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The Foundation


									                                              The Foundation

Vol.3, No. 2
                                          The newsletter of the United Methodist Higher Education Foundation                         Winter 2001

        Board of Trustees
                                           UMHEF Conducts Unusual Annual Meeting
                                                  The United Methodist Higher Education               Retiring board member Janet
      Stephen F. Harbison, Chair;
            Los Angeles, CA                   Foundation's annual board meeting took a             Stephenson (Ames, Iowa), also board
       Arden D. Melick,Vice Chair;            different form this year for the first time in       chair, was recognized for her insightful,
               Brooklyn, NY                   its 36 year history. Due to the tragic events        untiring service to the Foundation.
    Eugene M. Decker, III, Secretary,
               Houston, TX
                                              of September 11th, the Foundation decided               "Janet has provided nine years of exem-
        Mark A. Nerio, Treasurer,             to forego its annual meeting to be held in           plary leadership capped by the last two
             San Antonio, TX                  Williamsburg, Virginia, in favor of                  years as our Board Chair," said Miller. "Her
    Glenn C. Andrew, Windermere, FL
                                              conducting board business via telephone              comprehension of the total church environ-
    Currie Andrews, Brentwood, TN
  Edward A. Benson, San Antonio, TX           conference call.                                     ment and rare sensitivity to our mission
  Wanda D. Bigham, Montgomery, AL                 Funds that would have been used to               was a great motivational factor for staff
     Willie C. Brown, Encinitas, CA           pay for the meeting-related expenses have            and the board. Her leadership will be
     Betty Bumpers, Bethesda, MD
     Richard W. Cain, ; Upland, CA            instead been placed into a scholarship fund          missed."
    Charles P. Cox, Washington, DC            for dependants of the victims of the                    Henry Gilchrist of
Bishop Marion M. Edwards, Raleigh, NC         terrorist attacks.                                   Dallas, Texas, was
    Barbara F. Erwin, Scottsdale, AZ
     Robert R. Fletcher, Atlanta, GA
                                                  "The September 11th Memorial                     named Trustee of the
         Judith Gibbs, Dallas, TX             Scholarship Fund is a positive way for us            Year for his generous
       Henry Gilchrist, Dallas, TX            to show our support and to help those who            support and
    Lou C. Kerr, Oklahoma City, OK
                                              have been directly affected by these devas-          inspiring leadership.
    Bobi L. Kincaid, Pittsburgh, PA
     Roy D. Miller, Los Angeles, CA           tating events," said George M. Miller,                  In other business,
   Bishop William B. Oden, Dallas,TX          UMHEF president/CEO.                                 the board elected the
     T. Terrell Sessums, Tampa, FL                Business items approved by the board             following officers:
      Joan M. Uht, Maplewood, NJ
      Robert H. Waller, Billings, MT          via telephone included 960 scholarships                 Steve Harbison, Los Angeles, CA, Chair
 Lovett H. Weems, Jr., Kansas City, MO        for the 2001-2002 academic year. This                   Arden Melick, Manhattan, NY, V. Chair
       Ken Yamada, Nashville, TN              number includes 350 scholarships for the                Eugene Decker, Houston, TX, Secretary
           Life Trustees                      successful "Double Your Dollars for                     Mark Nerio, San Antonio, TX, Treasurer
                                              Scholars" program. An application for                   Mr. Harbison, an attorney, is a member of
  Bishop Roy C. Clark, Nashville, TN
  Gerald K. Hornung, Woodstock, VT            this program may be found inside this                the First UMC of Santa Monica (CA). This is
    J. Ralph Jolly, Birmingham, AL            newsletter, and is also available online at          his second time to serve on the UMHEF
 Paul Woudenberg, Pebble Beach, CA   They will be accepted no              board, having served previously from 1980
                Staff                         earlier than February 1, 2002.                       to 1997. He was re-elected in 1998.
  George M. Miller, President & CEO
  Cheryl Davis, V.P of Development                                                                have the unique opportunity to become a
Peggy W. Townes, Office Administrator
                                                                                                  Charter Member. Any amount qualifies
 Sheila G. Graham, Adm. Coordinator
  Virginia J. Whittier, Staff Assistant                                                           for membership, and gifts may be
                                                                                                  directed to a specific fund or simply
     Regional Gift Planners                                                                       desiginated as unrestricted.
    Richard D. Bailey, Charlotte, NC                                                                 Fill out the attached tear-off card and
  Jerald H. Jackson, Minneapolis, MN
    Thomas C. Rieke, Oakland, CA
                                                  We are excited to unveil our new                return it today. Or donate through our
                                               Alumni Council. This giving club is                Web site at Either way,
     phone: 800 – 811– 8110                    reserved exclusively for students who              joining your support with those of fellow
     web:                        have benefited from UMHEF scholarship              recipients will help to ensure future schol-
                                               support in the past. By joining now, you           arships for students.
From the Inside
Paul Edwards
Duke University, The Divinity School

