Endowment Makes Charity Last Forever

There’s no doubt about it. Money makes better programs and services possible. That’s why TOP Jewish Foundation helps people like Miriam Lengyel of Tampa, Rick and Esther Cohen of Orlando and Mindy Solomon of Pinellas county establish endowment funds to assist charities to function and grow.

Miriam Lengyel, a resident of Weinberg Village in Tampa, established an endowment fund to help underwrite the cost of the Tampa Bay area’s annual Israel Independence Day celebration. The endowment fund was funded through her TOP Jewish Foundation Donor Advised Fund. Miriam holds another TOP Jewish Foundation endowment that provides scholarships for Hillel student trips.

An endowment fund is simply the time-honored method of allocating certain gifts for permanent investment. The endowment fund is invested to earn income each year and as the principal grows so does the income. The ever-growing income is used to support a charities work while the principal always remains invested perpetuating the endowment fund. Establishing an endowment fund at TOP Jewish Foundation begins at $5000. Cash and securities are most often used to establish an immediate endowment fund. People can establish an endowment fund through a bequest in a will.

Some people like creating endowments through life insurance. A person or couple can purchase a life insurance policy and name TOP Jewish Foundation as owner and beneficiary making annual contributions on the policy fully tax deductible. The death benefit is paid to TOP Jewish Foundation creating a lasting legacy for people to designate to their favorite charity.

“By using life insurance as a leveraging vehicle, a person can make a generous charitable gift today, which in turn, will significantly increase the value of the charitable gift in the end. Quite simply, life insurance is a platform where people can make a big gift even bigger,” explains Rick and Es Cohen of Orlando who created a $250,000 life insurance gift at TOP Jewish Foundation to benefit various charities they hold dear.

“I really wanted to endow my Lion of Judah pin. So I called my life insurance agent and purchased a new life insurance policy with TOP Jewish Foundation as owner and beneficiary. I get a tax-deduction on the premium amount and ensure that my favorite charities will receive an annual gift forever,” explains Mindy Solomon of Pinellas county. A person can also transfer and donate an existing policy by naming TOP Jewish Foundation as the policy’s owner and
beneficiary. With this approach, an individual can receive an income tax deduction for the cash value of the policy, as well as, deductions for future gifts that cover premium payments.
An endowment fund is a conservative and intelligent way to guarantee the future of a
person’s favorite charitable organization. Call TOP Jewish Foundation to learn more!