Policy Overview

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.


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 are elected by the Foundation Board and 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.


The Foundation raises money quietly, using current and planned giving techniques. The Executive Director and experienced tax professionals are available to assist members’ professional advisers when requested. Timely tax reporting information is provided to donors.


The Foundation Board has developed a prudent investment policy that is managed by successful finance 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.

Approved grant making policies are in place, and a Conflict of Interest policy is in place as well. 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.


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 using accepted accounting practices and provide the necessary separate accounts for the following types of funds:

  • Undesignated endowment fund
  • Designated funds
  • Expendable and non-expendable funds
  • Memorial funds
  • Donor Advised Funds
  • Charitable Gift Annuities<

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, create a Donor Advised Fund, or be issued a Charitable Gift Annuity.

The Foundation undergoes annual audits by an independent auditor. Those reports are available for review in the Foundation office.