I’m Not Rich - Should I Still Plan to Give to a BFNE Endowment Fund through My Estate?
For several years my wife served as the librarian for the Calef Memorial Library in Washington, Vermont. This small library in the middle of the village had one room on the main floor and two small rooms in the basement. It was only open three days a week, and then only for a half day each day. It was a small library, which is typical across Vermont. But it was an important part of the community. It was about more than books, it was also a community gathering place, especially in the winter when travel to other larger libraries was not always realistic. For many reasons, it was the only library many people in the village ever visited.
That little library was supported partially by tax dollars, but also by a generous bequest from Ira Calef. Ira was a young man born in the village who moved to the big city and made a lot of money in business. In retirement, he moved back to the little village of his roots. On his death he endowed both the library and one of the three churches in the village. His bequest was the difference between that small town having a library or not. Though few remember Ira’s story, his impact is still being felt in town.
As one of the oldest parts of the nation, New England has a lot of organizations like the Calef Memorial Library that are supported by endowments. Libraries, historic societies, recreational departments, cemeteries, private academies, and well-known world-class universities across New England are often supported, partially or in full, by an endowment. Endowments are part of our New England culture.
Though we often think of endowments as a “rich person” thing, it does not have to be that way. In fact, many endowments are a combination of many small gifts from ordinary people like us who care deeply about whatever it is we helped endow.
Are libraries, schools, and historical societies all that need endowments? While these organizations are worthy of support, those of us who are Christians, should be more concerned about endowing Gospel-oriented organizations.
Here’s four reasons we should consider leaving something in our estate to support Christian ministry in New England:
1) We want to ensure that a strong Gospel witness will remain in New England until the Lord returns.
One day Christ will return, and then endowments will not matter. But until He does, we want to ensure that every corner of New England has a Gospel witness, even small, forgotten places.
2) We want a way for our gift to ‘re-give’ itself five or more times over the next 100 years.
Most of us are not rich. We can only give so much. When we give to an endowment, our gift is not actually spent. It is invested and the proceeds are spent. That means our gift will re-give itself over and over again. It is a great way for us to maximize our limited personal resources.
3) We want a way to give a larger offering than we would be able to under normal circumstances.
For most of us, the vast majority of our wealth is in non-cash assets. For example, the greatest asset many people own is our own homes. Obviously, we need it while we are living! But when we pass away, if our family is just going to sell it anyway, why not leave a portion of those proceeds to a Christian ministry? Because the value of our homes in New England is so great, that final gift may be the largest we will ever make. For others, it might be a family business, or an art collection, or some other asset that we could not monetize while living, but is often going to be converted into cash anyway at our death. Leaving some of it to a Christian endowment just makes sense.
4) We want to leave a legacy of faith that inspires our family to live for the Lord.
People are motivated to leave money to an endowment fund for various reasons. For those of us who are Christians, one of the key motivations for this our desire to inspire our family to live for the Lord. Letting them see how we were generous both in life, and in death, helps them capture a picture of that type of commitment for their own lives.
How to Give to a BFNE Endowment
Lots of different ministries have systems by which people can leave money for the mission. The BFNE has tried to make it easy so that anyone can participate. People may leave a specific dollar amount. They may leave a percentage of the residual estate (what remains after gifts to loved ones and expenses have been paid). Some people choose to leave a specific asset, such as securities or other marketable property. Because each person’s situation is unique, you should always consult with your attorney or financial advisor so that you can ensure the best way for you to care for your family first, and then the Christian causes you care about.
For those who might want to pray about leaving funds to a BFNE endowment, the list of our endowment funds can be found here:
Questions?
Contact the Executive Director, Dr. Terry W. Dorsett at 508-393-6013 or tdorsett@bcne.net more information.
Dr. Terry W. Dorsett serves as the executive director of the Baptist Churches of New England.
