Endowment Corner:  November 30, 2011

WHY REVIEW YOUR WILL?

What if you bought a new car and never cleaned it or repaired it? What if you never landscaped your yard or repainted your house? You would own a car or a house that looked like a lot of people’s wills.

Having any kind of a will is better than no will at all, but updating your will gives maximum protection to you, your family, and the organizations you support. As you add to your estate, as your marital and family situation changes, if you move to another state, if tax laws change, if your preferences and charitable interests change that’s when you need to update your will.

If you would like more information about this or other ways to make a charitable gift, please contact John Howk. You can reach him at 918-293-7572 or contact the Scout Service center to arrange an appointment.

Please note: The information in this communication is not legal or tax advice. The BSA Cherokee Area Council # 469 is pleased to offer complimentary gift and estate planning assistance, however, we urge you to seek the advice of a competent professional before implementing any ideas we suggest to you.

Endowment Recognition Awards

The Boy Scouts of America offers three distinct recognition awards.

The James E. West Fellowship Program

James E. West was the first Chief Scout Executive of the Boy Scouts of America, and he served in that position for more than three decades. The West Fellowship award is available for gifts of $1,000 and up in cash or marketable securities to a council endowment fund. The gift must be in addition to – and not replace or diminish – the donor’s annual Friends of Scouting support. Many individuals and corporations make these gifts either on behalf of someone else – such as in honor of an Eagle Scout, Silver Beaver recipient, a retirement, a special accomplishment, or anniversary – or in memory of a special individual.

The 1910 Society

Founded in 1910, the Boy Scouts of America has grown into something larger and more significant than anyone anticipated. We honor that special date by presenting the 1910 Society award to donors who make gifts of $25,000 or more to their council endowments. These gifts can be in the form of cash, securities, land, five-year pledges, or other property suitable for a council endowment fund or easily converted to cash.

There are four levels of recognition in the 1910 Society that honor four very special individuals who shaped modern-day Scouting:

1) Ernest Thompson Seton, nationally known artist and naturalist, author of the first official American Scout handbook and many other books important to Scouting:

Seton Level membership: $25,000 minimum gift

2) Daniel Carter Beard, first chairman of the National Court of Honor; national Scout commissioner, and author of many well-known books and stories for youth;

Beard Level membership: $100,000 minimum gift

3) Theodore Roosevelt, first Chief Scout Citizen, first vice president of the BSA, and president of the United States,

Roosevelt Level membership: $500,000 minimum gift

4) Waite Phillips, one of the BSA’s first benefactors, and donor to the BSA of almost 130,000 acres of land in New Mexico which became Philmont Scout Ranch;

Phillips Level membership: $1,000,000 and up

Phillips Silver Level: $5,000,000 minimum gift

Phillips Gold Level: $10,000,000 minimum gift

The Founders Circle

The Founders Circle, is intended to recognize deferred gifts designated for council endowment funds.  Donors are recognized for gift commitments with a minimum value of $100,000. Unlike the other endowment recognition awards, a donor may qualify for membership with gifts made through:

  • Charitable bequests in a will or codicil
  • Charitable trusts, such as unitrusts, annuity trusts, and lead trusts
  • BSA Gift Annuities or BSA Pooled Income Fund gifts
  • Life insurance/retirement plan designations
  • Other deferred gifts approved by the local council

As with the 1910 Society, there are four levels of membership within the Founders Circle. They are:

  • Bronze $100,000 minimum gift commitment
  • Silver $250,000 minimum gift commitment
  • Gold $500,000 minimum gift commitment
  • Platinum $1,000,000 minimum gift commitment

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