First United Methodist Church Foundation of Denton, Texas

Foundation FAQs

Our Endowments & Funds

About Us

Building a Legacy

Contact Us

Since 1992, the Foundation has been at work behind the scenes, helping ensure that the ministries and programs we love at FUMC Denton will thrive for generations to come. As a Texas 501(c)3 not-for-profit corporation, the Foundation was created with a simple but powerful purpose: to give church members and friends a trusted way to provide gifts that keep on giving. What started as an investment of about $196,000 in 1992 has grown into more than $3 million today. That growth is a testament to the many people who have believed in the long-term mission of our church and chosen to leave a lasting legacy.

The Foundation makes it easy to give in whatever way feels right for you—whether that's cash, publicly traded securities, a bequest through your will, or another type of gift. These contributions can be added to one of our existing endowed accounts or used to establish a brand-new permanent endowed fund in support of the church.

Today, the Foundation manages a portfolio of nine funds in total: seven endowed funds that provide annual distributions to support specific programs and ministries, one smaller fund that helps cover the Foundation's operating expenses, and one non-endowed fund available for distribution upon request.

For a complete list and description of each fund, see Foundation Funds.

  • The First United Methodist Church Foundation of Denton, Texas (Foundation) was incorporated as a Texas 501(c)3 not-for-profit corporation in 1992. The Foundation was formed to provide a vehicle to raise and manage permanent funds benefitting the ministries, programs, and long-term financial health of First United Methodist Church of Denton (Church). A Charge Conference of the Church approved the establishment of the Foundation in April 1992, including the transfer of all permanent, endowment-type funds from the Church to the Foundation.

    Prior to the formation of the Foundation, the Board of Trustees had primary responsibility for the management of any long-term funds held by the Church. After its formation, the Foundation’s Board of Director’s became responsible for the management of any permanent long-term designated funds.

    The Foundation Board of Directors is made up of 11 voting members. Eight of the Board members are appointed at large by the annual Charge Conference and serve staggered three-year terms. The Church Lead Pastor, Board of Trustees Chairperson, and Finance Committee Chairperson fill the other three voting Board positions. The Church’s Director of Finance & Operations serves as a non-voting member.

    The initial transfer of funds from the Church to the Foundation in 1992 was approximately $196,000. Since that time, gifts and growth have increased the Foundation assets to over $3 million.

  • The Foundation Board of Directors is made up of eleven voting members.  Eight of the Board members are elected, and serve staggered three-year terms. The Church Co-Lead Pastor, Board of Trustees Chairperson, and Finance Committee Chairperson fill the other three voting Board positions.

    Current Board of Directors

    • Class of 2027:  Nancy Murphy-Chadwick - President, David Piccolo

    • Class of 2028:  Steve Cobb, Carol Rogers - Vice President, TBD

    • Class of 2029:  Susan Cooksey - Secretary, Jonathon Richter - Treasurer,  TBD

    Ex-Officio Directors

    • Raegan or Scott Gilliland, Co-Lead Pastor

    • Carla Flowers, Finance Committee Chairperson

    • Tim McGuire, Trustee Chairperson

    Non-Voting Members

    • Candice Saffle, Director of Finance & Operations

    • Thomas Muir & Keith Henderson, Investment Managers

    1. In Gratitude – for those giving simply because they are grateful to their church and want to invest in its future.

    2. In Appreciation – for those individuals or groups who want to honor a named living person.

    3. To Memorialize – for those who wish to make a gift in memory of a named deceased loved one

    4. To Plan and Care – for those who wish to structure their estates to care for heirs, to plan for the economical transfer of assets, and to include the Church in a meaningful way in the future.

    When planning for your legacy, consider using the services of the First United Methodist Church Foundation. Your choice will provide the security of knowing that gifts left for a particular purpose or cause will be handled in a respectful and responsible manner, and will be used only in accordance with the donors’ wishes.

Our Endowments & Funds

  • The Maintain the Vision Fund was created in 1998 by FUMC Denton and its members as an independent permanent endowed fund. Distributions from the fund are dedicated for the maintenance and repairs of the buildings and grounds of the Church with an ultimate goal to cover all of these expenses. Consequently, this will free up the Church operating budget to focus entirely on the ministries and mission of FUMC Denton. The fund is sustained and increased by gifts, bequests and contributions from church members and non-members. (Provides an annual distribution)

  • The Rosedell & Olin Ford Music Fund was established to support and enhance the music program of FUMC Denton. This fund began with gifts of $30,000 in each of 1997 and 1998 from Olin Ford and his family. The final gift to the fund was received in December 2000 as a bequest from the Ford estate. The FUMC Administrative Board has designated the FUMC Ford/Maxcy Memorial Fund Committee to determine the use of the distribution. (Provides an annual distribution)

