A gift to the Covenant Endowment Trust…it just keeps on giving. One reason to establish a Covenant Endowment Trust account is the assurance that your gift will be held in perpetuity (or for a designated period of years) and will be administered according to the wishes of the donor.
Arvada Covenant Church currently has three Endowment Trusts written by Covenant Trust Company:
- The Wesley and Sandy Swanson Mission Endowment Account for Covenant World Missions established March 8, 2000
- The Viola Erickson Gibson Memorial Fund through the Covenant Endowment Trust established on April 21, 2004 to provide Christian books other than the Bible to Arvada Covenant Church children ages 2, 3, and 4 years old.
- The Oscar and Esther Erickson Memorial Fund, also established on April 21, 2004 through the Covenant Endowment Trust. Funds will be administered by the Senior Pastor and the Children’s Director of Arvada Covenant to send children to Covenant Heights Bible Camp.
Establishing an Endowment Account
Individuals, couples, or families may establish their own Endowment Account and designate the use of the quarterly distribution. An Endowment Account ensures that the people in whose name(s) it was established will be remembered as people who made a difference.
The Covenant Endowment Trust can accept gifts of cash and/or marketable securities (possible tax avoidance).
Endowment Accounts may be established either during a person’s lifetime, or at death by naming an Endowment Account as a beneficiary. For a gift at death, a new or existing Endowment Account may be named as the beneficiary of a will, trust, life insurance policy, IRA, pension plan, profit/sharing plan, 401(k) plan, or other qualified plan or single-premium annuity. The Endowment Account may be established now and increased with additional funding in the future.
Individuals can use the Covenant Endowment Trust in two ways:
- A gift can be made now, the account established, and the ministry begins receiving income this year. The principal remains in the Covenant Endowment Trust account in perpetuity (forever), unless the donor specifies that the principal may be paid out after a term of years.
- Individuals can also name the Covenant Endowment Trust to receive a bequest from a will or trust. The account is established after death, and the ministry receives income each year thereafter.
Donors like the Covenant Endowment Trust because:
- It provides regular income to their chosen ministry long beyond their lifetime
- They know the funds will be wisely invested
- Each payout to the ministry carries the specific designation made by the donor, so changes in ministry leadership and the passing of time don’t matter
- It is an irrevocable gift that can provide a tax deduction for them or their estate
- Ministries can also use the Covenant Endowment Trust for funds already on hand
For more information or to establish an Endowment Account for Arvada Covenant, contact our local Covenant Trust Company Colorado Financial Services Representative:
Covenant Trust Company
9153 Yarrow Street
Westminster, CO 80021
800-483-2177 (central office)
844-616-3388 (toll free-direct line)