Estate Planning — Now is the Time

WHY PLAN?

You should take the time to make sure you have a properly prepared and complete estate plan in place that accurately reflects your values and goals, including a will or trust; powers of attorney for financial and medical decisions; and a living will. 

Do not delay in updating your documents and beneficiary designations. Maybe set a deadline to get everything updated by the end of the year. Getting this done will give you peace of mind. If the opportunity arises as you update things, you might consider including our church – through its Foundation – in your final plans. There are favorable tax laws that support those who exercise charitable intent.

If you have older plans in place, you might consider that there have been recent tax law changes; if your named executors, trustees, and guardians are still appropriate; or if the number of your children or heirs have changed.

If you have newer plans in place, you might check to see if there are any gaps in your plan and if it accomplishes exactly what you intend.

For anyone with existing plans, you should confirm that your beneficiary designations on all life insurance and retirement accounts compliment your will and/or trust.  

NEED TO DISCUSS?

Always consult your professional, tax, and legal advisors about the suitability of any of these strategies on your personal situation and how to carry them out effectively.

If you would like to learn more about the Foundation or discuss ways in which you can participate, contact Vicki Simmons at (901) 507-7898 or vicki.simmons@2pc.org. 

2020-21 Grants

The following grants were made during this last fiscal year. They include grants from the undesignated fund and many designated funds. Additionally, grants were made to eligible ministries from donor advised funds.



First Recipient of Fund Established in Memory of Tim Russell is Named

The Fund

The T. Russell Seminarian Support Fund was established September 2020 in memory of Reverend Timothy Lowell Russell (1957-2020). Tim Russell lovingly served among the congregation as pastor, preacher, teacher, mentor, and friend in two separate seasons of time.

In recognition of Tim’s adeptness at and love for reformed theological education, the purpose of the fund is to provide financial support for students who are accepted for enrollment at an approved seminary. Due in large part to the generosity of many donors, the balance now stands at $64,000.

Support under this Fund is specifically for African American or Hispanic members of our congregation or any member seeking a degree in urban ministry or any degree coupled with a clear calling for use of that degree in urban ministry.

The First Recipient 

Bradley Morrow is the first beneficiary of the fund. He is a native of Jackson, TN, and graduated from the University of Memphis where he met his wife Bri Morrow. While in college, he was involved with Campus Outreach and began to suspect a future in vocational ministry. Upon graduating, Brad joined the Memphis Fellows Program, during which he worked part-time in youth ministry for the Binghampton Development Corporation. It was these experiences that aided in discerning his call to vocational ministry. Brad is now serving as a Pastoral Resident at Second and working towards his Master of Divinity from Memphis City Seminary. The Foundation also supports the Pastoral Residency Program at Second.

Brad states, “Even though I did not have a relationship with Tim, I admired him from afar. While I desired to attend seminary and pursue a calling in ministry, the idea of doing that in a majority white context was challenging for me in many ways. Getting to watch Tim faithfully serve in his role at Second was such an encouragement for me, and the Lord used his life to help me to trust Him in my calling to ministry.” 

This fund continues in the tradition of a strategic mission of the Church and Foundation, while targeting support for an area that was close to Tim’s heart. Tim served as the Church’s pastoral liaison to the Foundation regarding seminarians. The fund is reflective of both Tim’s devotion to reformed theology and his love of counseling many young members of the congregation as they sought discernment regarding seeking a seminary education.

Church member and Director of Communications for Second, Robb Roaten, is a mentor to Brad. He said, “Tim Russell was passionate about equipping young pastors and spoke often about the importance of developing leaders for Gospel ministry. Being a close friend of Tim, it has been such a privilege to honor his legacy by getting to know Brad Morrow through serving as his seminarian mentor.”

The Future 

The Foundation welcomes the receipt of funds from members of Second and the community at large for the purpose of providing support for this effort. If you would like to make a contribution, simply direct your gift to the attention of Second Presbyterian Church Foundation: T. Russell Seminarian Support Fund or donate here. If you would like to learn more about the Fund or discuss ways in which you can participate, contact Vicki Simmons at (901) 507-7898 or vicki.simmons@2pc.org. 

Foundation Visionaries: Marion Quinlen

Marion Quinlen knows Foundation grants. 

This homemaker, grandmother, and volunteer has been consistently informing herself and others on the Foundation’s Grants Committee, Scholarships Committee, and Berl Olswanger Music Scholarship Committee for over 20 years. She joined the Board in 2001.

