First Pres Foundation

First Pres Foundation

Fund ministry at First Pres now and in the future using any of the following lifetime or legacy gifts, many of which offer you significant tax benefits.

What Does the First Pres Foundation Do?

When you give to First Pres, you really have the choice of giving to either of two separate 501(c)(3) entities: First Presbyterian Church or The First Presbyterian Church Foundation.

Giving to the First Pres Foundation means establishing or growing endowment funds which are invested so that the interest earned by the funds can support "above and beyond" ministry over the long term.

Examples of ministry supported by giving to the First Pres Foundation:

  • Seminary scholarships for ministers in training in our own congregation and in our global partner congregations. 
  • Scholarships to send students to camp.
  • Support for students participating in mission trips.
  • Reserve funds to cover major unexpected expenses, helping us to be faithful stewards by avoiding financial crisis.

Gifts of $20,000 or more can be used to start a short- or long-term endowment fund in the First Pres Foundation. 

How You Can Give

Specify in your will that a percentage of your estate, the “rest and remainder” of your estate, or a specific sum be given to First Pres when your will is executed.

If the bequest is for a specific purpose, the following language may be inserted: “If there is no longer a need for the original designation of the gift, the Board of Directors of the First Presbyterian Church of Colorado Springs Foundation may redirect the gift to another purpose, keeping in mind my original intent.” 

A Charitable Gift Annuity (CGA) is established by making a gift of cash or stock in exchange for an annual guaranteed fixed dollar payment for the duration of your life and/or your spouse’s life. The payment you receive is based on your age at the time the CGA is established—the older the age, the higher the payments. The rate stays constant throughout the rest of your life. First Pres or the First Pres Foundation receive a portion of the funds used to establish the CGA. The minimum gift to begin a CGA is $10,000.

A Charitable Remainder Trust (CRT) is established when you transfer cash, stock or other property into a CRT. There are two kinds of CRTs: a Unitrust and an Annuity Trust. The trust makes annual payments to the named beneficiaries (one or two people) for life or for a term of years. You receive an income tax deduction and no capital gains taxes are paid on appreciated assets placed in the trust. Upon the death of the beneficiaries, the remainder of the funds in the trust pass to First Pres or the First Pres Foundation.

Donor Advised Funds (DAFs) are great tools for charitable giving in philanthropy today. You can make a gift and receive an income tax deduction for this year, but have the funds distributed to one or more charities over whatever time period you choose.

To Establish a DAF through the First Pres Foundation:

Make a gift to the Texas Presbyterian Foundation (TPF), Fund Manager for the First Pres Foundation. TPF also manages DAFs for First Pres givers. The suggested minimum to establish a DAF is $5000 in cash, marketable securities or other assets. 

You will have access to your account with TPF, and you advise TPF how you would like the funds in your account to be distributed, at the time you choose, to ministries at First Pres and other qualified charities. You receive one receipt annually for income tax purposes. 

You can add to your DAF at any time or spend it down. Federal law does not allow DAF distributions to be used to pay a pledge. 

Contact Derrick Jeffers for more information on Donor Advised Funds. 

Connect with a Financial Advisor

First Pres maintains relationships with several professional financial advisors who are available to assist members. Contact Derrick Jeffers if you’d like to be connected with an advisor.