What is a Memorial Endowment Fund?
A permanently restricted account established at MBF by a donor in honor or memory of an individual or family. MBF regularly distributes earnings from the Fund to Christian ministries designated by the donor.
A donor wants to make a gift that will support their church or Christian ministries through a perpetual stream of income rather than a one time gift. The donor may desire for the annual distributions to be made in memory of the family or a loved one. It may also be desired that the donor and other individuals be able to make additions to the fund through time.
Donor and MBF develop an agreement that will govern the memorial endowment fund account.
Donor initiates the fund with an immediate contribution or by making provision in their estate plans to make contributions from estate distributions.
Reliable Stream of Support for Ministry – Some donors plan to grow their memorial endowment fund to an amount that will produce distributions to ministry equal to their current annual giving.
Multiple Giving Opportunities – Contributions may be made in varying amounts at many different times during the donor’s lifetime. Additions may be made by estate bequests and distributions. Contributions may be made by individuals other than the donor. Gifts may be made in the form of cash, financial securities, mutual funds, real estate, life insurance and retirement fund designations, and many other ways.
Tax Deductions – Contributions made during lifetime may qualify for federal income tax deduction. Additions from an estate settlement may qualify for federal estate tax deduction.