Thursday, August 28, 2014

Seward United Methodist Church Foundation

I am meeting tomorrow with the current President of the Seward United Methodist Church Foundation. (UMCF) He is looking for information on my involvement in its establishment and my serving as its First President. The circumstances that prompted the Foundation's formation included the retirement of the long time Church Treasurer (CPA), the addition of additional restricted estate gifts, the desire for a local tax exempt entity,etc. I had been elected to the Administrative Council in '04 and named Chairman of the “Permanent Endowment Committee” (PEC) in '06. I had been involved as a board member and in forming tax exempt foundations and felt it would be appropriate for the Church. Working with a lawyer on our PEC Committee, we established the Seward United Methodist Church Foundation as a Nebraska Corporation, and received IRS designation approval, retroactive to our application on April 26, 2006. The Foundation became operational on January 1, 2007. Our By-laws and operational procedures provided for succession planning and on February 19, 2009, I took the President's files down to Holly, my successor. Our meeting tomorrow prompted me to dig out some of my old files that I enjoyed reviewing.

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