Her contributions to the Grants Committee and others that she serves on include the gifts of continuity and a working knowledge of their history; tirelessly overseeing the development of effective systems and policies that remain the underpinning of the granting process; and humbly and consistently doing the sometimes hard work of focusing and discernment. She has worked with four separate Grant Committee Chairs, and also served in that role from 2008-2012.

Marion and Bill Quinlen

She and husband Bill joined Second in October 1979. They are members of the Jeb Russell Congregational Community. Marion has volunteered in many areas of the church, including Women in Ministry, as well as volunteering at the Church Health Center, My Cup of Tea, and serving on the Board of Multinational Memphis.

Bill and Marion are the parents of daughter, Kathleen and son, Thomas. Thomas and his wife Natalie now are members of The Avenue Community Church. Their children, who grew up at Second, are Addie, William, and Amelia.

Hear Marion tell her history with the Foundation:
 

A Tug Toward Missions

I grew up in the Southern Baptist tradition which had a huge focus on missions and taking the Gospel to the whole world. Every year when we had our Foreign Missions Week, even as a child, I would go each night to hear the missionaries and think how wonderful and exciting their lives were. I was sure I wanted to be a foreign missionary. Thankfully, I later realized that my early impressions were not what being a missionary was like or what God had planned for my life, but that did not extinguish my strong interest in missions.

I was asked to be on the 2PC Foundation Board and on the Grants Committee about three years after the Foundation was started, and I was thrilled. I was so thankful for the opportunity to have a more intimate knowledge of what 2PC was doing with domestic and foreign missions, and what God was doing within 2PC.

It is such a privilege and faith-producing experience to work with the Foundation and with the Grants Committee. The committee members themselves have helped me grow in my faith through observing their lives and faithfulness in their commitment to this work.

The Work

At every meeting, the Grants Committee meets in person with various recipients of funds and those requesting funds, something that is important to Foundation donors. We hear first-hand how the funds being requested will be used, and how funds given have been used and what the results have been. In addition, the committee receives regular written reports. We hear some exciting stories, as well as stories of great difficulties, dangers, lack of resources and funding, and discouragement. We also hear how God uses those hardships to strengthen faith and perseverance and produce fruit in the most unlikely places.  

On Getting Involved with the Foundation

Being a part of the Foundation has allowed me to meet many members of 2PC who are dedicated to the spread of the Gospel of Jesus Christ throughout our city, our country, and the world. These board and committee members have so inspired me to want 2PC to be a leader in our city and our denomination to get the Gospel into every neighborhood and every corner of our world.

The Needs in Domestic and Global Arenas

Being on the Grants Committee has allowed me to meet many dedicated Christians who are giving their whole lives to being the hands and feet of Jesus, giving lost people the Good News. They are in Memphis. They are in seminaries all over our country. They are in slums, war zones, refugee camps, the capitals of Europe, Africa, the Middle East, and places we cannot name, in order to keep them safe. Their stories break your heart and fill you with hope. When I leave a Grants Committee meeting, I marvel at what God has done with the funds we have been able to give to these ministries. I also wonder who is going to give the Gospel to all those people that we at Second are not reaching.

A Resource for Ministry Advancement

As Christians we all need to be a part of spreading the Gospel, and there are various ways to do that.  Many organizations are familiar to all of us, but the entities funded by the Foundation may be unfamiliar to the members of Second. Having been on the Grants Committee, I have seen first-hand how careful the Foundation and the Grants Committee is in researching the missionaries, seminarians, various programs, and ministries they fund.  The Foundation can help point you to areas of interest where you don’t know of a trustworthy organization. The Foundation also allows your undesignated gifts to be used to fund a varied array of Christian agencies, close to home as well as on the other side of the world, agencies whose beliefs and goals are aligned with those of 2PC.

Effectiveness of Charitable Giving Through the Foundation

The 2PC Foundation has made me aware of how effective pooling resources is in accomplishing big ideas and big plans. What may seem to be small bequests or gifts to the Foundation are pooled with other gifts and make a large impact.

Becoming Involved with the Mission of the Foundation

Read Marion’s 2015 comments about the Foundation’s Youth Stewardship Fund.

Becoming involved with the mission of the Foundation allows you to become involved with something world-wide in scope, yet very personal to your faith and walk with Jesus Christ. It is located in an office at your own church, where you may go and sit down with Vicki Simmons, the Foundation Executive Director, and discuss what types of missions you are interested in and the different ways you can use your resources to support the Foundation. You may also easily find Board members and Grants Committee members who would love to tell you about what the Foundation is doing. They can give you the information you need to make decisions on how you want to proceed with investing in this Gospel endeavor.

