Legacy Committee

The Legacy Committee is a permanent endowment fund committee as described in The Book of Discipline of the United Methodist Church.  The general purpose of the Committee is to oversee the establishment and management of all endowment gifts made to the Church by its members and constituents that are intended to be a permanent source of financial support for the Church’s mission and ministries, and for the maintenance of the Church’s buildings and property.

legacy fund

Endowments that have been given to the Church are held in the Legacy Fund.  The Legacy Fund is maintained in either a designated account within the Church's local bank accounts or invested through the Arkansas Methodist Foundation. Unless specified otherwise by the giver, the gifts invested at the AMF are considered as principal that can only be distributed/spent with approval of Church Charge Conference. Each year, a percentage of the endowment fund invested at AMF is transferred to a Spending Account and can be used for purposes consistent with the Endowment Ministry Policy of the Church.
The Legacy Committee encourages all members and/or friends of the First United Methodist Church of Benton to include the Church in their long-term financial planning. This can be achieved through bequest in wills or trusts; naming the Church as beneficiary or partial beneficiary of insurance, annuities, IRA's; or tax avoidance strategies such as charitable gift annuities.
The Legacy Fund is also an excellent choice for memorials, honorariums, and simple gifts.
Named funds are those gifts bearing the name of the giver or designated honoree.  Named funds within the Legacy Fund Committee control can be established with a minimum gift of $50,000. The giver of the monies may name the purpose(s) for which the gift may be spent and the manner in which gift is to be distributed.
If the original gift is less than $50,000 the giver has 5 years to bring the amount in the named fund to the minimum amount.

Legacy committee Mission statement

Educate

To educate the Church congregation as to how they can provide a financial heritage that enables First United Methodist Church of Benton to maintain and grow its services and ministries in support of God’s work.

Direct

To direct the First United Methodist Church of Benton Legacy initiative in a positive manner.

Support

To support the efforts of the Trustees, the Finance Committee, and the Church staff.

Ensure

To ensure that expenditures support Church ministries but do not supplant the Church’s general operating budget.
The legacy funds will be utilized for church programs, long term facility and equipment repairs or replacement, and facility and/or equipment additions. It will not be utilized to fund the church’s general budget.
Legacy Fund Plans
The Legacy Committee encourages all members and/or friends of the First United Methodist Church of Benton to include the Church in their long term financial planning. This can be through bequest in wills or trusts, through naming the Church as beneficiary or partial beneficiary of insurance, annuities, IRA's or through tax avoidance strategies such as charitable gift annuities. The Fund is also an excellent choice for memorials, honorariums, and simple gifts.
 
The monies that have been given to the Legacy Fund are either kept in a designated account within the Church's bank accounts or are invested at the Arkansas Methodist Foundation. Unless specified otherwise by the giver the gifts invested at the AMF are considered as principal that can only be distributed / spent with approval of Church Charge Conference. Growth from the principal invested at AMF can be distributed for purposes consistent with the Legacy Fund's mission statement.
Memorial & Honorarium
Named funds within the Legacy Fund Committee control can be established with a minimum gift of $50,000. The giver of the monies may name the purpose(s) for which the money given may be spent. The giver may specify if the original gift can be spent or if only the income from the gift may be spent. If the original gift is less than $50,000 the giver has 5 years to bring the amount in the named fund to the minimum amount.
Church members Virginia Thompson and Brenda Mize share why they decided to contribute to the Legacy Fund in their long-term financial planning.