HILLTOP LAKES CHAPEL FOUNDATION
The Hilltop Lakes Chapel Foundation shall be operated for the benefit of Hilltop Lakes Chapel by providing supplemental funds from net earnings and from principal (corpus), such provision of funds being regulated by the Foundation’s Bylaws.
• to support Chapel Ministries
• to equip believers
• to provide the Good News of Christ Jesus
• to provide and enrich fellowship
What is the purpose of the Foundation?
The Foundation Mission Statement states that distribution from the Foundation’s funds are to be used to support Chapel ministries, to equip believers, to provide the good news of Christ Jesus, and to provide and enrich fellowship.
How is the Foundation managed?
The Foundation is governed by a nine-member board – seven Chapel members, the President of the Chapel Board of Trustees, and the Chapel Pastor. The Foundation engages both an accountant and an investment manager. The accountant assembles and prepares the necessary IRS filings. The investment manager administers the Foundation’s investment portfolio under the investment guidelines established by the Foundation Board – a balanced approach designed to avoid significant risk.
What benefit does the Chapel derive from the Foundation?
Historically, the Chapel has been able to devote 20 percent plus of its operating budget each year for its mission programs. This provides everything from food and shelter to spiritual ministering at home, locally, or throughout the world. Highly efficient/ “lean-staffed churches” (1 in 7 churches) average about 18% of their operating budget to outreach.* The Chapel’s 20 plus percent figure (with a 25% goal) is a great blessing.
The fact that the Foundation exists, with capital and emergency funds, allows the Chapel to concentrate on ongoing operations and outreach, perpetuating an active, solvent and benevolent Chapel.
How does this support “Chapel Ministries?”
The Chapel receives funds from the Foundation’s annual earnings that can be used as a supplement to its operating budget, if needed. The Foundation has also established regulations in its bylaws to provide for funding requests from the Chapel for capital improvement or emergency needs. The Chapel has benefited in the past from the use of Foundation funds for paving of the parking lot, purchase of choir robes, the purchase of communications and audio visual equipment, and building projects.
Can the Chapel become dependent on the Foundation for its normal ongoing expenses, thus eroding the earnings ability of the principal in the Foundation Fund?
No. First, the Chapel’s Board of Trustees is charged with developing its annual budget based on realistic expectations of both historical giving and demographic changes. Second, the Foundation has established controls and limitations of distribution amounts within specific time frames. Both prudent stewardship by the Chapel Board and continued earnings ability of the Foundation fund are supported
How does the Foundation get its funds?
There are a number of ways in which the Foundation can receive funds. They include:
• One-time gifts
• Memorial gifts
• Periodic gifts (i.e. annual giving)
• Distribution from trusts
• Bequeaths from estates of deceased persons
What is the preferred type of giving to the Foundation? All gifts are important!
Gifts included in one’s trust or estate planning are very beneficial to the Foundation, providing a method to perpetuate someone’s giving to the Chapel’s ministries, even after death. The only caveat for gifts to the Foundation is that it be something above and beyond the ongoing tithes and offerings to the Chapel, not a replacement for them.
What else is important for me, personally, to know?
Establishing plans for giving through an estate or trust not only benefits the Chapel; it also is an opportunity for you to ensure that your individual estate planning is complete and accurately reflects your wishes. This may include your instructions through a will, a trust, powers of attorney, and medical directives.
Are gifts to the Foundation tax deductible?
Yes, to the extent permitted by law. And any gifts to the Foundation will be listed as a separate line item on your annual giving statement. Also, gifts to the Foundation remain confidential.
The Foundation is a nonprofit foundation, incorporated in 1989, to be operated exclusively for religious purposes and to carry out activities only permitted for tax exempt organizations under Section 501 (a), as amended, and described in 501(c)(3) and 509 (a)(3) of the Internal Revenue Code.
Chapel Board Foundation Members
For further information, please contact one of the following Chapel Foundation Board members:
Dr. Tony Taylor
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