Second Presbyterian Church Foundation

Long Term Stewardship Considerations

The Second Presbyterian Church Foundation was established by the members of Second in 1998 to administer special gifts and bequests received under the long term stewardship program at Second Presbyterian Church. The Foundation is designed to exist in perpetuity.

One of the functions of the Foundation is to act in a quasi fiduciary capacity to carry out the wishes of the members of Second. With this responsibility in mind, control features have been established to ensure the fiduciary requirements are met. A summary of these features follows:

  • Governance - the Foundation is run by a board of directors that is elected by the Session of the Second Presbyterian Church. The Chairman of the Board is required to be an elder or elder emeritus, and officers serve without compensation. Rotation of board members is required.
  • Tax status-the Foundation has been approved by the IRS as a 501c(3) supporting organization of the Second Presbyterian Church.
  • Development - the Foundation raises money quietly, using current and planned giving techniques. Experienced tax professionals are available to assist members’ professional advisers when requested. Timely tax reporting information is provided to donors.
  • Investments - the Foundation has developed a prudent investment policy that is managed by successful professionals.
  • Disbursing of resources - the Foundation is required to use its resources to promote the Kingdom of God through the approved ministries of Second Presbyterian Church in Memphis, America, and around the world. Any change in the use of resources would require the approval of the Session of the Second Presbyterian Church. Further, the Ministries supported by the Foundation agree to report back to the Foundation on how the support was used. Members of Second visit all major ministries supported to observe the activities and in many cases assist those ministries in carrying out their mission.
  • Confidentiality - the Foundation adheres to the Second Presbyterian Church confidentiality policy concerning gifts received, and thus obtains a signed statement from donors covering their wishes on confidentiality. View our confidentiality policy
  • Accounting records - the Foundation accounting records are maintained by the Second Presbyterian Church and provide the necessary separate accounts for five types of funds:
    • Undesignated endowment fund
    • Designated funds
    • Currently expendable funds
    • Memorial funds
    • Donor advised funds

    Maintaining these funds enables the Foundation to carry out donor wishes whether it be to add their gift to the undesignated endowment fund, create a special designated use fund such as scholarships, expend the corpus and earnings thereon as needed to fund a specified ministry, make a gift in memory of a loved one, or create a donor advised fund.