First Presbyterian Church Foundation

Testamentary bequests can be made through a will or a codicil to your existing will. This is a common method for clearly and specifically directing your executor to transfer assets to the foundation after your death. This method of giving decreases your estate tax liability and results in a saving for heirs and the foundation can invest the resulting funds without income taxation, amplifying the amount of earnings that can be made available for the benefit of the church.

Codicil forms are available in the church office or in the foundation parlor. Or, call the office or one of the foundation trustees for further discussion and guidance. Consultation with your lawyer or tax attorney is advisable and there are several very capable attorneys who are church members who will be happy to advise you.

The First Presbyterian Church Foundation was created through the efforts of Walter G. Lacy, Jr., who called together those who served as the first trustees. These members of our church saw a need and an opportunity to provide for a long-term investment fund which could accept gifts and bequests and build a capital fund the income from which could be available to serve the church’s purposes over the generations. Mr. Lacy also was responsible for the creation of the charitable trust adopted by the congregation of the First Presbyterian Church of Waco on May 1, 1966 (At this writing the Foundation has been in existence over 40 years). The Trust was later approved by the Internal Revenue Service as a tax-free entity. The initial trustees were:

Reverend Roy T. Sherrod, the minister;
T. W. Williams, the chairman of the Board of Deacons;
Walter G. Lacy, Jr.;
R. D. Pattillo;
Franklin Smith;
Goodhue Smith, Jr.

Through the years, the Foundation has received significant gifts from J. S. Edmundson in 1980, G. E. Armstrong in 1964, and Vandiver Brown in 1996. Scott Granowski in 2001, Jane Beville and Marjorie and Roane Lacy in 2006 and several others.

Today the Foundation has assets in excess of $1,700,000 held and managed in a disciplined, prudent, and professional manner.

For further information see other topics and articles on this site or contact our church office or of our current President of the Foundation, Roane Lacy, Jr. (254 7547917; rlacyjr@yahoo.com)