Legacy Circle
MVUC Hill of Dreams Legacy Circle - Overview
Our Endowment Fund helps to ensure our continued financial health and the
long-term survival of MVUC and Unitarian Universalism. To increase the visibility of the Endowment
Fund and actively encourage more people to include MVUC in their estate plans,
we are establishing the Hill of Dreams Legacy Circle to recognize people who
have stated their intention to include
MVUC in their estate planning. There are
no membership fees and, although your generosity is encouraged, no gift size is
mandated to be included in the Legacy Circle. Once you have included MVUC in
your estate plan, all you need to do is complete a declaration of commitment.
Legacy Circle
Frequently Asked Questions (FAQs) – updated
1/15/2012
Why are we doing
this?
The
ultimate goal is to grow MVUC’s Endowment Fund, which helps to build a strong
financial foundation for MVUC and ensures that our church and our liberal
spiritual values will endure. It is
hoped that the Hill of Dreams Legacy Circle will expand the visibility of the
Endowment Fund and actively encourage more people to include MVUC in their
estate plans.
Do other
Churches have similar recognition programs?
Yes,
many Churches and non-profits have come to the realization that a strong
endowment fund can help to ensure their continued financial health and long
term survival. To encourage the generosity of their members these organizations
have established similar planned giving programs to
recognize and thank donors while they are living for their future gift.
What
is the current status of our Endowment Fund?
The
Endowment Committee is charged with managing the MVUC Endowment Fund which
exists to help secure, strengthen, and extend the long-term survival and
mission of MVUC and Unitarian Universalism. The policy established by the Board
of Trustees requires that the Endowment Fund’s liquid assets reach $1,000,000
before any expenditures can be made and the principal is not to be spent. Its
current value is approximately $770,000. We are hoping to increase awareness of
and the fund by establishing the Hill of Dreams Legacy Circle.
What
is the investment strategy of the endowment Fund?
The MVUC endowment fund is currently
managed in a private account with McLaughlin Ryder of Alexandria. Last Spring, the Endowment Committee decided
to evaluate the operation of the endowment fund, to include looking at various
investments to ensure that the present arrangement best suited the needs of the
church. After a comprehensive review of
our existing investments, the Endowment Committee has determined that the
optimum investment strategy is to invest our funds in the UUA Common Endowment
Fund. (http://www.uua.org/uucef/index.shtml)
This is a 120 million dollar fund that
has returned 5.5% annualized for 15 years. Investment decisions are made by a
team of 14 professional managers, with a specific performance goal of 5% per
year. Churches must be incorporated to invest in the fund. The Board has
approved moving forward with incorporating MVUC and expects to complete the
process no later than May.
How do I become
a member of the Legacy Circle?
Anyone who has included MVUC in
their estate plan and completed a declaration of commitment is a member.
Is there a cost to join the Legacy Circle or a minimum
financial commitment?
There are no membership fees and,
although generosity is encouraged, no gift size is mandated to be included in
the Legacy Circle.
Do I need to
submit paperwork showing that the MVUC endowment fund is a beneficiary in my
Estate plan?
No,
while you may submit such paperwork, the Endowment Committee is using the honor
system and trusting that you will do what you committed to.
Is there a goal
for the number of Legacy Circle members?
Yes, the goal is to have 10-15 members in
the inaugural group by the May 6th Annual Meeting. It is hoped that many more
people will join in the future.
Is there a
deadline?
Although
joining the Legacy Circle is an open-ended opportunity, in order to be included in the inaugural group of Legacy
Circle members, the Endowment Committee must receive the declaration of
commitment no later than April 6, 2012.
The deadline is to ensure that we have the plaque completed in time for
the May 6, 2012 Annual Meeting.
What if I miss the April 6, 2012 Deadline?
You may still join the Legacy Circle
and be recognized on the Plague. Your name will not be included in the
Inaugural Group to be presented at the May 6, 2012 Annual Meeting but it will
be added as soon as possible after you sign the declaration.
Will there be a
list of members?
Yes,
members will be listed on a plaque in the Commons.
In what order will the names be listed on the plaque?
The Inaugural group will be listed
in order of the date that they joined MVUC. After that, names will be added in
the order that people join the Legacy Circle.
What if I don’t
want my name listed?
You
could be listed as “anonymous,” but you are strongly encouraged to list your
name in hopes that your example will inspire others
to make an estate gift of their own.
My
spouse/partner is not member of MVUC. May I still list their name on the
plaque?
Yes,
a Legacy Circle member may decide how they wish to be listed on the plaque.
They may list a spouse/partner even if they are not a member of MVUC or if they
are now deceased.
I already have a
will. Is it difficult to change it to include MVUC?
It
is fairly easy to change a will. One way to do this is to create a “codicil,”
which is a legal document that changes specific
provisions of a Last Will and Testament, but leaves all of the other provisions
unchanged. A codicil is like an amendment or addition to
your will. To be valid, it must be dated, signed, and witnessed, just like a
legal will. In Virginia, a Codicil or Will must be signed by the Testator (you)
and acknowledged in the presence of at least two competent witnesses, present
at the same time. If you want to leave something to MVUC in your will, it could
be a fixed dollar amount or it could be a percentage of what is called your
“residual estate” - defined as “the balance of a deceased's estate
after all administrative expenses, debts, taxes, etc. have been paid, and which is available for distribution
to the deceased heirs."
It is always good to consult with your lawyer.
Are there assets
that I could give to MVUC that aren’t impacted by a will?
Much
of your property passes by law to beneficiaries, despite what your will says.
Property, such as, retirement proceeds, life insurance proceeds, joint bank
accounts, payable-on-death bank accounts, and stocks registered with a
transfer-on-death form all pass directly to a specified beneficiary. If you had
in mind making MVUC the beneficiary for one of these assets, you would not
change your will but you would change the beneficiary for the asset. You could
have two or more beneficiaries on any of these assets and leave a percentage to
MVUC and a percentage to Jane Doe, et al.
How do I get more information?
Please contact any member of the
MVUC Endowment Committee: Bill Burns, Oma Cox, Joan Darrah, Rob Dickinson, Al
Erickson, or Nancy Fox.