FIRST UNITARIAN CHURCH OF PORTLAND FOUNDATION

The Bylaws of the Foundation were adopted with the written consent of the First Unitarian Church of Portland’s Board of Trustees and affirmative vote of the Foundation’s Board of Stewards in December 2001. Articles of Incorporation for the Foundation were filed with the State of Oregon December 6, 2001, and the determination letter from the IRS granting Section 501(c) (3) status is dated December 3, 2001.

The purpose of the Foundation is to support or benefit the Church as follows:

• Develop, maintain, and administer an endowment fund for the benefit of the Church.
•  Make distributions from the endowment fund in support of the Church.

A Board of Stewards manages the business and affairs of the Foundation. The number of Stewards is seven, five of whom are elected by voting members of the congregation and two are appointed by the Church’s Board of Trustees. In addition, the Church’s ministers may serve as nonvoting ex officio members.

INVESTMENT POLICY

All funds are administered as permanent endowment in support of the purposes of the Church, including special funds to be used for specific projects as specified by the donor.

The primary goals shall be preservation of capital, together with a reasonable total rate of return. The Foundation obtains the services of investment managers with proven records of performance. Socially responsible investment guidelines were adopted by the Board of Stewards on November 14, 2005 for the guidance of investment managers.

DISTRIBUTION

The Foundation’s basic net distribution is a percentage of the average fair market value of the Fund. A growing endowment is essential to guarantee perpetual support of the Church.

PLAN FOR THE FUTURE

Contributions to the Foundation are placed in the endowment fund and invested wisely, with the interest used for church projects as specified by the donor, or for general support of the church and church programs.

Through thoughtful estate planning many future gifts to the Foundation are possible, including gifts which can be designed to provide a present income to the donor, a future gift to the Foundation, and a current income tax deduction for the donor

The Foundation is equipped to accept and administer many types of gifts including the following:

OUTRIGHT GIFTS: Gifts of cash, stocks, bonds, real estate or tangible personal property are exempt from capital gains tax and qualify for the charitable deduction.

Gifts of appreciated assets will avoid payment of capital gains tax, as well as generate a charitable deduction for the current fair market value.

BEQUESTS: Provision made in a will where the Foundation receives cash and/or other assets at the time of the donor’s death. These bequests will be exempt from estate taxes, should they apply in the individual situation.

INSURANCE: Gifts of paid-up life insurance policies, new policies, or policies which are no longer needed are excellent ways to give now without affecting current income.

RETIREMENT ACCOUNTS SUCH AS IRAs AND ANNUITIES: Name the Foundation as the primary beneficiary. This kind of gift is not probated and is immediately paid to the Foundation following the death of the donor and there is no expense to donor’s estate and it’s possible no taxes will be owed.

CHARITABLE GIFT ANNUITIES: The gift annuity is an established method of providing fixed income payments to the donor for life. The amount received is determined by the size of the gift and the age of the donor. The income received is guaranteed and the remainder amount upon the donor’s death is transferred to the Foundation.

CHARITABLE REMAINDER TRUSTS: Donor transfers assets to a trust, the remainder of which goes to the Foundation after death of last beneficiary. Donor receives a fixed or variable income for life.

LIFE ESTATE CONTRACT: An agreement transferring a deed of real property to the Foundation while reserving the right to live on or use the property for life.

Church members are urged to consult with their attorney or financial adviser when arranging estate plans, and to contact any of the Stewards with questions. The Foundation’s IRA tax exempt number is 43-1968342.

The Foundation’s Board of Stewards are:

Beverly Fogle, president       

Barbara Stallcup Miller, secretary     

Don Watne, treasurer   

Jonathan Ater

Sylvia Gates

Paul Pitkin

Pierre Provost