The Historic Pohick Church Foundation
The Historic Pohick Church Foundation is formally known as the Pohick Church Endowment Fund Inc. and is a nonprofit charitable corporation that was established in 1983 for the purpose of maintaining and restoring the historic Pohick Church building. The goal of the Endowment Fund is to provide a source of funds to ensure the continued viability of Pohick Church without unduly burdening the operating funds of the parish.
On a number of occasions throughout history, the Vestry of Pohick Church has undertaken major repair and restoration projects with the goal of preserving this hallowed structure for future generations. Ensuring that these projects are faithful to the original architecture has become increasingly expensive.
Since its inception, the Endowment Fund has paid for the installation of air conditioning, the repair and replacement of the windows, and repair of the exterior stone work and doors. Major projects being considered for future years are replacement of the roof and chandeliers and restoration of the floor.
The Fund is administered in accordance with the terms of a written trust agreement and the Articles of Incorporation by a Board of Trustees. Members of the Board include the Junior Warden and eight others who are appointed to five-year terms by the Vestry. The Vestry has no control over the Fund’s budget, investments, etc. However, the Vestry must approve any projects undertaken by the Board of Trustees. In fact, the Vestry often suggests needed projects that cannot be funded within the Church operating budget. The Trustees then consider these suggestions for potential Endowment funding.
Gifts by individuals to the Endowment Fund provide the primary means to carry out this important mission. Such gifts can take a variety of forms, as described here:
Gifts to the Historic Pohick Church Foundation
The Generosity of Individuals Sustains the Fund
A traditional and very appropriate method of leaving money or something of value to an organization such as this is through a will. Certainly, that’s one good way to insure a sort of perpetual gift to Pohick Church. But there are other methods to provide endowment funds to Pohick while, at the same time, providing substantial tax benefits to the contributor. Examples of the kinds of gifts that can be given include the following:
- Appreciated stocks or bonds
- Life insurance policies
Gifts to the Endowment Fund qualify for the maximum allowable Federal and State charitable deduction. In addition, gifts to the Fund are fully deductible for Federal estate and gift tax purposes.
Life insurance policies make excellent gifts because the death benefit is substantially greater than the premiums paid in. In addition, the donor receives tax benefits for the premiums. One method is to give an existing policy to the Endowment Fund, making the Fund the beneficiary and owner. An immediate tax deduction is received for the policy’s cash value. If future premiums are due, tax deductions on those are received in the year they are made. A second method is to purchase a new life insurance policy, making the Endowment Fund the owner and beneficiary. Again, a tax deduction is received each year for the premium payments.
One of the most popular ways to honor someone living or deceased is to make a gift in his or her honor or memory. The families of parishioners who die often request that, in lieu of flowers, gifts be made to the Endowment Fund.
There are numerous creative ways to contribute to and benefit from a gift to the Pohick Church Endowment Fund. The best place to start is with the Rector or one of the Endowment Trustees. He or she can talk to you about your goals and what the Church’s needs are, now and in the future. Based on that, you may want to follow up with your attorney, CPA, or insurance agent to determine the type of donation that best fits your particular financial situation.