New Fund Established in Memory of Tim Russell

The T. Russell Seminarian Support Fund has been established in memory of Reverend Timothy Lowell Russell (1957-2020). Reverend Russell lovingly served among the congregation as pastor, preacher, teacher, mentor and friend in two separate seasons of time. Tim counseled many members of the congregation on issues of every day living.

Reverend Timothy Lowell Russell

In recognition of Tim’s adeptness at and love for reformed theological education, the purpose of the fund is to provide financial support for students who are accepted for enrollment at an approved seminary and are supported through the terms of the Second Presbyterian Church Foundation seminary student support policies.

Support under this Fund is specifically for African American or Hispanic members of our congregation or any member seeking a degree in urban ministry or any degree coupled with a clear calling for use of that degree in urban ministry.

Second Presbyterian Church has historically supported seminarians and with the creation of the Foundation in 1998, that effort has expanded significantly. This year there are 24 seminarians requiring support. The establishment of this fund continues in the tradition of this strategic mission of the Church and Foundation, while targeting support for an area that was close to Tim’s heart.

Kathe and Tim Russell

Kathe has been an energetic supporter of the establishment of this fund. She has expressed that it is reflective of both Tim’s devotion to reformed theology and his love of counseling many young members of the congregation as they sought discernment regarding seeking a seminary education. Tim served as the Church’s pastoral liaison to the Foundation regarding seminarians.

The Foundation welcomes the receipt of funds from members of Second and the community at large for the purpose of providing support for this effort. If you would like to make a contribution, simply direct your gift to the attention of Second Presbyterian Church Foundation: T. Russell Seminarian Support Fund or donate below.

If you would like to learn more about the Fund or discuss ways in which you can participate, contact Vicki Simmons at (901) 507-7898 or vicki.simmons@2pc.org.

Foundation Visionaries: Smoky Russell

Smoky and Carolyn Russell

Smoky and Carolyn Russell joined Second in 1980. Smoky graduated from Southwestern College (now Rhodes) in 1956. As a freshman, he joined the United States Marine Corp Reserve. Upon graduation he was commissioned as an officer in the USMC and served several years on active duty before returning to Memphis where he continued to serve in the Marine Corp Reserve for a number of years. His vocational calling was to the life and health insurance business, where he served for 40 years. For 30 of those years he was a general agent of the Memphis agency for Massachusetts Mutual Life Insurance Company.

At Second, he served as both deacon and then elder for many years. Joining the Foundation Board in the 2003-04 year, he faithfully served the Foundation on the Board; Stewardship, Administrative, Nominations, and Executive Committees; and as Chairman of the Board.

In 2009, following the economic crisis, he skillfully established and directed an Ad Hoc Investment committee to oversee the refinement of the structure of the Investment Committee as well as the Investment Committee Policy, which remains in place today and has served the Foundation well.

On a more humorous note, in 2007 Smoky was asked as a member of the Stewardship Committee to look into the development of a website. After his acceptance, he took a blank piece of paper, wrote WEB-SITE at the top of it, and passed it around the table with the disclaimer, “This is everything I know about websites.” What an example of his humble and willing leadership.

Smoky and Carolyn parented three daughters: Sharon and Wise Jones; Sophia and Rick Bollinger; and Sally and Phil Halle. There are eight grandchildren and ten great grandchildren.

While Carolyn has since gone on to be in the presence of the Lord, she was an enthusiastic supporter of the Foundation in many ways, including her support of Smoky as he invested many hours in the Kingdom work of the Foundation.

Hear Smoky give his observations about the Foundation.

While there is much to be said about the performance and results of the Second Presbyterian Church Foundation, with limited space available, it seems best to focus on only one of the Foundation’s outstanding strengths and characteristics: The dedicated and steadfast Foundation Board members.

The makeup of the Board includes 2PC members who are female and male, old and young, with various biases, and various life perspectives. Yet, all are Christ centered Christians. Early on in their tenure on the Board they fully understand and jointly dedicate themselves to the mission of the Foundation, “Spreading the Gospel of Jesus Christ in Memphis, our Country, and around the world.” Their decisions and recommendations are made together in harmony assuring that grants only go to individuals, ministries, and missionaries that have the potential to lead unbelievers to eternal salvation, as well as supporting God’s adopted children.

