First Baptist Church, Huntsville, AL
Tuesday, October 21, 2014
First Baptist Foundation
Board of Directors (July 2013 - July 2014)
What is the Foundation?
The Foundation, originally called the First Baptist Church Missions Foundation of Huntsville, Alabama, was created in 1997 as a separately incorporated, nonprofit, tax-exempt, public foundation through sponsorship of the membership of First Baptist Church of Huntsville, Alabama (FBC). In March, 2006, the Articles of Incorporation and the Bylaws of the Foundation were amended to change the name of the Foundation to First Baptist Church Foundation of Huntsville, Alabama and to expand the purpose of the Foundation to include, in addition to the original Mission Fund, a Transportation Fund, a Capital Improvements and Facilities Maintenance Fund, and a Scholarship Fund. The Foundation is governed by a rotating Board of Directors whose initial membership was selected from and approved by the membership of FBC. All subsequent board members must be members of FBC.
What is the purpose of the Foundation?
The purpose of the Foundation is to provide a means for members of FBC (and others), through direct contributions (cash and/or property) and/or the designation of a portion of their estates (will, trust agreement, or life insurance), to continue their Christian witness beyond their lives on earth. The principal amounts of all assets contributed to the Foundation are held in perpetuity with only the earnings from these assets being available for distribution in accordance with the Bylaws. Contributors to the Foundation will be asked to designate to which fund(s) any gift should be allocated. If the contributor does not wish to select a particular fund, the board will divide the gift equally among the four funds. Once added to a fund, assets are not transferable between funds.
How are earnings from Foundation funds used?
The earnings from the Mission Fund shall be used to support mission tasks only where there is active involvement of members of FBC on site, on foreign or North American mission fields. Mission tasks considered for funding may include preaching, teaching, personal witnessing, home visitation, medical ministries, literature, clothing, food, construction, repair, or to assist in the purchase of land for a mission church where there is active involvement of members of FBC.
Earnings from the Transportation Fund shall be used exclusively to support the transportation of members and staff of FBC and persons who are guests of the members and staff for church sponsored event to and from the church. Purchasing and maintaining vehicles or the renting of vehicles for these tasks are examples of how the fund may be used.
Earnings from the Capital Improvements and Facilities Maintenance Fund shall be used exclusively to make capital improvements and/or maintain the facilities and grounds at FBC.
Earnings from the Scholarship Fund shall be used exclusively for grants to members of FBC for study at an accredited institution of higher education. The program of study must be related directly to a church vocation.
Grants from each of the four funds will be made by the board in accordance with the requirements of the Bylaws and in response to specific proposals.
Are Contributions to the Foundation tax-deductible?
The FBC Missions Foundation is organized to meet the requirements and regulation as defined under Section 501 (C ) (3) of the Internal Revenue Code and further meets all federal and State of Alabama requirements such that contributions are non taxable. A memorandum of 6/7/2002, describes communications between IRS and the Foundation leading to final ruling by IRS that the Foundation is a public foundation with 501 (C) (3) tax exempt status. The Foundation is not required to pay income tax but is required to file annual returns. Form 990 for the three previous years are available for viewing.
How are contributions made to the Foundation?
There are several ways of transferring things of value to the Foundation such as listed below:
Direct contributions of cash or property. Direct cash contributions of any amount are accepted at any time by the Foundation. Many have found that a contribution to the Foundation is an excellent way to honor the memory of a deceased person or to honor a living person or group. Every gift is acknowledged to the giver, and the honoree or family of the honoree is notified of the gift. Gifts of real property, personal property or securities are accepted at any time.
Gifts by bequests. Bequests may be made for a fixed dollar amount, a percentage of the estate or a specific property such as real estate, securities, or tangible personal property. If you decide to include the Foundation in your will, the Board would like to know in order to help us plan for the future, but more importantly, to understand your wishes and to acknowledge your gift. However, it is not necessary to notify the board of your actions or intentions in that regard. The Board will hold in confidence anything you choose to share with the Board.
Gifts of Life Insurance. One may purchase a new policy or give an existing policy that has outlived its original purpose. Life insurance has become one of the most popular ways to contribute substantial sums for a relatively small investment.
Other Types of Gifts. There are various other plans of acceptable giving such as the creation of a Unitrust/Annuity Trust, Gift Annuity, or a Charitable Lead Trust.
Named Endowed Fund. For donors wishing to endow a Named Fund (that is, a fund named for an individual or group), a minimum gift of $25,000 would be accepted. The $25,000.00 gift could be given over a period of as much as five years. The principal of the fund would be protected in perpetuity by the Foundation.
A GIFT TO THE FOUNDATION WILL CONTINUE TO SERVE THE CAUSE OF CHRIST FOREVER