We love what God is doing through the people of PromiseLand and we want to see this mission continue for many generations to come. In order to do that, we are creating sustainable culture of ministry and finances. The PromiseLand Endowment is the financial tool we will use to fund this vision.
What is an Endowment?
Endowments are investment engines that can produce substantial income. The principal amount remains intact while the investment income is used for various causes. When you donate to The PromiseLand Endowment, it goes into a secure account where it will not be spent, but instead will build interest that will eventually fund our local ministry.
The Endowment Secures Our Future.
When contributions are made to an endowment, they are secure for generations to come. When we have the stability of a completely funded endowment, our church will be able to operate fully regardless of an economic downturn, pandemic, government restrictions, or any other negative factors. When we secure our financial future, we build a legacy that never ends.
The Endowment Frees Up Our Finances.
Now all who believed were together, and had all things in common, and sold their possessions and goods, and divided them among all, as anyone had need. Acts 2:44-45
We are excited about a time when we can pour into every need within our church membership. We currently help as much as possible. However, that is limited due to our resources. With an endowment, we will free up our regular giving for pressing needs, both locally and internationally.
We will use endowment income to fund our general expenses. This means that we will not have to use our regular tithes and offerings for things like the electric bill, facility maintenance, insurance, payroll, or any other part of the budget. Of course, this will take time. In the meantime, we can immediately start using the profits for small line items in the budget. As the endowment grows, we will cross off more and more items until, we are fully funded.
Here are the objectives for our two endowments:
General Fund Endowment
This endowment will eventually fund all PromiseLand’s operational expenses. This will allow the ministry of PromiseLand to function at 100% regardless of economic downturn or loss of membership. Also, regular tithes and offerings from the congregation will be able to assist members, those in the community, and mission partners when they have a need.
Retirement Endowment
This endowment will fund the senior pastor’s retirement. This money (endowment) will remain property of PromiseLand Church while the interest income will continually fund each subsequent Senior Pastor when they retire. As the fund grows, it is possible that other pastors on staff can participate in this retirement.
Our Goals
Fund the General Endowment with $15 million over the next 30 years. This was funded with an initial “seed offering” on December 12th, 2021 of $80,000. The fund will receive money from members directly contributing to it, or through life insurance, members’ estates/wills, and other methods. It is possible that this fund could be budgeted through regular deposits from the general checking account.
Fund the Retirement Endowment with $1.5 million over the next 20 years. This will be funded with monthly deposits from PromiseLand general checking account for the next 20 years.
There are multiple ways that we can contribute to the endowment
MEMBER CASH DONATIONS – This is the typical way churches fund their vision. Members donate cash on a regular basis. We will take up special offerings throughout the journey that will go into the endowment. We will also possibly send cash from our annual budget.
STOCKS - Another great way to get the most out of donations is by donating appreciating stock. By donating appreciating stock, the investor can make a much greater impact because they get a larger write-off through not paying capital gains, and PromiseLand gets a larger donation because as a non-profit we don't have to pay capital gains when we sell off the position.
INSURANCE - One of the greatest ways a person can make an impact is through either taking out a life insurance policy on their self or assigning a policy they already have and making the beneficiary PromiseLand Church. Many people are not aware that by making a non-profit the irrevocable beneficiary of a life insurance policy, it allows them to immediately write off the premiums as a charitable donation.
ART - Some folks have artwork that has not appreciated the way they expected; it no longer fits the motif of their home; or it no longer fits their collections. Selling art can be a lengthy and strenuous process with high commissions paid to art brokers. Donating art (of all kinds) to PromiseLand can be a quick and painless way to recoup investments made in art through tax write-offs.
PRIVATE EQUITY / ALTERNATIVE INVESTMENTS – Like with art, some folks may have some private equity or alternative investment positions that are overburdening them with capital calls or have lost value. By donating these assets, the investor is able to take a tax write-off that’s often times significant and off sets capital gains elsewhere in their portfolios.
BEQUESTS – People can put The PromiseLand Endowment as an entity that will receive an inheritance from their estate. A bequest is when someone gives assets, such as stocks, bonds and personal property, through his or her will. Any potential donor who has a will or living trust, regardless of age, the size of their estate, or the amount of their gift, can make a charitable bequest. The value of the gift is removed from a person’s estate, which reduces the amount owed in estate taxes.
CHARITABLE LIFE ESTATES - In this arrangement, donors deed their primary residence, vacation home or farm to the endowment. This arrangement allows them to maintain ownership of the property and continue living there for the rest of their lives. After the donors die, the property belongs to the endowment without the need for a probate proceeding. Tax benefits include income tax deductions, gift tax deductions, and estate tax deductions.
NON-MEMBER CONTRIBUTIONS– People that are not members of PromiseLand may feel compelled to contribute when they hear of the endowment’s purpose and vision.
How We Honor Those Who Have Contributed
Honoring those who are sowing into the next generation is crucial. Everyone that contributes to The PromiseLand Endowment will be honored in stone on the walkway at our outdoor venue. Contributors can choose to donate in honor of (in the name of) someone, as well.
In addition to the stone walkway, we will be honoring contributors with special gifts and celebration dinners. We want to make sure that everyone is updated on our progress and recognize every win along the way.
THERE ARE 3 WAYS TO GIVE:
· ONLINE: Click HERE to give online
· In a Sunday Service
· Mail a check to: PromiseLand San Marcos, 1650 Lime Kiln Road, San Marcos, TX 78666
Frequently Asked Questions
WHAT'S THE DIFFERENCE BETWEEN THE REGULAR OFFERING AND THIS SPECIAL OFFERING?
The normal PromiseLand offering is the regular percentage giving that we set apart on a systematic basis and give throughout the year. It is through our regular offering that the church is able to operate and do ministry. Special Offerings stretch us to grow in our faith. The special offering should be over and above what you regularly give.
HOW MUCH SHOULD I GIVE?
Because of the size and scope, this special offering will involve everyone! Please prayerfully consider a sacrificial gift that will stretch your faith. The precise amount you give is between you and God. Some will be able to give $500 - $5,000. Many will be able to give $100 - $250. Whether you give $300,000 or $30, the issue is not equal giving, but equal sacrifice. What amount can you give that will stretch your faith?
WHEN SHOULD I GIVE?
It’s totally up to you. Please indicate “Built To Last” on the “memo” portion of your gift.
ARE MY GIFTS TAX-DEDUCTIBLE?
All gifts to PromiseLand Church are completely tax-deductible. Please be sure to include your name and address when you give so that a receipt can be sent to you for your tax preparations. You are not required to utilize a tax-deduction for your gift, but it is available for all gifts.
Have additional questions? Please contact our office administrator Irene@psmchurch.com