   Greetings in the name of our Lord and Savior Jesus
Christ! It is my delight to write to you this brief descrip-
tion of what is going on in my life. It was an honor for
me to serve as the first Alumni Council Chair. If the
scholarships you received meant as much as they did to
me, you would feel the same desire as I do to give back
to the Foundation. When we do so, others that are going        born on September 18. He and his mom, Stephanie, are
through school can get some much needed assistance             doing well.
while getting further education.                                   As I get closer to ending an important chapter in my
   I am a fourth year student at Duke Divinity School          life, I am reflecting on how seminary experience has
where I am pursuing my Masters of Divinity degree. I           helped me. Duke was challenging, don’t get me wrong,
will graduate in May 2002. While at Duke, I have served        but it was fulfilling. The churches I served have made it
as a student pastor for the Silk Hope Charge for two           more bearable. When I got bogged down, there was
United Methodist churches. Each year I have been in            always someone to brighten my day. But most of all,
seminary, I have received the Double Your Dollars for          God saw me through this time and blessed me with
Scholars scholarship. This program allows my home              willing people who helped me make it through the
church, Forest Street UMC in Clarksville, TN, to send          financial hurdles I faced while attending Duke. The
$1,000 to the Foundation, which they then matched, and         Foundation was one of those willing groups of people
sent the resulting $2,000 to Duke. The scholarship has         who saw me through. I will be forever grateful to all
meant a great deal to me in the past three years. This         who have helped me. I especially want to say thank you
year in particular it made a huge difference because of        to the Foundation for helping me and the thousands of
the extenuating circumstances my family was facing. We         others who have been helped in their dream of making
just had a baby! His name is Joshua Paul, and he was           higher education possible.

In Memory                                                                                         University.
                                                                                                  In 1998, he allowed
Bishop Ernest A. Fitzgerald                                                                    the Foundation to honor
1925-2001                                                                                      him with a scholarship
                                                                                               endowment dinner at
   Bishop Ernest A. Fitzgerald was an inspirational                                            Greensboro College
leader in the United Methodist Church for five decades.                                        (SC). The evening was a
In addition to being the well-known author of 10 books,                                        tremendous success,
Dr. Fitzgerald for many years wrote a column of inspira-                                       raising almost $150,000
tional essays in Pace Magazine, the in- flight publication                                     — the most ever raised
of Piedmont Airlines. He served as a minister in many                                          by one of our special
churches across North Carolina, and was elected to the                                         events.
Episcopacy in 1984 and was named Resident Bishop of                                               “The legacy he left
the North Georgia Conference of the UMC.                       the Foundation went far beyond years of service”
   Closer to home for the Foundation, he served on its         according to George M. Miller, UMHEF president/CEO.
board of trustees for 19 years, from 1978 to 1997. He          “He will be missed.”
volunteered to research and write the Foundation’s                Memorials may be sent to the Foundation for the
history. His diligent research confirmed the                   Bishop Ernest Fitzgerald Endowed Scholarship benefit-
Foundation’s origin as the culmination of a vision             ting students attending Greensboro College in
fostered by Chancellor William A. Tolley of Syracuse           Greensboro, North Carolina.
Letter from the President
    The past few months have been        encourage you to remember this           charitable tax
busy indeed for the United               fund when making your end of the         planning
Methodist Higher Education               year donations.                          seminar for
Foundation.                                 Other decisions made by the           financial
    Although difficult, we made the      board include approval of 960 schol-     professionals
decision to cancel our annual board      arships to be awarded for the 2001-      in Louisville,
meeting in Williamsburg, Virginia,       2002 academic year. This number          Kentucky.
due to the tragic events of              includes 350 scholarships for the        Over 30
September 11th. It placed UMHEF          ever popular “Double Your Dollars        professionals
in a unique position, having never       for Scholars” program. Please see        were in attendance and received
before canceled a board meeting in       the flyer included in this newsletter    CEU credit for the seminar, which
its 36 year history. Board members       for additional information regarding     was presented by Charles Schultz.
generally felt that it would be in the   this local church-matching scholar-      We are pleased with the success of
best interest of everyone involved if    ship program. It is with no small        this initial event, and are currently
the meeting was not held. Instead,       amount of pride that I report to you     looking at sites for future presenta-
pressing board business was              that despite the depressed market        tions. If you are interested in either
conducted via conference call on         and decreased foundation assets,         helping to present or attend just
September 21.                            our strong budgetary discipline will     such an event, please contact me.
    Funds that would have been used      allow program funding to remain             Looking back at the events of
to pay for the meeting-related           constant for the upcoming year.          2001 gives cause for both celebration
expenses have been placed into a            On a much sadder note, the            and sadness: celebration of the
scholarship fund for dependents of       Foundation has lost two stalwart         students whose lives are changed by
the victims of the terrorist attacks.    supporters in recent months. Bishop      educational doors being opened to
The September 11th Memorial              Ernest A. Fitzgerald served for 19       them through the support of the
Scholarship Fund is open for contri-     years on the board of trustees and       Foundation, sadness at the tremen-
butions and is restricted to United      recently compiled a detailed history     dous upheaval and violence visited
Methodist students attending one of      of the Foundation. He died on            upon our nation in September.
the 124 United Methodist-related         September 27, 2001, in North             Despite the uncertainty of the times,
institutions in the United States.       Carolina. Jack Cato, along with his      we will continue to look for ways to
Scholarships will be available begin-    wife Marguerite, had been                make a positive impact on the lives
ning in the Fall of 2002. Special        supporting the Foundation and            of United Methodist students and
thanks to board member Lou Kerr          making a difference in the lives of      their families in this great nation.
for having the initial idea for the      students for many years. He died on
memorial. Also, thanks to the ladies     October 13, 2001, in Austell, Georgia.   God Bless,
of the OCU Society for donating the      Please see the memorials in this
funds from their style show, which       newsletter regarding these two great
was likewise canceled in the after-      United Methodist Leaders.
math of the terrorist attacks. I            UMHEF recently sponsored a            George M. Miller

