Board of Directors – the governing body of the PHUMC Foundation. Members of the Board are expected to be active members of the Willing Friends Society and active members of PHUMC. Click here to see the list of current Board of Director members. 

Cash – a gift whether in the form of currency, personal check, cashier’s check, wire transfer, etc.

Deferred Gift – a gift to be given at some future date, based either on the passage of time or the occurrence of an event, and evidenced by a legal contract. Examples of deferred gifts are charitable trusts, charitable gift annuities, family limited partnerships, etc.

Donor – any person or persons making a gift of any size to any of the restricted or unrestricted endowments or scholarship accounts.

Donor-Advised Fund – a fund vehicle provided to allow the donor to make an annual donation from which they direct gifts to other 501(c)(3) organizations. 

Earnings – the amount of money accrued through market gains and other interest vehicles.  Current practice is to transfer 4% (four percent) of the annual interest and market gains accrued between January 1 – December 31 of a given year to the related spending account(s). 

Endowment – a sum of money or property donated to an organization or institution to be used for a specific purpose; a financial donation set aside to meet a stated goal of the donor.  

Gift – any type of donations made to an organization or institution; either an outright donation or an endowment.

Grant – the means of distributing earnings for allowable purposes, expenses, and purchases.  None of the grants from the PHUMC Foundation may be used to enhance salary or other benefit packages for regular employees of PHUMC.

Intangible Asset – is an asset that is not physical in nature such as a patent, trademark, copyright, or intellectual property.

Life Insurance Policy – is a contract between a policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person.

Marketable Security – is any security that is traded on a national United States or foreign securities exchange or reported through the National Association of Securities Dealers, Inc. Automated Quotation System or comparable foreign over–the–counter trading system; provided, that, any such security shall be deemed a Marketable Security only if it is freely tradable and is not subject to any material restrictions on transfer as a result of applicable law or contractual provisions.

Methodist Foundation for Arkansas – our partner handling the actual investment accounts with their partner Wespasth.

Named Endowment – any endowment (restricted, unrestricted, with a minimum initial deposit of $10,000.

Non-marketable Security – is any security that is not a Marketable Security.

Real Property – is land or acreage, its natural resources such as timber, coal, oil, gas and other minerals, and any permanent buildings on it.

Restricted Endowment – an endowed gift and the related spending account with restricted, donor-specified purposes. 

Scholarship Endowment – an endowed gift of at-least $100,000 to provide roughly $4,000 annually for award. 

Tangible Personal Property – is any property that can generally be moved (i.e., it is not attached to real property or land), touched, or felt.

Term Endowment – an endowment similar to other general endowments but restrictions on the principal are not permanent. The donor dictates under what terms the earnings may be expended and the principal may be invaded. 

Unrestricted Endowment – an endowment for which the earnings are expended at the direction of the Board of Directors; an endowment that does not have a restricted purpose.