First Presbyterian Church Endowment

An endowment is a donation of money, securities, or property to a non-profit organization for the ongoing support of the organization. It often is structured that the organization leaves the principal amount intact and is only permitted to spend the income from the investments of the endowment funds. This is the intent of the FPC Endowment. It represents a compact between a donor and institution, and links past, current, and future generations.

This is different from our annual stewardship pledge which supports the operating budget of the church. An endowment gift goes above and beyond an annual pledge.

FPC is a growing and vibrant church that has ministered to individuals and families since 1867! To secure the future of FPC for generations to come, and continue our mission of Christian outreach, we must designate funding that has the potential to be a perpetual support alongside our annual budget.

Logistically speaking, an Endowment gives us a vehicle in which to receive and manage gifts and bequests from donors who intend for their support to be maintained on a long-term basis.

Worship and Music, Missions and Service, Christian Education, and upkeep of Building and Grounds.

Annual requests for use of Endowment funds will only be accepted in writing, will be reviewed by the Endowment Committee, and then will be presented to the Session for final approval.

No we do not. However in the past, funds have been given specifically to support long term financial goals. We feel it is important to structure future gifts of this nature as Endowment funds so they are clearly earmarked for the purposes as stated above, and they are governed by both a written investment policy and a written spending policy.

We are not asking families for a specific dollar amount in this campaign and expect to get gifts of all sizes! Our prayer is to have full participation by the members of our church so we can together reach our goal. You may consider a one-time gift, or a recurring gift. You may designate the FPC Endowment Fund as a beneficiary in your will or trust. You should seek legal advice for properly documenting your wishes if you decide to do this.

If you would like to make a gift by check, you may put it in the offering plate, mail or take it to the church office, or mail or take it to the Stifel office located at 242 W Carolina Ave. in Hartsville. Please clearly mark that your gift is for the FPC Endowment Fund.

A securities transfer can easily be made from your investment account into the First Presbyterian Endowment Fund. In-kind donations of appreciated shares are a great way to avoid capital gains taxation. Securities will be liquidated in the FPC account, and added to the investment strategy.

You may contact your own investment advisor, or Stifel in Hartsville (Frances Jones or John Johnson; 843.383.8401) for help in doing this.

You may designate the FPC Endowment Fund as a beneficiary in your will or trust. You should seek legal advice for properly documenting your wishes if you decide to do this.

The investment portfolio will be managed by a third party professional money management team who will have discretionary authority (within a specific strategy and risk tolerance) over the investment of assets.

The responsibility of servicing our Endowment investment account lies with our local custodial partner, Stifel. Responsibilities of the Stifel team include: recommending the portfolio manager and investment strategy, monitoring the account, including performance and fees, to identify whether a management change is needed, reporting performance on a quarterly basis to the Endowment Committee and annually to Session, and serving as a general council and advisor to ensure the prudent use of the Fund.

The Endowment Committee met with and received investment proposals from four firms prior to making the decision to go with Stifel. Under advisement from the Endowment Committee, Session may change the investment manager or custodian at any time.

The Endowment Fund investments will adhere to the guidelines of the First Presbyterian Endowment Fund Investment Policy Statement, which includes a moderate risk tolerance. The goal is to over time achieve reasonable appreciation of capital value, while maintaining principal, and generating income to meet the spending goal of 4% annually. The Investment Policy Statement document provides “guardrails” which include specific parameters of how funds can and cannot be invested, and how funds can be spent. This document will be reviewed by the Endowment Committee annually. If any changes are made, they must be approved by Session.

The Investment Policy Statement is available for viewing.

Spending requests must be submitted to the Endowment committee for consideration in writing. The Endowment Committee will make recommendations to Session for final approval.

Our Endowment Fund Agreement, and our Endowment Fund Investment Policy Statement specify that distributions should not exceed 4% annually of the value of the Endowment Fund. No distributions will be made until the Fund has reached $1 million, and the long term goal is to maintain an account value of at least one million dollars at all times. This goal ensures not only maintaining but also growing future distributions, while also ensuring the security of the perpetuity of the fund.

For church related questions, please reach out to Kelli Coskrey, FPC Financial Director, or Reverend Ashley Cheek at 843.332.3622.

For financial related or more detailed questions, please contact Frances Jones (jonesf@stifel.com) or John Johnson (johnsonj@stifel.com) at Stifel in Hartsville at 843.383.8401.