The South Main Baptist Foundation, Inc. is a not-for-profit organization formed in 1985 to receive, manage, and distribute assets exclusively for the benefit and in furtherance of the religious ministries of South Main Baptist Church. The SMBF provides a way for individuals to give to the needs of South Main Baptist Church over the long-term. Legally, the SMBF is separate and independent from South Main Baptist Church.
Q How is the South Main Baptist Foundation managed?
A The assets of the foundation are managed by a board of nine directors, elected for three-year terms by the members of the foundation.
Q I am concerned about confidentiality. Will my gifts be dealt with on a confidential basis?
A Yes. The confidentiality of donors is highly respected by the foundation, and all you need to do is indicate your desires.
Q Is the SMBF intended to ever replace regular giving to South Main Baptist Church?
A No. The foundation is not intended to replace regular stewardship giving but rather as an opportunity to set aside additional financial resources to support the ministries of South Main Baptist Church.
Q What are the current funds managed by the SMBF?
A The Isaiah Mission Fund, the Shelton Fund, the Habitat for Humanity Fund, and the Undesignated Fund. These funds are viewed as the primary collection points for the SMBF assets. The Board of Directors is focusing its efforts on growing these four primary collection funds.
Q Are there specific guidelines about how SMBF assets are managed?
A Yes. A documented investment policy approved by the board serves as the primary guidance for the Board of Directors to manage the SMBF assets.
Q When can I contribute to the SMBF?
A Gifts to SMBF may be made at anytime. All gifts to the foundation are tax advantaged through deductions. Many people defer this type of charitable gift until their deaths and achieve a deduction in computing their estate taxes. That deduction may justify their making larger testamentary gifts than they would if the deduction were not available. However, gifts made during one’s lifetime are especially tax advantaged because they achieve both an income tax advantage and the equivalent of an estate tax deduction.
Q How can I give a testamentary gift to the SMBF?
A You simply name the foundation as a beneficiary in your will or, if you use a trust as a will substitute, in the trust. It need not be any more complicated than that. However, since naming the foundation as a beneficiary may have other consequences (such as the tax benefits), you should work with your legal advisor who may call on the foundation’s counsel for assistance as needed.
Q Whom may I call if I have a question about the South Main Baptist Foundation?
A Any member of the Board of Directors will be happy to talk with you by phone or in person about the South Main Baptist Foundation. Additionally, you may talk with Jack Townsend, Counsel for the foundation.
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