or a current gift providing tax advantages.

Many members give stock whose value has escalated many times in recent years. This provides considerable tax advantage. Charitable remainder trusts allow you to receive a continuing source of income while providing generous present and future tax deductions. Gifts may be made to any of our existing funds or we can discuss how a gift might be used for a new program or need of the church.

K. A. Thompson Service Fund (1970)

Restricted to benevolent causes. Originally used for needy individuals, in and out of the Congregation, for rent, utilities, scholarships, and house painting. The initial $50,000 bequest from a Lexington High School teacher was boosted by about $230,000 by the will of Margaret Denny McClung. Uses were then expanded to local benevolent agencies, surrounding churches, Massanetta, Montreat, Haiti ministry, Young Life, Habitat for Humanity, etc. Grants are made annually by the Outreach Committee.
Value 30 Jun 2007 = $222,352

Scholarship Fund (1986)

Restricted to scholarships for youth and adults, usually at the college level and including Candidates for the Ministry. Grants made annually by the Christian Education Committee.
Value 30 Jun 2007 = $92,600

Operating Contingency Fund (1990)

Provides liquidity during periods of low cash flow and acts as a cushion against extraordinary or emergency expenses not anticipated in the annual budget. Session policy is 3 months operating expenses.
Value 30 Jun 2007 = $195,584

Capital Assets Fund (1990)

Repository of the annual budget item, Reserve for Depreciation of Assets. Used for major renovation, painting and replacement of roof, boiler and other equipment.
Value 30 Jun 2007 = $233,000

Penick Music Endowment (1993)

Restricted for special music and guest musicians. Begun with a $1000 gift from William McCorkle and a $2000 bequest of Mary Monroe Penick, enhanced by contributions from a number of individuals, this fund reached the level of $10,000 required for endowed status in Sept 1998.
Value 30 Jun 2007 = $30,576

Bequest and Memorial Fund (1996)

A permanent repository of unrestricted memorial gifts and bequests, principally that of Charles W. Rees, $170,000, and Margaret Lackey, $50,000. A portion of the annual total return is available for benevolent, operating and capital needs.
Value 30 Jun 2007 = $225,146

Sam Rayder Manse Endowment (1996)

Restricted to capital improvements on the Manse. An old life insurance policy on Sam's life, given to the church in 1996, provided proceeds at his death in 1999 of $35,867. The Manse potting shed was restored using this fund.
Value 30 Jun 2007 = $32,128

Christian Lecture Endowment (1998)

Established by the Session with $20,000 from the Bequest Fund. Managed by the Christian Education Committee in consultation with the pastor to provide regular (annual if adequate funds) opportunities for lectures and/or workshops to enrich the spiritual life of the congregation and faith community.
Value 30 Jun 2007 = $14,167.

Elsie Brown Music Endowment (1999)

Restricted for any purpose related to music, including, salaries. A bequest of Elsie Brown, long-time member of the choir, who died in 1998. This provides an annual $3100 set-aside for organ maintenance beginning in 2007.
Value 30 Jun 2007 = $60,962

Walker Flower Endowment (2000)

Restricted to providing flowers for the Sanctuary and other church functions, this endowment honors Hoppy Walker, long-time Flower Chair.
Value 30 Jun 2007 = $12,879

Mary Colket Youth Endowment (2004)

Provides supplemental funding for an annual mission trip and conferences by church youth.
Value 30 Jun 2007 = $22,364

Lam Handbell Endowment (2005)

Honoring Sally Lam, this fund supports several handbell choirs for beginners, amateurs, and accomplished musicians for instruments, conferences and festivals.
Value 30 Jun 2007 = $14,969

Irons Minister Educational Endowment (2007)

Memorial gifts for Caroline Ferguson Irons were supplemented by her husband, Robert P. Irons, Sr., to provide supplements for the minister's continuing education.
Value 30 Jun 2007 = $13,073

Organ Maintenance Fund (2007)

Annual reserve for future maintenance recommended by organ maker based on 0.4% of initial cost of $775,000. Funds to be transferred from Elsie Brown Music Fund annually.
Value 30 Jun 2007 = $3,374

The above funds are invested in common stocks using the Vanguard Total Stock Index Fund, subject to annual review by Investment Review Committee under direction of Session's Financial Management Committee.

Phillips Music Fund (2003)

To honor Marge Phillips' long service to the several handbell choirs, a fund providing scholarships supporting music education is now building toward endowed status requiring $10,000.
Value 30 Jun 2007 = $5,952

Supplemental Scholarship Fund

Initiated by the Session and supported by numerous individuals wishing to support college expenses for the Pastor's children. In 2010 any residue will be merged into the regular Scholarship Fund. Undesignated memorials will be placed in this fund.
Value 30 Jun 2007 = $14,672

	Welcome to Lexington Presbyterian Church 120 S. Main Street Lexington, VA 24450 William M. Klein, Pastor
	Phone: 540-463-3873	Fax: 540-463-1885

