Fund Policy
Shaare Tefila Congregation Fund Policy
The Shaare Tefila Congregation Funds enhance the congregation’s permanent endowments. Contributions made to these funds are retained as principal in perpetuity, while the interest is expended to further the programs and goals of the Congregation. Endowments of $10,000 or more may be named and designated for specific purposes. Smaller gifts are a part of the donor’s designated fund.
Shaare Tefila Congregation encourages the establishment of new endowment funds, to honor or memorialize your loved ones in a permanent manner. Contributions are tax deductible, and may be given in the form of stocks, bonds, real estate and other marketable securities, as well as cash. In addition, Shaare Tefila endowments can be appropriate beneficiaries of bequests and the synagogue can be designated the owner and recipient of life insurance policies and retirement accounts. Insurance is a meaningful way to magnify one’s gift to the congregation.
To structure contributions of monetary gifts, Shaare Tefila established a policy with regard to listing, establishing and maintaining endowments. Each of the established funds is defined by several parameters in a "Fund Book" which are maintained by the Executive Director. This Book is used to describe the purpose of each of the funds should additional donors want to know the history and objective of the fund. A pending fund is established and entered into the Fund Book when the following conditions are met:
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A Sponsor initiates a fund name, start date and fund objective; and
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A $2000 minimum balance is achieved within 30 calendar days of the start date.
It is the policy of Shaare Tefila Congregation to permit new funds to be established and named only if the initial donated balance is $10,000. In cases where a new fund is established and this minimum is not achieved, the Sponsor is given one year from the Fund Start Date to bring the donated balance up to the prescribed $10,000 minimum. If the minimum is not achieved, the Sponsor and the Fund Committee shall, subject to Board approval, either spend the whole balance in conformance with the fund Objective, dedicate an item, or the whole fund shall be closed and subsumed into the General Fund.
The Congregation has always had a standing committee for Endowments. The Committee is working on creating charitable remainder trusts, pooled income funds and other planned gifts. These gifts permit the donor to enjoy the investment income from an asset for the remainder of his or her lifetime. For further information about the Shaare Tefila Planned Giving Program, please contact a member of the Committee, an officer of the Congregation or the Executive Director at the synagogue office. We would be pleased to answer your questions and help you receive professional advice, if you so desire.
10881 Lockwood Drive, Silver Spring, MD 20901 P: (301) 593-3410 F: (301) 593-0280
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