Not only are the Board members good stewards of the Foundation funds, they provide intelligent and careful leadership along with the Foundation Investment Committee that has managed an average annual rate of return of 8.2% on Foundation assets over the past 22 years. Phenomenal, indeed!

Equally as phenomenal is the Board’s superb management of the Foundation’s gifts and grants over the past 22 years. Starting with approximately $3,000,000, the Foundation’s assets have grown to a total of $26,936,647 as of 6/30/20. This has been accomplished while making grants of $29,815,000 over the same period of time. Amazing!

Then finally there is the heart and accountability of the Board members. They invest themselves in learning about the people and purpose of the ministries supported by the Foundation. They learn and evaluate the mind, heart, and love of God of the ministries supported. They hold each ministry or individual supported accountable to guarantee assurance of the Foundation’s mission of spreading the Gospel of Jesus Christ.

The results and achievements of the Foundation Board members is a visible testimony to the glorious way our great God has prospered the 2PC Foundation. To God be the glory!

For those who love Jesus, His redemptive plan and abundant grace, the Foundation offers numerous methods for your faithful and generous giving. Whatever method you choose, you can be assured your gift will spread the Gospel of Jesus now, and for many years into the future.

2019-20 Grant Total

Seth Harkins, Executive Director of Alcy Ball Development Corporation, distributing food boxes with resident volunteers

The following grants were made during this last fiscal year. They include grants from the undesignated fund and many designated funds. Additionally, grants were made to eligible ministries from donor advised funds.

Home Missions

NCC College Scholarships $ 86,780

Memphis City Seminary $ 55,000

Esperanza $ 50,000

Downtown Church $ 45,000

Covenant Family Church $ 40,000

All Souls Church $ 29,640

Christian Psychological Center $ 16,000

Alcy Ball Development Corporation $ 1,000
______________
$323,420

World Missions

2PC World Missions $135,385

Campus Outreach Serve – Greece $ 50,000

The Grace Institute – Ecuador $ 50,000

Intercultural Church Planting Network – Netherlands $ 35,000

Westminster Theological Conference $ 15,000
________________
$285,385

Christian Leadership Development

Seminarian Scholarships $172,097

Youth Internships $ 59,000

Pastoral Internships $ 61,000

Presbyterian Day School Scholarships $ 11,900

PDS Young Scholars Program $ 11,235

Evangelical Christian School Scholarships $ 13,950

Children’s Music Ministry $ 10,000

Fellows Program and Scholarships $ 10,375

Music Ministry Internships $ 9,986

Music Scholarships $ 4,500

Conservatory Scholarships $ 2,020

Library $ 1,554

French Camp Academy Scholarships $ 5,040

Visible Music College Scholarships $ 3,460

Family Camp Scholarships $ 375
_________________
$376,492

Subtotal $ 985,297

Donor Advised Grants $ 538,800

TOTAL $1,524,097

FUNDation Strong: Internal Mission

Over the last eighteen months this monthly space has been dedicated to answering the question of “What exactly does the Foundation do?”

The short answer is that it advances the gospel in partnership with our church and its mission and does so through its almost 40 funds that have varying degrees of governance and resources from which grants are made.

In order to more easily understand them, they are put in smaller groups of common mission. Those areas are intensive mission, internal mission, external mission, and missional generosity.

We have been looking deeply at the first group – intensive mission. Funds in this category support seminarians; pastoral residencies; youth residencies; music internships; leadership development for post college residents (Fellows); and eight scholarship programs. For the first twenty-one years of the Foundation, $3,023,000 was invested in this group. Each of those stories can be revisited at www.2pcfoundation.org within the News section.

Over the next several months we will turn to the funds that complement the internal mission of Second. While the church does not rely on the Foundation to support its ongoing operational budget, several funds in years past were established through the gifts of donors who had a passion to support specific internal ministries of the church. They include the church library; children’s ministry; family camp; recreation; children’s music program; and Second’s Conservatory. Since the inception of the Foundation twenty-two years ago, $330,641 has been granted from these funds.

Gifting Life Insurance to Give Gospel Life

A life insurance policy is a tool that can be used strategically to make an impactful gift for the advancement of the gospel. Here are a few basic facts.

• The Foundation can be the or a designated beneficiary of the proceeds on a life insurance policy on the life of a donor who owns the policy.

