The Cornerstone
Volume 2, Issue 1
Quarter 1, 2020
“Everything comes from you and we have given you only what comes from your hand ... and it all belongs to you.”  King David in I Chronicles 29
The Reverend Michael Sullivan
The Trinity Foundation was honored to welcome The Reverend Michael Sullivan, formerly a member of clergy staff at Trinity Cathedral and currently President of Kanuga Conferences, Inc., as guest speaker for the Foundation Celebration in February. He spoke of his strong ties to Trinity and shared his thoughts on the Foundation’s importance as a means of supporting current ministries and ensuring financial support for the future

One of the highlights of his conversation with more than 100 guests present was a clarification of the differences between a “cathedral” and a “parish.” Particularly as Trinity begins its search for a new Dean, Sullivan’s comments were most relevant:

“Cathedrals are by definition “houses of prayer” for all people; that phrase itself is often carved into the stone of many cathedrals. 

In the tradition of Anglicanism, this reality has been all the more important as we are people of the middle way (via media). Since the Elizabethan Settlement, Anglicanism values divergent points of view. We are liberal and conservative, reformed and catholic. It is a comprehensive faith, in other words, where the polarities are not determinative but valued for the dialogue. 
Rowan Williams, the great Archbishop of Canterbury and the leading Anglican theologian of our time, has called this dialogical theology.

Thus, a cathedral is not a mere parish. Unlike a parish which can lean one way or another, a cathedral must in its core represent all because it is home to all in a Diocese.  Thus, it must be an outward and visible sign of this dialogue between many points of view. It must be home to them all.

In this way, the cathedral bears the responsibility of mirroring back to others the way that theology is done in Anglicanism – in dialogue with one another, seeking the other as a bearer of wisdom, and loving the other as a neighbor.”

Third Annual Foundation Celebration Highlights
  • Michael’s dynamic and inspiring presentation captured our theme, A Sure Foundation, and was clearly the main highlight of the evening. He was welcomed as a member of the Trinity family and was enthusiastically received by the audience.
  • Many parishioners stayed for an extended reception to have an opportunity to visit with him.
  • Prior to the program, the Trinity Cathedral Girls Choir entertained all with a delightful Taste of Broadway that was enjoyed by everyone.
  • Canon Andrew Grosso, Acting Dean, offered the invocation.          
  • David Wolff, Senior Warden 2019, shared his experience working with the Foundation. He thanked the Foundation for the excellent relations they had working with the Vestry and the strong support they provided.  
  • Susie VanHuss, Foundation President, recognized our current Trinity Legacy Builders who have Trinity Foundation in their wills, IRAs, or other planned giving options. Legacy Builders are the key to preserving the future of Trinity Cathedral.
  • She also honored our deceased Legacy Builders and thanked the families for the bequests that have meant so much to ensuring Trinity’s future.
  • Handouts featuring the 2019 Financials and information about the four new funds that had been established were provided.
  • Susie also recognized and thanked the many people who helped make the event very successful:
  • Peter Fawcett, Republic National Distributing Company
  • Bobby Boyle, New York Butcher Shoppe
  • Andrella Brunson, kitchen staff and volunteers
  • Julianne Sojourner, beautiful flowers
  • Pamela James, photos
  • Jessica Umbach, publicity
  • Jed Johnson and the Girls Choir
  • Foundation team including staff and spouses who prepared and provided delicious food.
  • Bishop Andrew Waldo closed the program with a very inspirational prayer and joined in the fellowship and reception that followed.
Did You Know?
We have four Legacy Builder additions for our published list of Legacy Builders:

  • Ms. Emilie B. Guignard
  • Ms. Mary Ellen Haile
  • Mr. and Mrs. John H. Moorman, Jr. (Kirsten)
  • Mr. Donald (Don) Whittaker, Jr.

The Foundation is delighted to recognize and thank each of you for your commitment to preserving the future of Trinity.

The Trinity Foundation received two generous charitable gifts from the CWD3 Fund at the Coastal Community Foundation, which was made at the recommendation of Trinity member Bonnie Kapp, CWD3 Fund Advisor. The Trinity Foundation is also pleased to announce and sincerely thank the Trinity donors who provided gifts of all sizes that matched the second gift. Your generosity greatly benefits Trinity during the financial crisis caused by the current health environment. The Dean’s Search fund remains open for additional gifts.
Creating an Enduring Legacy

Rita Bragg Caughman
Sojourner Caughman & Thomas, LLC

Planned Giving Basics
A planned gift is any charitable gift, made during lifetime or at death, as part of a donor’s overall financial and/or estate plan. Planned gifts allow donors to give back in a way that maximizes the benefit to the charitable organization, the donor and the donor’s family. These gifts can be structured to provide tax deductions, especially during high income earning years when they are most beneficial, while providing income in retirement when the income will likely be taxed at a lower rate. 

The basic types of planned gifts are:
  1. Outright gifts utilizing appreciated assets as a substitute for cash;
  2. Gifts that provide income as well as other financial benefits to the donor in return for a contribution;
  3. Gifts that provide income to charity for a term of years determined by the donor and then distribute assets to heirs with little or no estate tax due; and
  4. Gifts payable upon the donor’s death.

A donor can contribute appreciated property, such as securities, and receive a charitable tax deduction for the fair market value of the asset and avoid capital gains tax on the transfer. 

Donors who establish a life income gift such as a charitable remainder annuity trust, a charitable remainder unitrust or charitable gift annuity, may receive an immediate tax deduction for the remainder interest of the gift. These types of gifts are irrevocable and capital gains tax can be avoided or postponed when the account is established. Depending on the type of gift, the lifetime payments to the donor(s) may include a combination of ordinary income, capital gains, as well as a tax-free return of principal. The typical donor for a life income gift needs income for life or a term of years and owns property that has grown substantially in value. These life income options can be structured to provide 
an income stream for a couple and continue for the surviving spouse. 

Donors who establish a charitable lead trust will benefit the charity immediately with an income stream for a period of time determined by the donor and distribute the remaining assets after the expiration of the term to the donor’s heirs all while avoiding/minimizing the estate tax. The lead trust is a great option for individuals with significant assets who do not have a need for more income and, are looking for another option by which to leverage their ability to transfer assets to heirs while minimizing estate and gift taxes while at the same time benefiting charity. 

Gifts payable to charity upon the donor’s death, such as a bequest or by beneficiary designation on a life insurance policy or retirement account, do not generate a lifetime income tax deduction for the donor, but they are exempt from estate tax. 

Remember, planned giving is not just for the wealthy!  The majority of gifts to churches are comprised of bequests of various amounts in the donor’s will or by designating a percentage of a donor’s IRA. This is when many of us can afford to make a larger gift than would have been possible during our lifetime. Often couples use contingent gifts so that the bequest/beneficiary designation occurs upon the death of the surviving spouse.

Any planned gift that you designate to the Trinity Foundation can be unrestricted or directed to an existing fund. If you wish to establish a new fund to benefit a particular program or ministry, please contact a member of the Trinity Foundation Board for more information about that process.

Always consult your financial advisor and/or attorney to determine the most advantageous method for you to accomplish your charitable planning goals.