The Foundation

MISSION STATEMENT

The mission of the Cornerstone Community Church of Greeley Foundation is to:

1. Give members and friends of Cornerstone Community Church an opportunity and vehicle for Legacy Giving into an endowment.
2. Establish a funding mechanism to support non-budgeted funding needs which are beyond the Church’s resources to address.
3. Fund new ministries or mission start up needs and or facility issues. This will be a primary funding criterion as new needs come up.

Furthermore, in terms of operation:

1. The funds distribution can be requested by the session of Cornerstone Community Church and/or as mandated by IRS rules.
2. Any distribution must fall within the various established Foundation accounts as specified in the Bylaws of the Foundation or show that the distribution will have benefit to one or more of the funding areas.
3. The mandatory yearly distribution will be made to the session if no other fund request has been used to fulfill part or all those requirements.

The Foundation Board will make the final decision as to funding a new request from the Church Session. However, once a distribution is made from the Foundation to the Church, the Session of the Church (and its committees/ministries vested with the power to spend Foundation-distributed funds) will have spending authority for those funds.

HISTORY

After years of discussion, a foundation was established for our church in 2007. The Cornerstone Community Church of Greeley Foundation is accountable to the Session. The Foundation will work to inform, educate and assist members and friends of our church in understanding the benefits associated with planned charitable giving and how the ministries of the church will benefit.

ORGANIZATION

The Foundation ascribes to the general guiding principles and standards set forth by the Evangelical Council for Financial Accountability. It is governed by a Board of Directors. The Board members serve three-year rotating terms and are accountable to the Session of the church; Board members may serve up to three terms (9 years). Board members are well-connected and enthusiastic church members, ideally with interest in and familiarity with business, accounting, financial planning, or legal affairs.

PURPOSE

The Foundation has been set up to assist individuals and couples to provide a legacy in funding ministries of the church while utilizing appropriate tax-saving strategies. There are many vehicles available to leave lasting financial support for the work of the church.

GIFTS

The Foundation may accept gifts of:
• Cash
• Appreciated Assets (i.e., stocks, bonds, mutual funds, IRAs, real estate, and personal property)

DEFERRED GIFTS

Deferred gifts are those which become fully available to the Foundation at a later date, generally coinciding with the death of the donor. Examples of deferred gifts with tax advantages for the donor(s) are listed below. This is not an exhaustive list; your tax advisor and/or attorney will be able to help determine the best vehicle for achieving your intentions.

Deferred gift opportunities include:
• Life income plans
• Charitable Lead Trusts
• Charitable Remainder Trusts
• Life Insurance Policies
• Wills and Bequests
•Charitable Gift Annuity