  • The W.F. Maxcy Memorial Organ Fund was established by Mabel Maxcy to provide distributions for the maintenance, repair and improvement of the sanctuary organ, as well as the surrounding physical area where the organ resides, and for the salary for the church organist. This fund began in August 1995 with a gift of cash and the creation of a Living Trust with the total gift received in December 2002. The Ford/Maxcy Memorial Committee is responsible for determining the use of the distributions. (Provides an annual distribution) (Additional funds may be requested from this fund only for major organ repair that cannot be covered by the annual distribution)

  • The Parsonage Fund was established many years ago with the proceeds from the sale of the Church parsonage, and one of the original funds transferred from the Church to the Foundation in 1992.  Distributions from the fund are transferred annually to the Church to subsidize the housing allowances paid to the clergy of the Church. (Provides an annual distribution)

  • The Reverend Daniel Parker & Martha Newsom Fund was established in 1990 by Mary Anne Ebert to help fund special programs related to the support of families within the Church. This fund was transferred from the Church to the Foundation in 1992.  United Women of Faith is responsible for designating how the distribution from the fund is spent. (Provides an annual distribution)

  • The Jack DeCordova Ministerial Enrichment Fund was established many years ago by Frances Decordova to provide distributions from the fund to support continuing education and other forms of professional development for the ministers/staff of FUMC Denton. This fund was transferred from the Church to the Foundation in 1992. (Provides an annual distribution)

  • The Hunt Family UMW Missions Fund was established to provide an annual distribution to the *UWF, FUMC Denton undesignated Missions Fund. This fund was created in 2005. (Provides an annual distribution)

    *The United Methodist Women of FUMC Denton (UMW), changed their name to United Women in Faith FUMC Denton (UWF)

  • The Foundation Operating Fund has no regular distribution and is under the control of the Foundation Board of Directors for Foundation operating expenses. This is a non-endowed fund.

  • The J. Raymond Pitts Reserve Fund is funded by FUMC Denton with an amount equal to 1% of the Church budget. The funds can be used by FUMC Denton Trustees for unbudgeted capital equipment, renovation and repairs over $5,000 with a life in excess of five years. This fund was transferred from the Church to the Foundation to manage in 1992. (Distributions are provided upon request) This is a non-endowed fund.

Frequently Asked Questions

  • No. All Foundation assets are held in designated endowed funds. Regular annual distributions of these funds can only be used for the purpose originally established for each fund.

  • Yes. The Foundation forecasts anticipated annual distributions from its accounts. The church includes those projections in its income estimate for the next operating budget year.

  • Cultivar Capital, Inc., a Denton company, serves as the investment manager for Foundation invested funds. The following table provides a summary of asset management fees. The Foundation’s annual fee from Cultivar in 2025 was $11,268.

    ASSET MANAGEMENT FEES

    Cultivar Capital’s Fee Structure - Billed Quarterly

    First $250,000                                  1.00% .2500%

    $250,001 – 500,000                         .75% .1875%

    $500,001 – 1,000,000                      .50% .1250%

    Over $1,000,000                               .25% .0625%

    Cultivar Capital utilizes Charles Schwab Corp. for all brokerage services.

  • Investments shall be made solely in the interest of the Foundation and its beneficiaries. The investment strategy of the Foundation is to emphasize long-term total return; that is, the aggregate return from capital appreciation and dividend and interest income.  Specifically, the primary objective is to achieve a balanced return of current income and modest growth of principal.  Long-term growth of capital(dividends, interest income and capital gains & losses) should produce a total investment return that exceeds the rate of inflation.

  • In 1992, FUMC Denton transferred $196,000, representing six existing funds, to the Foundation. As of December 31, 2025, there was approximately $3,200,000 in the account, reflecting an increase of about $3,000,000 from donations and growth minus distributions.

  • The annual distribution is determined as of the first day of the fiscal year, January 1st by calculating 3.5% of the average market value of each individual account as of December 31st during the preceding three calendar years. Annual distributions are made to FUMC in January of each year.

  • The Foundation Board of Directors monitors its portfolio investment performance at the end of each year to determine the calculated annual distributions. The Directors evaluate current and forecasted market conditions. If past market performance is below expectation and future market trends are negative, the Board may elect to decrease the amount of money being distributed. These long term management decisions - including the option of not making a distribution – are in keeping with the prudent standards for fiduciaries under Texas law.

