About the Ascension Legacy Society
A LEGACY GIFT
The Gift of One Generation to the Next…
How do we transfer wisdom and vision from one generation to the next? We at Ascension experience life together through worship, teaching, outreach ministries and other activities as a faithful caring community. But there is much more we can do to share our wisdom and vision with the next generations.
The Ascension Legacy Society is a group of parishioners committed to bringing the light of Christ to future generations in the Greater Knoxville community, the region and the world — by providing support for programs and ministries through their estate planning. They appreciate the need for the church to work beyond what is possible through the church’s annual operating budget and are willing to help fund this work.
Legacy gifts may be directed to any number of Ascension ministries and programs, although most members of the Ascension Legacy Society intend their gift to support ministries described by The Ascension Endowment Fund. However, you can designate your gift to any church ministry — Absent a clear designation, your gift will become part of The Endowment Fund.
The parish acknowledges the generosity of those individuals who have made a commitment to the future of Ascension through a current or deferred gift as members of the Ascension Legacy Society. But whether small or large, legacy (planned) gifts normally will be directed to The Ascension Endowment Fund or specific programs as designated by the donor.
Why an Endowment?
An endowment enables the parish to fulfill its mission beyond that which is possible through the annual operating budget; and to help sustain Ascension’s ministries into the indefinite future. Endowments empower ministry and are not be used as a mere protection against uncertainties.
The Ascension Endowment Fund originated sometime around 1992. At present, The Endowment Fund is invested through a diocesan investment trust, the Episcopal Endowment Corporation Common Trust Fund.
In 2016, your Vestry approved new policies and guidelines for the Endowment Fund. This document provides the structure which describes how the money will be used, how much may be spent each year and who is in charge of making these decisions. Distributions are to be used for (a) outreach ministries and grants; (b) seed money for new ministries and special one-time projects; (c) capital improvements of the Parish; and (d) such other purposes as are specifically designated by donors. You may find and review The Endowment Policies and Guidelines in the parish library.
Stewardship of the Endowment Fund is provided by an Endowment Committee appointed by the Vestry. This committee is comprised of seven voting members (all parishioners); plus the Rector, Senior Warden, Planned Giving Committee Chair, and Finance Committee Chair, serving as non-voting members.
What is Planned Giving?
Planned Giving encompasses a variety of ways that gifts can be made to the church from your accumulated resources. It usually involves financial or estate planning. However, it is not reserved only for the wealthy.
Planned Giving is a means by which anyone concerned with the wise use of his or her personal resources makes a considered choice about their ultimate disposition.
In general, planned gifts are made through:
• A Bequest in a Will
• A Life Income Gift such as a pooled income fund, a charitable gift annuity or a charitable remainder trust.
• Gifts of Special Assets (real estate, closely held stock, life insurance and retirement accounts)
Planned giving establishes a way for a donor to first, provide for family members while, secondly, remembering the church.