Legacy Giving – FAQ

Frequently Asked Questions (FAQ)

What Does Legacy Giving Mean?

  • Making a contribution at the end of your life—a bequest, proceeds from a life insurance policy, and a variety of planned giving vehicles.
  • Although a Legacy Gift is generally made at the end of your life, plans for the gift can be made at any time during your life.
  • A Legacy Gift is in addition to your annual giving typically paid from current income and any contribution to the capital campaign typically paid from savings and investments.
  • A Legacy Gift is a contribution to the Beacon Endowment Fund.

Beacon Endowment Fund

  • Funds were raised to establish an endowment fund in the 1990s with help from a matching gift of nearly $100,000 from an anonymous donor. In the early 2000s, another fundraising campaign provided additional contributions that augmented the fund.
  • Currently, the value of the Beacon Endowment Fund is about $495,000.

P3011387 (1)How Does the Endowment Fund Support Beacon?

  • Five percent of the average of the total value of the Endowment Fund for the prior three years as of December 31 is available for distribution to the operating budget for the successive fiscal year.
  • Currently, the Endowment Fund provides nearly $25,000 to the annual budget.

How Will My Legacy Gift Help Beacon?

  • Your unrestricted contribution will be invested together with existing endowment funds and earn a rate of return each year.
  • Your contribution supports the annual budget and allows Beacon to grow its ministries—social justice, religious education, community involvement, and individual spiritual exploration and renewal.
  • A contribution of $100,000 will contribute approximately $5,000 annually to Beacon initiatives and programming.

How Do I Benefit from a Legacy Gift?

  • Making a Legacy Gift helps you think about how you want to distribute your assets at the conclusion of your life to people and organizations that you cherish and value.
  • By contributing to Beacon, you ensure that the values you share with others as a UU will continue.
  • You make it possible for others to experience Unitarian Universalism and perpetuate our basic UU principles.
  • You may realize tax savings for your heirs and for your estate.

Why Should I Provide for a Legacy Gift Now?

  • Make a gift that makes sense for your life over the next 5 to 10 years.IMG_1501
  • You can change your will or possibly some other aspects of your gift in the future based on personal circumstances.
  • Time passes and intentions can be lost.

How Much Should I Give?

  • Your gift is a personal commitment to Beacon and should be made based on your own discretion and personal circumstances.
  • Consider giving an amount equivalent to a percentage of your financial assets.
  • Typically, the largest contribution that you will ever make will be at the end of your life as your assets are distributed to others.
  • The major recipient of one’s charitable contributions is typically that person’s spiritual community or place of worship.

How Can I Be Assured that Beacon Will Use My Contribution Wisely?

  • The Budget—The Board is ultimately responsible for assuring that all funds are used efficiently, productively, and in adherence to UU principles and values. The primary mechanism for the allocation of funds is the annual budget that the Congregation votes on at each Annual Meeting.
  • The Strategic Plan—The congregation has approved a Strategic Plan that charts our course for the future. The plan will be periodically evaluated and modified to address the future goals, aspirations, and needs of the congregation.
  • Ministers, staff, and congregational members who are committed and constantly discerning how best to serve our congregation, our community, and the world.
  • Both the Finance Committee and Endowment and Planned Giving Committee lend oversight for the financial stability of Beacon.
  • Faith in future congregations to carry out the mission of Beacon and sustain the values of Unitarian Universalism.