  • DeCordova Ministerial Enrichment Fund: $633.07
    To support  continuing education and other forms of professional development for the ministers/staff of FUMC Denton 

    Ford Music Fund: $38,392.89
    To support and  and enhance the music program of FUMC Denton

    Maintain the Vision Fund: $35,641.81
    Dedicated to general maintenance and remodeling projects for FUMC Denton

    Maxcy Organ Fund: $22,927.40
    For the maintenance of the sanctuary organ, area surrounding the organ and organist salary

    Newsom Fund: $951.61
    For UWF to support special programs related to support of families within FUMC

    Parsonage Fund:  $2,227.32
    Subsidize the housing allowances paid to the clergy of the Church

    UMW Missions Fund:  $405.86
    Donated to the UMW (now UWF) Missions Fund 

    Total Distributions:  $101,179.96

  • An endowment is a financial gift that creates a permanent fund where the principal is invested to generate financial distributions supporting a ministry, program, or mission of the church perpetually.

  • Yes. Donors are encouraged to consider gift arrangements that are compatible with their family situations, charitable interests, and individual estate plans.  The Foundation utilizes the services of the Texas Methodist Foundation (TMF) to assist donors with this process. For more information see Building a Legacy.

Building a Legacy

Planning your legacy through planned giving is a faithful way to ensure our church's ministry continues to thrive for generations to come. It allows you to make a meaningful, lasting impact that aligns your personal values with the long-term mission of our church community.

Planned giving is the process of intentionally designing a charitable gift now to be allocated to the church at a future date, typically as part of your overall estate planning. Unlike regular Sunday offerings given from your current income, legacy gifts are usually made from your accumulated assets and may be used to create an endowment. Every family’s financial situation is unique and there are several flexible, tax-efficient ways to remember the church in your plans outlined in the Foundation Gift Planning Guide.

If you have questions, we encourage you to email us at Foundation@fumc-denton.com.

Foundation Gift Planning Guide                                                                                      

The following information, taken from FUMC Foundation Policies & Procedures, serves as a guideline to members of First United Methodist Church of Denton, staff, outside advisors who assist in the gift planning process, and to other prospective donors who wish to make gifts to the Foundation.

    1. Each donor is encouraged to seek professional advice and counsel about any gift made to the Foundation. 

    2. The Foundation will not supply professional counsel or advice to donors about gift value, tax liability, estate planning, and/or comprehensive investment planning, but will aid donors in examining these issues and encourage donors to seek appropriate independent professional counsel about their personal situation.

    1. Checks must be made payable to the FUMC Foundation of Denton with or without designation of a particular fund in the Foundation.

    2. A check received without a particular designated fund will typically be  placed in the Maintain the Vision Endowment Fund, unless the donor indicates differently.  

    3. In no event shall a check be made payable to an individual who represents the Foundation.

    1. Publicly traded stocks and bonds traded on public United States markets that have current market value will be accepted at any time.

    2. Valuation of the gift shall be the average of the high and low trade prices of the security on the day it is irrevocably transferred to the Foundation. 

    3. Gifted Stocks and Bonds will be sold immediately upon receipt.

    4. Gifts of closely held securities are considered on a case-by-case basis and may involve additional requirements and regulations.

    1. All Non-Cash gifts made to the Foundation will be held or liquidated based upon the decision of the Board of Directors.  It is the practice of the Foundation to convert gifts into manageable, income-producing assets as soon as practical.

    2. The Directors reserve complete control of all decisions about the liquidation of any asset given to the Foundation.

    1. Gifts of non-cash property other than publicly traded securities, and closely held stock valued at less than $10,000, must adhere to strict appraisal rules if the value of the property is more than $5,000.

    2. A timely qualified appraisal of such a gift must be supplied by the donor.

    3. The costs of appraisal will be borne by the donor, unless these costs are specifically authorized by the Directors to be borne by the Foundation.

    4. The appropriate IRS form (8283) shall be filed within sixty (60) days of receiving the gift by the Foundation under most circumstances. 

    5. Property subject to appraisal requirements at the time the gift is donated requires that IRS Form 8282 be completed if the property is liquidated within three (3) years.  The consequences of a decision to liquidate this type of gift shall be discussed with the donor in advance of the Directors accepting a gift.

    1. Tangible Personal Property is any physical item you can touch, feel, or move that is not real estate. There are several IRS rules to consider when a donor considers gifting Tangible Personal Property, covered in this section. All decisions regarding acceptance of any Tangible Personal Property shall be the responsibility of the Foundation Board of Directors.

    2. The “ordinary income reduction rule” under section 170 of the Internal Revenue Code reduces the value of the charitable deduction for tangible personal property to cost basis (usually original cost) for anyone who created the property or acquired it from the creator.  This rule primarily applies to artwork, and the resulting charitable contribution amount may be significantly less than the current market value.

    3. The “partial interest rule” under Section 170 denies a charitable contribution for a gift of less than a person’s full ownership interest in tangible personal property (for example the transfer of a painting while retaining the copyright interest in the artwork).

    4. The “future interest rule” specifies that a person may not transfer a future interest in tangible personal property and receive an income tax deduction (for instance, contributing a painting to a charitable remainder trust - no deduction would be allowed).

