How does Summit use Planned Gifts?
Summit uses planned gifts within the following guidelines:
• A major goal of Summit’s planned giving campaign is to support the SUUF Endowment Fund, which was created by the Congregation in 2008 to help provide financial stability to SUUF in perpetuity. At their discretion, donors can restrict all or part of their planned gift to the “SUUF Endowment Fund,” which is an associated fund within the Summit legal and financial organization and is managed by a Board of Trustees, per the Endowment Fund Agreement.
• Once a threshold amount of $150,000 is in the Endowment Fund, up to 5% in any given year may be allocated by the Endowment Fund Trustees (with Congregational approval) to Summit to be allocated by the Board of Directors for Summit’s facilities and special congregational programs that would not otherwise be provided for by the general operating budget.
• Planned Gifts may also be given directly to SUUF’s general fund, in which case the Board of Directors oversees the use of the gift. Such gifts may be used to fund SUUF’s current facilities and programs, or be set aside in a “rainy day fund.” If the gift exceeds 5% of Sunmmit’s current years budget 50% of the excess is invested in the endowment fund the rest is used at the boards discretion. The Board could also decide to invest all of the gift to bolster the Endowment Fund.
• Planned Gifts may also be given to Summit for particular programs identified by the donor. Donors considering such “restricted” gifts are encouraged to work with Summit’s Minister or Gift Acceptance Committee to discuss the details and receive assistance in advance.