Planned Giving

The Third Day Society was established in 2010 to recognize and celebrate donors who have made planned gifts – also known as legacy gifts – to Calvary Episcopal Church. The Society name reflects our purpose of ensuring the future life of Calvary. Such gifts help assure that Calvary will continue to do God’s work in the future. The Gift and Endowment Committee is a focal point for Planned Giving and, together with the Vestry, will provide the stewardship of such gifts so they will result in the most effective benefit for Calvary. A planned gift may be in the form of a bequest, a gift annuity, a trust, a gift of real estate, or a life insurance policy. All such gifts require careful thought and planning before donors choose the approach that fits within their estate plans.

This brochure will help you decide which type of planned gift might be best for you, given your goals and the benefits you desire for your estate as well as for Calvary. The Gift and Endowment Committee is ready to help in these decisions, but we strongly recommend that donors seek the advice of their financial planner or attorney.

Deferred Gifts

These types of gifts are usually in the form of life insurance or bequests, although they can also include gift annuities. Life insurance and bequests are often the simplest and least expensive to establish. For example, Calvary could be added as a full or partial beneficiary to an existing life insurance policy, or the ownership of a policy could be transferred to Calvary.

Bequests can be made by adding a codicil to an existing will describing the amount of gift and naming Calvary as the beneficiary. Considerations for giving first preference to your spouse or children can be included.

Life Income Gifts

There are several ways to make a gift to Calvary and still protect other beneficiaries for whom you wish to provide. For example, you could provide an income stream for over a number of years through a trust and then have he trust assets go to children or grandchildren. Or the income could go to your family over the years with the trust assets going to Calvary after the trust’s assets have benefited your spouse, children, etc.

A simpler option would be to set up a charitable gift annuity. This would provide income to Calvary over a period of time on a designated schedule.

Gifts of Stock

Ownership of stock that has been held more than a year can be transferred to Calvary, thus avoiding capital gains tax and receiving credit for the appreciated value of the stock. If stock had dropped in value, it’s better to sell it, claim a loss, and gift the cash proceeds to Calvary.

Gift Designation

When you make a Planned Gift to Calvary, you will know that it will be put to good and proper use. All Planned Giving contributions will become a vital part of the Gift and Endowment Program. The Vestry has designated the Gift and Endowment Committee as the body to evaluate and make recommendations to the Vestry about gifts offered to Calvary.

Gifts may be restricted (assigned a specific purpose by the donor) or unrestricted (no specified purpose). In each case the gifts will be used to advance the mission of Calvary .

Restricted gifts can be designated for immediate use or can be an endowment. In either case the following ministries have been established and are recommended to donors:

  • Music and Worship
  • Evangelism
  • Buildings and Grounds
  • Christian Education
  • Outreach Ministries
  • Scholarships/Campus & Conferences
  • Memorial Garden
  • Rector’s Discretionary Fund