ENDOWMENT FUNDS
The Fairmount Temple Endowment Fund was created "to secure the future
of the Congregation, to enrich the program of the Congregation for the benefit
of its members and the community and to provide for emergencies." Worth
over $5 million, Fairmount Temple's Endowment funds are a source of security for
our future and a continuous resource for supporting the temple programs.
There are three types of Endowment Funds at Fairmount Temple.
- Unrestricted Endowment Fund - The fund is not restricted for any
specific purpose. The Endowment Committee reviews proposals submitted by
temple leadership, committee chairs and temple staff annually to allocate 5%
of the principal balance of the fund to support temple programs.
Contributions can be made to the Unrestricted Endowment Fund at any level,
yet donations of $5,000 or more are recognized with a plaque on the
Endowment Wall in the Sukenik Spiegle Atrium Foyer.
- Named Restricted Endowment Funds - A named Restricted Endowment
Fund may be established with a minimum contribution of $10,000. The donor
can establish this permanent fund in his/her own name or the name of a loved
one, with any purpose consistent with the temple's mission or function. 5%
of the principal balance of the fund is allocated annually to support the
fund's purpose.
- Special Fund - A Special fund is a named restricted fund that is
meant to be temporary, which can eventually be used up. The minimum to
establish a Special Fund in $2,500. The temple may allocate up to 10% of the
principal balance annually to support the fund's purpose. The fund is
maintained as long as there are ongoing contributions to keep the balance
above $1,000. If the balance drops below $1,000, the fund can be merged with
another similar purpose fund.
Endowment funds can be established during one's lifetime or through one's
estate plan. Gifts of cash are fully deductible (up to 50% of Adjusted Gross
Income). Gifts of stock can be especially advantageous as one avoids capital
gains taxes and receives a tax deduction for the full market value of the
donated securities (up to 30% of Adjusted Gross Income).
Congregants of all means have contributed to the Endowment Fund.
Contributions have ranged from a few dollars to over $250,000. Regardless of the
amount, the contributors all seem to have the same sincere commitment to the
continued success of Fairmount Temple.
To learn more about Fairmount Temple's Endowment Fund, please call
216-464-1330, ext. 105 (Joey) or submit the online response form. All inquiries
are confidential.
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