In Memory                                                        “Jack Cato has been a friend and loyal supporter of
                                                              UMHEF for eighteen years. He was an outstanding busi-
Jack M. Cato
                                                              ness executive, loyal United Methodist church leader,
1920-2001                                                     dedicated father and husband, and a visionary in the
                                                              field of philanthropy and strategic planned giving,” said
  Jack Cato was a man who enjoyed helping others.             George M. Miller, UMHEF president/CEO. “We will
Through advanced planning, he and his wife,                   sorely miss his leadership, compassion, and generosity.”
Marguerite, established three separate funds through the         Our prayers are with Jack’s wife, Marguerite, and
Foundation to assist others.                                  their family during this difficult time.
Living and Dying Under Tax Reform 2001
by Richard D. Bailey, Regional Gift Planner
    The Economic Growth and Tax           $15,000 by 2006. A “Roth 401(k)”          persons
Relief Reconciliation Act of 2001         provision will enable employers to        make
(EGTRRA), enacted in June makes           provide benefits similar to a Roth        lifetime
many promises, then takes them            IRA for their employees.                  and
back at midnight December 31, 2010.          Education IRA. In 2002 the             estate
Congress may make some (or all)           maximum annual contribution to an         gifts to charity regardless of tax
changes permanent, freeze them at a       Education IRA increases from $500         benefits. While only taxpayers who
certain point in time, accelerate the     to $2,000. It may now be used for         itemize deductions may deduct
repeal, or allow them to sunset on        elementary, secondary, and quali-         charitable contributions, taxpayers
January 1, 2011. Even now, Congress       fied high school expenses.                who do not itemize still make
is considering an economic stimulus          Estate and Gift Tax, Generation        substantial gifts to charity. The estate
package that would make further           Skipping Transfer Tax Changes             tax remains except for 2010, and the
tax changes. Because of the tempo-        (GSTT). The tax rates are lowered         estate tax contribution deduction is
rary nature of EGTRRA changes,            (50% in 2002 to 45% in 2009) and          important in lowering or zeroing
taxpayers should proceed very care-       applicable federal exemption increases    this tax. Using charitable plans to
fully before making major changes         over time to $3.5 million in 2009. The    zero or reduce federal estate tax and
in their financial and estate plans.      estate and GSTT is repealed in 2010       the gifting of remaining IRA assets
Here is a summary of changes:             and the gift tax remains at a 35%         to charity remain powerful estate
    Reduction in Individual Income        rate. In 2011 the Estate, Gift, and       planning options. Your support of
Tax Rates. A new 10% bracket for a        GSTT are reinstated with rates            scholarships through UMHEF bene-
portion of income that is currently       existing before EGTRRA, unless            fits deserving students, and the tax
taxed at 15%. The 15% rate remains.       Congress makes the changes perma-         advantages remain a welcome addi-
Over time, the 28% rate reduces to        nent. In 2010, inherited property         tion. For the free booklet Charitable
25%; 31% rate to 28%; 36% rate to         beyond certain amounts is subject to      Giving After the 2001 Tax Act,
33%; and the 39.6% rate to 35%.           capital gains tax when sold.              complete and return the attached
    IRA and 401(k) Contributions             Charitable Deduction                   form.
Limits Expanded. Gradually                Unchanged. Tax incentives for
expanded contribution limits for          making charitable contributions             This is educational information
traditional and Roth IRAs to $5,000       during life or on death are mostly        and not intended to be tax advice.
in 2008, with adjustments to infla-       unchanged, except in 2010 when the        Always consult a qualified advisor
tion thereafter. Contributions to         estate tax is repealed.                   when tax planning.
401(k) plans will rise from $10,500 to       Charitable Planning. Many

The Foundation is self-supporting. It receives no funds through the apportionment process of The United Methodist Church.
Its annual operating and administrative expenses are funded from income from its endowment fund and in-kind support
from the Division of Higher Education of the General Board of Higher Education and Ministry.

United Methodist Higher Education Foundation                                                          Nonprofit Org.
P.O. Box 340005                                                                                       U.S.Postage
Nashville, TN 37203-0005                                                                                 PAID
                                                                                                     Nashville, Tenn.
                                                                                                     Permit No. 2672
FOUNDATION                          FOUNDATION
P O BOX 340005                      P O BOX 340005
NASHVILLE TN 37203-9528             NASHVILLE TN 37203-9528
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