    5. The “related use rule” applies to virtually all outright and deferred gifts of tangible personal property.  Generally, tax deductions are limited to gifts of tangible personal property unless it is put to “related use” by FUMC.  A “related use” is a purpose within the tax-exempt mission of the organization.  With some exceptions, if the property is put to an unrelated use (including immediate sale at auction or otherwise), then the donor is allowed to deduct his or her basis in the property.

    6. All tangible personal property received by the Foundation as a gift will be reported in accordance with these and other applicable IRS rules, and donors shall be made aware of the donor’s need for consultants to review and advise donor regarding these unique tax consequences before any such gift is accepted.

    1. Bequests to the Foundation from a properly executed Will, Living Trust, Inter Vivos Trust, or Testamentary Trust shall be accepted in accordance with the donor’s wishes and in accordance with the mission and purposes of FUMC. 

    2. The Foundation reserves the right to refuse all or any part of any bequest or beneficiary designation that does not serve to further the mission  of FUMC.

    3. Gifts for specific purposes shall be subject to the cy pres doctrine (will be used as near as possible to the original intent when the original goal becomes impossible).

    1. Undesignated Gifts (typically through a Will, Living Trust, Inter-Trust or Testamentary Trust) are received by the FUMC Board of Trustees unless the donor specifies that the gift is to be given directly to the FUMC Foundation.

    2. Undesignated Gifts (through a Will, Living Trust, etc) received by the FUMC Board of Trustees will typically be allotted as follows: a minimum of 40% of the gift will be allocated to the Maintain the Vision Endowment Fund and a minimum of 10% of the gift will be allocated to the J. Raymond Pitts Reserve Fund, which are both held by the Foundation. The remaining 50% will be used as determined by the FUMC Board of Trustees.

    3. An undesignated monetary gift other than a Will or Trust, not received in the offering plate, under $10,000 will typically be placed into the church operating budget.

    1. An endowment is a financial gift that creates a permanent fund where the principal is invested to generate financial distributions supporting a ministry, program, or mission of the church perpetually.

    2. The Foundation encourages that gifts be made to an existing Endowed Fund held by the Foundation such as the Maintain the Vision Endowment Fund or to establish a new named Endowed Fund consistent with the vision of FUMC.

    3. To establish a new endowment fund:

      • For an outright gift, the fair market value of the asset used must meet the minimum gift level of $50,000.  Alternatively, an endowed fund may be created with an initial contribution of at least $10,000 with a commitment that it will be fully funded at the $50,000 level within five years of the initial gift.

      • For a planned gift, the fair market value of the gift must meet the minimum endowed level of $50,000 at maturity, when received by the Foundation.

    4. Endowed funds are established by Memorandums of Understanding (MOU) between the donors and Foundation Directors. The MOU permanently guides the use and management of the gifts contributed, and the distributions made from the fund.

    5. After the full minimum endowment level of $50,000 is achieved the funds pay out an annual distribution from the total return. The distributions are made for the benefit of the FUMC for the program or project designated by the donor. The principal remains untouched.

    1. Donors are encouraged to consider gift arrangements that are compatible with their family situations, charitable interests, and individual estate plans.  The Foundation utilizes the services of the Texas Methodist Foundation (TMF) to assist donors with this process. TMF exists solely to serve donors to churches and other organizations within the United Methodist Church.  Here is the TMF Core Purpose and Values statement: Since 1938, Texas Methodist Foundation has supported the Methodist church with financial and leadership services, emboldening it to achieve its God-appointed mission and find bold ways for bringing about the loving world God imagines through cultures of purpose, generosity, and courage.

    2. The professional staff at TMF will assist donors and family members to discuss the opportunities presented through these and other personalized planning tools, and assist with developing appropriate structures and documentation.

      • REAL ESTATE AND MINERALS

      • LIFE INSURANCE

      • CHARITABLE GIFT ANNUITIES

      • CHARITABLE REMAINDER TRUSTS

      • RETIREMENT PLANS / IRA BENEFITS

      • RETAINED LIFE ESTATE AGREEMENTS

      • BARGAIN SALES

    1. The Foundation Board of Directors will assist donors and FUMC staff in planning and making gifts. 

    2. The Foundation Gift Planning guidelines have been developed in keeping with the mission and objectives of FUMC and the FUMC Foundation.

    3. The Foundation Board of Directors retains the right to refuse any gift that is not consistent with the purposes of the Foundation or FUMC.

If you have questions, we encourage you to email us at Foundation@fumc-denton.com or complete the following online request. A representative of the FUMC Foundation will be happy to meet with you to answer your questions.

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Or contact Candice Saffle, FUMC Denton Director of Finance & Operations