Home About Us Worship Christian Education Calendar Newsletters Getting Involved Upcoming Events Picture Album Music Educational Grants Useful Links Site Map Contact Us	Gifts and Bequests Ask not what your church can do for you, but what you can do for your church Memorials In designating gifts in lieu of flowers, families are encouraged to consider designating one of the funds listed below. General Policy Normally, the Financial Management Committee will allocate spendable income annually based on 8% of the fund balance averaged over the previous two year ends. Amounts in excess of this spending allocation can be approved by the Session. Endowments for restricted purposes offered by individuals or estates will be evaluated for acceptance by the Session. Amounts of less than $10,000 will be accepted provisionally and given 5 years to reach the $10,000 level, during which imputed interest is credited annually at 10%. If $10,000 is not achieved, the Session will, determine the disposition of the fund. These policies are subject to change by the Session. Individuals are encouraged to consult with the Minister, the Treasurer, or a member of the Financial Management Committee in planning for major gifts or bequests. July 2007 Our "late" organ, purchased in 1960, was the gift of a local carpenter. He had no close relatives. He consulted one day with Elder Emmet Harper, inquiring as to how he might leave something of benefit to the church. Mr. Harper suggested the church might soon need a new organ. Do you sense needs of the church which your "gift of a lifetime" might provide? Your gift can continue to serve the church after you are gone. Let us discuss, with you how you would like your gift to be used to benefit future generations either by a bequest or a current gift providing tax advantages. Many members give stock whose value has escalated many times in recent years. This provides considerable tax advantage. Charitable remainder trusts allow you to receive a continuing source of income while providing generous present and future tax deductions. Gifts may be made to any of our existing funds or we can discuss how a gift might be used for a new program or need of the church. (Funds listed in order established) K. A. Thompson Service Fund (1970) Restricted to benevolent causes. Originally used for needy individuals, in and out of the Congregation, for rent, utilities, scholarships, and house painting. The initial $50,000 bequest from a Lexington High School teacher was boosted by about $230,000 by the will of Margaret Denny McClung. Uses were then expanded to local benevolent agencies, surrounding churches, Massanetta, Montreat, Haiti ministry, Young Life, Habitat for Humanity, etc. Grants are made annually by the Outreach Committee. Value 30 Jun 2007 = $222,352 Scholarship Fund (1986) Restricted to scholarships for youth and adults, usually at the college level and including Candidates for the Ministry. Grants made annually by the Christian Education Committee. Value 30 Jun 2007 = $92,600 Operating Contingency Fund (1990) Provides liquidity during periods of low cash flow and acts as a cushion against extraordinary or emergency expenses not anticipated in the annual budget. Session policy is 3 months operating expenses. Value 30 Jun 2007 = $195,584 Capital Assets Fund (1990) Repository of the annual budget item, Reserve for Depreciation of Assets. Used for major renovation, painting and replacement of roof, boiler and other equipment. Value 30 Jun 2007 = $233,000 Penick Music Endowment (1993) Restricted for special music and guest musicians. Begun with a $1000 gift from William McCorkle and a $2000 bequest of Mary Monroe Penick, enhanced by contributions from a number of individuals, this fund reached the level of $10,000 required for endowed status in Sept 1998. Value 30 Jun 2007 = $30,576 Bequest and Memorial Fund (1996) A permanent repository of unrestricted memorial gifts and bequests, principally that of Charles W. Rees, $170,000, and Margaret Lackey, $50,000. A portion of the annual total return is available for benevolent, operating and capital needs. Value 30 Jun 2007 = $225,146 Sam Rayder Manse Endowment (1996) Restricted to capital improvements on the Manse. An old life insurance policy on Sam's life, given to the church in 1996, provided proceeds at his death in 1999 of $35,867. The Manse potting shed was restored using this fund. Value 30 Jun 2007 = $32,128 Christian Lecture Endowment (1998) Established by the Session with $20,000 from the Bequest Fund. Managed by the Christian Education Committee in consultation with the pastor to provide regular (annual if adequate funds) opportunities for lectures and/or workshops to enrich the spiritual life of the congregation and faith community. Value 30 Jun 2007 = $14,167. Elsie Brown Music Endowment (1999) Restricted for any purpose related to music, including, salaries. A bequest of Elsie Brown, long-time member of the choir, who died in 1998. This provides an annual $3100 set-aside for organ maintenance beginning in 2007. Value 30 Jun 2007 = $60,962 Walker Flower Endowment (2000) Restricted to providing flowers for the Sanctuary and other church functions, this endowment honors Hoppy Walker, long-time Flower Chair. Value 30 Jun 2007 = $12,879 Mary Colket Youth Endowment (2004) Provides supplemental funding for an annual mission trip and conferences by church youth. Value 30 Jun 2007 = $22,364 Lam Handbell Endowment (2005) Honoring Sally Lam, this fund supports several handbell choirs for beginners, amateurs, and accomplished musicians for instruments, conferences and festivals. Value 30 Jun 2007 = $14,969 Irons Minister Educational Endowment (2007) Memorial gifts for Caroline Ferguson Irons were supplemented by her husband, Robert P. Irons, Sr., to provide supplements for the minister's continuing education. Value 30 Jun 2007 = $13,073 Organ Maintenance Fund (2007) Annual reserve for future maintenance recommended by organ maker based on 0.4% of initial cost of $775,000. Funds to be transferred from Elsie Brown Music Fund annually. Value 30 Jun 2007 = $3,374 The above funds are invested in common stocks using the Vanguard Total Stock Index Fund, subject to annual review by Investment Review Committee under direction of Session's Financial Management Committee. Top of page Phillips Music Fund (2003) To honor Marge Phillips' long service to the several handbell choirs, a fund providing scholarships supporting music education is now building toward endowed status requiring $10,000. Value 30 Jun 2007 = $5,952 Supplemental Scholarship Fund Initiated by the Session and supported by numerous individuals wishing to support college expenses for the Pastor's children. In 2010 any residue will be merged into the regular Scholarship Fund. Undesignated memorials will be placed in this fund. Value 30 Jun 2007 = $14,672 Top of page

Welcome to Lexington Presbyterian Church 120 S. Main Street Lexington, VA 24450

William M. Klein, Pastor