Life income plans available through the Seminary’s planned giving program offer an attractive alternative to those who are charitably motivated and wish to support our institution through gifts of appreciated property held longer than one year. Take the Charitable Gift Annuity, for example. Our friends and alumni/ae can make a gift that will provide fixed income for the lives of one or two beneficiaries and that is backed by the full faith and credit of the Seminary. Their annuity will be based on the fair market value of the assets contributed, and they will qualify for a charitable deduction in the year the gift is made, with carryover privileges for up to five additional years. Income payments will come to them monthly, quarterly, semiannually, or annually, according to their wishes, and entitle them to capital gains tax savings as well.

Listed below are representative rates for Charitable Gift Annuities covering one and two lives.

 Other life income plans, including the Princeton Seminary Fund (our pooled income fund) and Charitable Remainder Trusts, offer similar but not identical benefits. Each arrangement has distinctive characteristics. All would lock in capital gains when funded with appreciated property held long term, however, and all require that donors and beneficiaries be 50 years of age or older. These life income arrangements can also be funded with gifts of cash, of course, according to the circumstances and preferences of the donor.

For more detailed information about each plan, please visit our website at www.ptsem.edu or call Chase Hunt at 800-622-6767, ext. 7756 or 609-497-7756.

Gifts

This list includes gifts made between July 21, 1999, and November 30, 1999.

In Appreciation of Miller Chapel to the Miller Chapel Restoration Project

Michael Dong-Soo Chun Family Scholarship Endowment

A gift to Princeton Theological Seminary has established the Michael Dong-Soo Chun Family Scholarship Endowment Fund. Each year distributions from the fund will support one or more students preparing for pastoral ministry who have demonstrated financial need and academic promise. Preference will be given to second-generation Korean American students or students of Korean heritage. Mr. Michael D. Chun of Long Valley, New Jersey, initiated this scholarship endowment because of his desire to ensure quality pastoral leadership for Christ’s church for future generations.

Princeton Seminary has a long tradition of equipping Korean and Korean American students for ministries in the church. There are presently sixty-five Princeton Seminary alumni/ae serving in Korea in addition to many who serve Korean American and other churches in the United States.

For information about establishing a Scholarship Endowment Fund at Princeton Seminary, please contact Gene Degitz, vice president for seminary relations, or any member of the seminary relations staff at 1/800/622-6767 ext.7750.

Guidelines for Gift Endowments
at Princeton Theological Seminary

Preface:
The establishment of a permanent endowment is the unique privilege of a donor to provide perpetual funding for a valued purpose. These guidelines are intended to assist persons who are considering making a gift to establish an endowment at Princeton Theological Seminary. They have been adopted by the Seminary Relations Committee of the Board of Trustees to clarify and facilitate the process by which endowments can be initiated and established at the Seminary.

Endowment Defined:
An endowment is a gift whose funds are invested to provide continuing income, in perpetuity, for the general or specific purpose stated in the written endowment agreement between the donor and the Seminary. Donor-established endowments shall be used only for the purpose(s) specified in the endowment agreement, which must be accepted by the Seminary as well as the donor.

Endowment Income:
Income utilization of all endowment funds is determined by the Seminary Board of Trustees (normally in the range of 4-5% of the three-year rolling average of the market value of the funds). Endowment earnings in excess of the approved utilization are credited to the principal of the endowment. This enables the endowment to keep pace with inflation and thereby continue to fulfill the original intent of the donor.

Endowment Focus:
Endowment gifts may be unrestricted or they may be restricted for a particular purpose subject to the approval of the Seminary Board of Trustees. Unrestricted gifts enable the donor to support the total program of the Seminary in perpetuity. Such gifts provide institutional stability and flexibility. Restricted gifts enable the donor to provide funds for the stated purpose of the endowment in perpetuity. A donor may request that an unrestricted or restricted endowment be named or that it remain anonymous.

Procedure for “Named” Endowments:
Normally a “named” endowment (e.g., for a scholarship, a faculty chair, or another purpose) shall be established through a written and binding agreement assuring 100% funding of that endowment by the donor(s) within a specified period of time (usually within 3-4 fiscal years or less) and stating parameters of the fund that are agreeable to both the donor and the institution. Donors may also specify that available earned income be returned to principal rather than expended for a fixed number of years during which time the fund will grow.

How To Give:
Gifts for endowments can be funded with checks/cash, appreciated securities, and a variety of planned giving instruments that can be beneficial to the donor as well as to the Seminary. If the donor cannot give an initial gift at the minimum threshold level, the donor can consider making a multiyear pledge and/or can specify that accrued interest be applied entirely to the principal until the required sum is reached. These general guidelines were approved by the Board of Trustees on May 18, 1999, and will be reviewed periodically thereafter. Any exceptions to these guidelines require the approval of the president and the vice president for seminary relations in consultation with the Board of Trustees Seminary Relations Committee.

Givers and Builders Keep Chapel Project Moving Ahead

The Miller Chapel Restoration Project, begun in June 1999, is moving toward completion as scheduled in September 2000, according to John W. Gilmore, vice president for business affairs. A special dedication service will take place in the fall of 2000. Built in 1833, Miller Chapel is the second oldest building on the Seminary campus. The last major renovation of the chapel occurred in 1933 when it was moved to its present location on the quadrangle. The current $6 million-plus project will renew Miller Chapel and add a handsome companion building, separate from but adjacent to the chapel. The new facility will house offices for the campus pastor, the director of music, a counselor, and support staff and will provide a rehearsal room for the Seminary choirs that will also serve as a classroom, recital hall, and reception area.

President Thomas W. Gillespie expresses thanks on behalf of the Seminary for generous gifts and commitments from trustees, friends, foundations, alumni/ae, churches, and faculty and staff for the Miller Chapel project. Among gifts and commitments received as of December 31, 1999, are those from Seminary friends ( $1,145,77), Seminary trustees ($1,069,623), PTS alumni/ae ($339,463), PTS faculty and administrators ($152,449), churches ($107,700), and from The Arthur Vining Davis Foundations ($150,000). In addition, several bequests from alumni/ae and friends are designated for the Miller Chapel project.

In order to meet the project budget and to receive a $500,000 challenge grant from the Kresge Foundation, the Seminary must raise approximately $900,000 in additional gifts and commitments by May 1, 2000. Alumni/ae, friends, churches, and others who understand the importance of Miller Chapel in the Seminary community’s life are invited to support the restoration project. Commitments to the Miller Chapel Restoration Project are payable from now through January 31, 2002. For more information, please contact Gene Degitz, vice president for seminary relations, Chase Hunt, director of planned giving, or Richard Gronhovd, director of church relations and alumni/ae giving at 1/800/622-6767 ext. 7750 or ext. 7756 or by email at seminary.relations@ptsem.edu.

Funding Requirements for Restricted/Named Endowments

Other Endowments may be established at a minimum of $10,000 subject to consultation with Seminary Relations staff. Examples include establishing endowments for Alumni/ae Services, Computer Services, Buildings/Grounds, Child Care Center, Communications, Development, Media Services, etc.

Gifts of any size for Unrestricted Endowment purposes are welcomed.

For further information, please contact:
Office of Seminary Relations
Princeton Theological Seminary
P.O. Box 821
Princeton, NJ 08542-0830
Phone: 609-497-7750/7756 or
800-662-6767 ext. 7750/7756
Fax: 609-924-2973
Email: seminary.relations@ptsem.edu

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