First Pres and the First Pres Foundation:
What’s the Difference?
When you give to First Pres, you really have the choice of giving to either of two separate 501(c)(3) entities: First Pres and The First Pres Foundation.
Generally speaking, giving to First Presbyterian Church of Colorado Springs means supporting the daily ministry of the church, and giving to the First Presbyterian Church of Colorado Springs Foundation means establishing or growing endowment funds which are invested so that the interest earned by the funds can support "above and beyond" ministry over the long term.
Examples of ministry supported by giving to First Pres
- Weekly worship
- Small groups and adult Sunday Communities
- Annual gifts to our local and global ministry partners
- Launchpoint Young Adults Gathering
- God Questions and Alpha outreaches
- Deacon ministry to families in the congregation
- Student and Children's Ministry
- Get Set Preschool
Gifts to First Presbyterian Church can be used to fulfill a giving commitment, left to the discretion of the Trustees (undesignated), or designated for a particular ministry purpose, either present or future.
Examples of ministry supported by giving to the First Pres Foundation
- Seminary scholarships for ministers in training in our own congregation and in our global partner congregations.
- Scholarships to send students to camp.
- Support for students participating in mission trips.
- Reserve funds to cover major unexpected expenses, helping us to be faithful stewards by avoiding financial crisis.
Gifts of $20,000 or more can be used to start a short- or long-term endowment fund in the First Pres Foundation.
First Pres maintains relationships with several professional financial advisors who are available to assist members. Contact Lindy Keffer if you’d like to be connected with an advisor.
How You Can Give
Bequest in Your Will
Specify in your will that a percentage of your estate, the “rest and remainder” of your estate, or a specific sum be given to First Pres when your will is executed.
The Language for a Bequest:
- “I hereby give and bequeath to First Presbyterian Church/First Presbyterian Church of Colorado Springs Foundation
- _______ percent of my estate
- (or) the rest and remainder of my estate
- (or) the sum of $________
- for the (your name) Fund for (specify the purpose of the Fund)
- (or) as an unrestricted gift
If the bequest is for a specific purpose, the following language may be inserted: “If there is no longer a need for the original designation of the gift, the Board of Directors of the First Presbyterian Church of Colorado Springs Foundation may redirect the gift to another purpose, keeping in mind my original intent.”
Benefits of Making a Bequest
- Your assets can remain in your control during your lifetime.
- You can modify your bequest plans if your circumstances change
Charitable Gift Annuity
A Charitable Gift Annuity (CGA) is established my making a gift of cash or stock in exchange for an annual guaranteed fixed dollar payment for the duration of your life and/or your spouses’s life. The payment you receive is based on your age at the time the CGA is established—the older the age, the higher the payments. The rate stays constant throughout the rest of your life. First Pres or the First Pres Foundation receive a portion of the funds used to establish the CGA. The minimum gift to begin a CGA is $10,000.
Charitable Remainder Trust
A Charitable Remainder Trust (CRT) is established when you transfer cash, stock or other property into a CRT. There are two kinds of CRTs: a Unitrust and an Annuity Trust. The trust makes annual payments to the named beneficiaries (one or two people) for life or for a term of years. You receive an income tax deduction and no capital gains taxes are paid on appreciated assets placed in the trust. Upon the death of the beneficiaries, the remainder of the funds in the trust pass to First Pres or the First Pres Foundation.
Donor Advised Fund
Donor Advised Funds (DAFs) are the fastest growing tool for charitable giving in philanthropy today. You can make a gift and receive an income tax deduction for this year, but have the funds distributed to one or more charities over whatever time period you choose.
To Establish a DAF through the First Pres Foundation:
Make a gift to the Texas Presbyterian Foundation (TPF), Fund Manager for the First Pres Foundation. TPF also manages DAFs for First Pres givers. The suggested minimum to establish a DAF is $5000 in cash, marketable securities or other assets.
You will have access to your account with TPF, and you advise TPF how you would like the funds in your account to be distributed, at the time you choose, to ministries at First Pres and other qualified charities. You receive one receipt annually for income tax purposes.
You can add to your DAF at any time or spend it down. Federal law does not allow DAF distributions to be used to pay a pledge.
Contact Derrick Jeffers for more information on Donor Advised Funds.
If you’re already shopping on Amazon, go to smile.amazon.com instead, set up First Pres or the First Pres Foundation as your designated charity, and one-half of one percent of your eligible purchases will be given to First Pres by the Amazon Smile Foundation. Half of one percent isn’t much, but many gifts over time add up!
On Amazon Smile’s 501(c)(3) listing:
- First Pres appears as First Presbyterian Church of Colo Springs
- The First Pres Foundation appears as First Presbyterian Church of Colorado Springs Foundation