Westminster Manor Friendship Endowment Fund

Purpose

The Board of Trustees of Westminster Manor has created the Friendship Endowment Fund to solicit and receive charitable funds, bequests and other gifts from residents, families of residents and other friends of Westminster Manor. The purpose of the Fund is to help support residents who become unable to meet their financial obligations and to enhance the quality of life of the residents of Westminster Manor.

Structure of the Friendship Endowment Fund

The Fund dispenses only the income from the funds received unless otherwise instructed by the donor consistent with the general purposes of Westminster Manor. Unless requested otherwise by the Donor, gifts received will be added to the Residents Assistance Fund.

Residents Assistance Fund

The Residents Assistance Fund is designed to provide financial support for residents who, for legitimate reasons, are unable to pay their continuing expenses. This fund will increase through direct donor gifts or contributions made from the Westminster Gift Annuity Fund based on actuarial analysis.

Restricted Gift Fund

The Restricted Gift Fund is designed to enhance the Westminster Manor residents' quality of life and will be expended for specific purposes in accordance with the wishes of the donor.

Unrestricted General Fund

The Unrestricted General Fund is designed to enhance the Westminster Manor residents' quality of life. Interest income from the Unrestricted General Fund may be expended at the discretion of the Board for the purposes of building the Residents Assistance Fund.

Types of Gifts

Westminster Manor is a Texas non-profit tax-exempt 501 (c)(3) corporation. Contributions to its Fund are tax deductible under the law.

A gift may be in the form of:

   • Cash
   • Stocks Or Bonds
   • Real Estate Or Other Real Property That Can Be Converted To Cash
   • A Bequest Through An Estate

An individual who wishes to make a gift or bequest to the Westminster Manor Friendship Endowment Fund should consult with an attorney concerning the type of gift or bequest the individual desires to make and the tax consequences of such a gift or bequest.

Administration of the Fund

The Fund is under the control of the Board who is responsible for its administration, purposes, and policies. The assets of the Fund are accounted for separately from the operating and capital accounts of Westminster Manor, however they will be invested in a common pool with Westminster Manor's other funds. Fund income may be used for charitable purposes, including but not limited to meeting the needs of residents who have depleted their assets and require assistance. After the needs of current residents are met, the excess in interest income (if any) will be added back to the Westminster Manor Friendship Endowment Fund.

Changes in policy related to the administration of this fund may be made from time to time by the Board.

Acknowledgement of Gifts

Each gift will be acknowledged and recorded in an appropriate manner to be determined by the sole discretion of the Board. Gifts that have a determined market value will be stated in the acknowledgement. For other gifts, (for example, a painting) the acknowledgement will state a description of the gift, however it is the responsibility of the donor to value that gift.

Westminster Manor offers its appreciation to anyone contributing to the needs of Westminster Manor residents. Checks can be made payable to the Westminster Manor Friendship Endowment Fund.

Questions or requests for information should be directed to:

Executive Director
Westminster Manor
4100 Jackson Avenue
Austin, Texas 78731
(512) 454-4711