Board of Directors
Your estate is a sacred trust. It has been accumulated as a result of your labors and God’s blessing. Therefore, as a part of our total life of stewardship, we should spend the necessary time to do a thorough job in planning for its distribution.
WCPC Foundation has been established to help focus on this aspect of stewardship.
Questions and Answers
- What is the WCPC Foundation?
- How will the foundation use its money?
- Is the foundation mainly designed for estates of wealthy people?
- Can the foundation accept memorial gifts?
- Can I specify how I want my gift to be used?
- Will money that I leave to the foundation avoid taxation in my estate?
- Who will make decisions on the foundation’s expenditures?
- If I have already remembered the church in my will, do I need to change it?
- Is the foundation prepared to handle more complex giving such as charitable gift annuities, charitable remainder trusts, etc.?
- Can the foundation accept gifts of securities or real estate?
- Can the foundation be named as the beneficiary of a life insurance policy?
Q: What is the WCPC Foundation?
A: WCPC Foundation is a tax exempt corporation formed in 1995 to support the programs of Walnut Creek Presbyterian Church. Its purpose is to provide a vehicle for WCPC’s member and friends to remember the church in their wills or memorials and be assured that such funds will be administered for the benefit of Walnut Creek Presbyterian Church programs, but separate from the annual operating budget.
Q: How Will The Foundation Use Its Money?
A: The emphasis will be on building and equipment needs of our local church, and equipping seminary students in preparation of gospel ministries. However, it will also be possible for the Foundation to help with emergencies and other program needs, both here and abroad.
Q: Is The Foundation Mainly Designed For Estates of Wealthy People?
A: No. It is designed to be of assistance in helping people think through and plan the distribution of assets remaining when this life is complete. We will all have estates, some large and some small, and WCPC foundation can be used to transfer a percentage of what remains at death to further God’s work in the local church.
Of course, large estates benefit more from the tax aspects of bequests to tax exempt organizations, but that is not the main reason the Foundation was formed. It is the commitment rather than the amount of the gift which is important.
Q: Can The Foundation Accept Memorial Gifts?
A: Yes. The Session of Walnut Creek Presbyterian Church each year approves a suggested list of projects for memorial giving in memory of the death of a friend or relative. It is also appropriate to make similar gifts in honor of living persons who deserve to be appreciated for something they have done for others.
Q: Can I Specify How I Want My Gift To Be Used?
A: It is always possible to designate how you would like to have WCPC Foundation use any funds given to it, and the Board has established procedures to assure that your wishes are honored.
Q: Will Money That I Leave To The Foundation Avoid Taxation In My Estate?
A: Yes. WCPC is a tax exempt organization under section 501(c)(3) of the Internal Revenue Code, and amounts left to it will not be included in your taxable estate.
Q: Who Will Make Decisions On The Foundation’s Expenditures?
A: The Foundation will be governed by a Board of Directors made up entirely of Walnut Creek Presbyterian Church members. The Board of Directors will receive requests from Session, the Deacons, and Church Departments. The Board will make all decisions on which requests will receive funding.
Of course, if the donor indicates a desire on how gifts should be used, the Board will see to it that such intentions are honored.
The Board will also make decisions on how much of its money should be spent currently and how much should be retained and invested for future needs. Any such investments will be made on a conservative basis with organizations which follow practices that are not in conflict with biblical principles.
Q: If I Have Already Remembered The Church In My Will, Do I Need To Change It?
A: No. The Foundation has been established as an alternative for people who would rather leave their money to a separate entity which will emphasize capital needs and other areas of support not normally included in the church’s annual operating budget.
If you have named the church in your will, the Session will determine how the gift will be used. The Session will also diligently honor how such funds are used if the donor has indicated a specific desire.
Q: Is The Foundation Prepared To Handle More Complex Giving Such As Charitable Gift Annuities, Charitable Remainder Trusts, Etc.?
A: Yes. Relationships have been established with professional consultants who are available to help with these more complex estate matters.
Q: Can The Foundation Accept Gifts Of Securities Or Real Estate?
A: Yes. Many people have discovered the tax advantages of contributing appreciated securities or real estate to tax exempt organizations and WCPC Foundation is prepared to handle such gifts. Also, in estate planning it is sometimes beneficial to name charities as direct beneficiaries of IRA or Keogh plans. The Foundation is prepared to receive such gifts.
Q: Can The Foundation Be Named As The Beneficiary Of A Life Insurance Policy?
A: Yes. Naming WCPC Foundation as a beneficiary of a life insurance policy could produce desirable estate and income tax advantage which could be of some interest to some people.