The Malloy Foundation of Cheraw recently made a gift to the Cheraw First Methodist Church Permanent Endowment Fund in the name of one of its long time board members, Pete Owens. The Malloy Foundation has for over sixty years provided grants and gifts in furtherance of local civic and educational goals. This donation is significant in that it honors a long standing church member for his service to church and community and it is the first gift received by the endowment fund .
The fund was created earlier this year to receive, hold and administer gifts of property in any form to First Methodist. The assets of the fund are invested and only a portion of the net income is used each year to fund activities associated with the preservation and protection of our buildings and grounds and support of church missions. The principal and at least 25% of the net annual income remain invested and will provide for the continuing support of First Methodist and its missions. As stated in the descriptive brochure available at the church office, “The Endowment Fund has been created to provide a means by which members and friends of the church can perpetuate their Christian Service.”
Those members or friends of First Methodist interested in contributing to the Permanent Endowment Fund may do so by contributing a memorial gift of any amount or other gifts of cash, stocks, bonds, life insurance policies, real estate or other property, bequests by will or gifts from a trust fund. Contributions to the endowment fund are truly “gifts that keep on giving.”