Frequently Asked Questions - Endowments and
Custodial Accounts
Q. What is the difference
between an endowment trust and a custodial account?
A. An endowment trust principal and additional contributions
continue to grow as the annual income
is available to the church or agency for
its ministries as determined in the fund agreement. A custodial
account
principal, additional contributions, income and capital yield are all available
for withdrawal at
the request of the depositing church or agency without
penalty.
Q. Can additional funds be added to endowment trusts and
custodial accounts?
A. Yes. Any amount at anytime can be added to both of
these types of funds.
Q. Is there a minimum amount required to establish an
endowment trust or a custodial account?
A. There is a $1,000.00 minimum to establish a trust and/or a
custodial account.
Q. Can a church or Conference-related agency have more than
one fund?
A. Yes. One local church has nine funds. Some are
trusts and some are custodial accounts.
Each fund has a particular
purposes. Each fund must meet the minimum $1,000.
Q. How long does it take to receive funds when a withdrawal is
requested?
A. Turnaround is typically 1
to 3 business days.
When necessary, we make every effort
to meet whatever time constraints our depositor
has.
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