As Jesus said in reference to the parable of the Talents,
“a spiritual as well as a material investment is required.”
In order to provide a legal, perpetuating institution by which members and friends may make gifts of money or property to enhance the effectiveness of the Church, the session has authorized the establishment of “The Foundation of the Church of the Palms.” This not-for-profit Foundation was incorporated in 1983 and qualifies as a tax-exempt organization. The corporation is administered by a board of seven directors who are members of the Church of the Palms.
The Foundation, now exceeding 7 million, consists of gifts and bequests, which are invested to produce income and growth. The funds are to be distributed in accordance with The Articles of Incorporation, which states that the funds are to be used as permitted under section 501(c) (3) of the IRS Code, and that none of the principal, nor the income there from shall be used for the operating expenses of the Church. The Foundation funds are used to support unusual Mission Benevolences, Capital Improvements to the Church or its facilities, special community concerns or other specific purposes designated by individual donors or endowments. The Foundation Board of Directors meets regularly to review requests and make prayerful decisions on the use of the unrestricted income.