• The Foundation can be the applicant/owner/beneficiary of a life insurance policy on an individual who expresses interest in partnering with the Foundation to accomplish this goal. Donors often will make tax-deductible contributions to the Foundation to offset the annual premium costs.

• Utilizing life insurance is a simple strategy that does not involve investment risk.

• Utilizing life insurance leverages the use of a smaller amount of dollars invested over time that yields a significant payout.

• Any age individual may consider this type of gift.

• Donors can designate the use of the realized gift. 

The following are three examples of philanthropic minded donors that worked with an agent to maximize their gifts to the charities of their choice. 

Case Study #1

• 71 year old female, non-smoker

• Owned $50,000 CD that was ear-marked for gifts to grandchildren

• She had a desire to make a gift to her church’s building fund

• At maturity of her CD, she used approximately $36,000 to purchase a $50,000 single premium whole life policy

• At her death, her grandchildren will receive a minimum of $50,000 death benefit

• She was able to immediately donate the $14,000 difference to her church

RESULTS: The grandchildren still have $50,000 in tact at her death, and the donor gets the joy of the immediate gift to her church, while she is still living. 

Case Study #2

• 56 year old male, non-smoker, high income earner

• After daughter graduated from high school and received a full scholarship to college, he allocated $18,000 per year for philanthropic efforts for several causes in which he was interested

• He calculated the death benefit of a fully paid up 10 year, whole life policy with an annual premium of $18,000 (total of $180,000 in premium paid out over 10 years)

RESULTS: Three separate non-profit entities will each receive a $100,000 gift upon his death, for a total gift exceeding $300,000, and he received a charitable deduction of $18,000 over ten years (charitable trust is owner of the policy).

Case Study #3

• 37 year old male, non smoker

• He wanted to participate in the work of the Second Presbyterian Church Foundation

• He invested in a $25,000 whole life policy for a $329.16 annual premium, or $27.43 a month

RESULTS: The Foundation will one day receive a gift of $25,000. The donor has the joy of knowing that his sacrifice each year will strategically benefit the ministries of his church.

Gifts of life insurance have a wide range of commitment levels for the donor and are easily designed to fit financial capability. If you would like to discuss a gift to the Foundation using life insurance, contact Vicki Simmons at 454-0034, ext. 193 or vsimmons@2pc.org in the Foundation office.

Pioneers in India: Catherine & Raju

Catherine and Raju

One of the Foundation’s earlier grant recipients was Kachhwa Transformational Ministries and UP Mission, led by our missionary partners, Raju and Catherine. The initial grant was in the 2006-07 year and the last grant was in 2011-12. Over $293,000 was granted during that time period. Raju and Catherine continue to receive support from Second’s World Missions budget.

This ministry offers a model for effective, holistic gospel ministry in India. Located in the most populous state of the country, Uttar Pradesh, they provide healthcare and education to the poorest in Kachhwa and the surrounding districts.

The clinic is active in seeking healthcare improvement for the community. They train lay people in basic community health, including counseling people regarding basic hygiene and sanitation practices as well as the recognition of common illnesses that may require evaluation by medical personnel before the illnesses become too advanced.

Alongside a health clinic, theological training is offered at The School of Biblical Teaching, and more than one hundred house church pastors have completed a community health training to serve both physical and spiritual needs in their communities. The curriculum is cumulative and many pastors return regularly to build their knowledge of theology as well as increase their skill at preaching and teaching.

Vocational training is another focus of the ministry. Classes are offered in sewing, electronic repair and other areas in which people can establish small businesses and become more self-sufficient.

This holistic ministry has been developed since 2002 and is part of the overall goal of strengthening the church which leads to a spontaneous expansion of the gospel in the region, which has the most lasting impact.

Through the vision and faithfulness of Raju and Catherine, the gospel is transforming the lives of the poorest in India. As the poor come to faith in Jesus, they are given hope and graced with dignity in a country steeped in Hinduism and Islam.  

SNAPSHOT OF KTM MINISTRY FRUIT

• 200 churches have been planted with 4500 believers as a result of the hospital ministries.

• 12 partners are engaged within a radius of 10 districts with a population of 10 million resulting in the planting of 1000 house churches with 25,000 believers and 10,000 baptisms.

• 1000 local village men and women are trained in spiritual and other matters every month on campus.

• 35,000 patients are seen every year in a completely refurbished hospital. Over 10,000 cataract operations have been performed.

• 100 hand pumps and numerous toilets have been installed as part of the community health initiative.

• 3000 young people have been trained in AC, electrical, and sewing among other trades.