Undesignated Funds

When the Foundation receives a gift from a donor who does not specify how it may be used, it is added to the undesignated fund. This is the permanent endowment fund that is the depository for any bequests that do not have specific designations. The major strategic grants come from the earnings of this fund.

Designated Funds

When a donor does specify an intended use for a gift it is considered a designated fund. Funds are either expendable, allowing the principle and earnings to be spent, or non-expendable, allowing only the earnings to be spent. Specific funds that are available to receive such gifts are as follows.

Bee Wallis Memorial Library Fund
Earnings from this fund are to be used for the benefit of the Second Presbyterian Church Library.

Binghampton Christian Academy Graduates Scholarship Fund
This fund provides scholarships for graduates of BCA who are accepted for enrollment at eligible schools at the secondary education level.

Charles R. Sherman and Rebecca L. Sherman World Missions Fund
Earnings provide funding for use by the Second Presbyterian Church World Missions Committee.

Chloe Malone Burch Foreign Mission Fund
Earnings fund grants made by the Foundation in support of foreign missions.

Christian Psychological Center
Earnings are to be used as a supplement to funds available for research and new program development as well as to pay for consultation services for those who need counseling but cannot pay the fee.

Clay Scholarship Fund
This fund assists members of Second Presbyterian Church and the ministerial staff with tuition assistance for their sons to attend Presbyterian Day School.

Fellows Fund
This fund provides scholarships and allows for the expansion of this program that promotes the relevance of the church to a generation of emerging leaders and instructs how our faith informs our work.

Gillespie Pastoral Internship Fund
The income from this fund is used to pay the salary of pastoral interns during their internship at Second Presbyterian Church.

Meredith Ashley Fox Memorial Scholarship Fund
Earnings and a portion of the principal from this memorial fund scholarships for eligible graduates of Binghampton Christian Academy to attend Evangelical Christian School.

Music Ministry Internship Fund
This fund sponsors academic year and summer internships for college students to serve within the music ministry of Second Presbyterian Church.

Neighborhood Christian Center Scholarship Fund
Earnings from this fund provide scholarships for needy and deserving students for enrollment at a post-secondary educational institution or vocational training school.

Mozambique Fund
This fund provides support for ministry efforts in Mozambique coordinated through the World Missions department of Second Presbyterian church.

Second Conservatory of Music Fund
This fund provides scholarships for individuals to build musical preparation for future service in ministry, music performance, and enjoyment.

Student Loan Fund
Earnings fund conditional scholarship grants for approved 2PC members to attend seminary and obtain a Masters-level degree.

Urban Ministry Fund
This fund and its earnings are used to establish inner-city missions in Memphis.

World Missions Fund
This fund holds gifts that do not have specific designations other than for 2PC approved strategic ministries around the world.

Youth Intern Fund
Earnings from this fund are used for compensation for interns being trained for Youth Ministry.

Other Designated Funds

Other designated funds that have been established over the years include:

  • The Berl Olswanger Music Scholarship Fund
  • Chauncey Johnson Family Camp Scholarship Fund
  • Church Plant Reserve Fund
  • College Music Scholarship Fund
  • Donna Kyle Nursery
  • Home Mission Fund
  • John Owen Recreation Scholarship Fund
  • Karen Barden Fund
  • Memphis Intercity Mission Fund
  • Ministry Projects
  • Sharpe Music Education Fund
  • Ukraine Missions Fund
  • Varsen Fund
  • Wetter Mission Fund
  • World Missions/2PC Programs
  • World Mission & Neighborhood School Reserve
  • Donor Advised Funds

    When a donor gives assets to the Foundation and also serves as an advisor who recommends the grants to be distributed, a Donor Advised Fund is created. Grants may be distributed to Session-approved ministries. The Donor Advised Fund policy does allow a portion of the fund to be granted to other causes consistent with the Christian mission and approved by the Foundation Board of Directors.

    Members of the congregation may wish to consider participating in the Foundation using a Donor Advised Fund. This type of fund fosters personal relationships between the donor and the recipients. It is an effective and convenient support mechanism for individuals who have a ministry focus or who wish to give gifts to more than one qualifying ministry. For further information on how to establish a donor advised fund please contact the Foundation office.

    The following is a list of some of the agencies to which Foundation donors have directed their funds:

    • African Bible College
    • Binghampton Christian Academy
    • Christian Fellowship
    • Church Health Center
    • French Camp Academy
    • Greater European Mission
    • JIFF
    • MCUTS
    • Navigators
    • Neighborhood Christian Center
    • Presbyterian Day School
    • Reformed University Fellowship
    • Salvation Army
    • Second Presbyterian Church
    • Second Presbyterian Church – NEXUS
    • Second Presbyterian Church – WOC
    • Second Presbyterian Church – World Missions
    • Second Presbyterian Church Foundation
    • Streets Ministry
    • Young Life

    Memorials

    There are three types of memorials – undesignated, designated, and established. When a contribution is made to either the church or the Foundation and there is no specific ministry or fund designated, then that contribution is directed to the Foundation’s Undesignated Fund. This is the most common memorial gift. Memorials may be directed to an existing designated fund. A named memorial may be established that will serve as a lasting memorial through providing dependable support for a specific ministry.