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MISSION MOMENT

At SouthCol, we are driven to help clients pursue their mission. Here is a client story that inspires us. We hope it inspires you. Meet Midwest Methodist Foundation.

Empowering Education Through Generosity

Long before they met and married, Sallie Galloway and George Gill were young college students. Sallie was in Fredericksburg, VA, at the University of Mary Washington, earning a history degree. In neighboring Tennessee, George was an economics major at Vanderbilt University. With a bright future ahead, they graduated and started their lives.

The next decade was busy; service in the military, first jobs, marriage, kids, a move to the Chicago suburbs, and life insurance. Yes, life insurance. Sallie and George did what many new parents do – they bought a generous life insurance policy.

“With the understanding that children facing financial difficulty are a vulnerable part of the population, we wanted to do something to help.” – George GillFast forward and the Gills have celebrated their 50th anniversary, the kids are grown up with families of their own and established careers. As they considered estate planning, the Gills realized they no longer need life insurance.

A Gift for the Next Generation

Throughout their lives and marriage, the Gills’ Methodist faith has been a steady guidepost. As long-time members of Barrington United Methodist Church, they naturally turned to Midwest Methodist Foundation for ideas on how they might put their insurance money to better use.

“Sallie has always been very generous in terms of helping others,” said George. “With the understanding that children facing financial difficulty are a vulnerable part of the population, we wanted to do something to help.”

Working with Chris Walters, President and CEO of the Foundation, they found what seemed like the ideal solution. “The Uplifting Young Methodist Scholarship program provided the opportunity to invest in youth education while honoring our parents who funded our education,” said George.

A Policy with a Purpose

The cash value from the Gills’ life insurance policy was donated to a charitable gift annuity, which provides fixed-income payments for life. A significant portion of each payment is treated as a tax-free return for many years. As a result, the donation is expected to provide a six-figure charitable remainder to the scholarship program.

“The Gills are truly an example of encouraging lifelong generosity with God’s abundance,” Chris Walters shared.

Today, with the support of the Gills, the Uplifting Young Methodist Scholarship Program has awarded scholarships to more than 15 recipients, currently four per year. Many of these students might not be able to continue beyond high school without this support.

For more information about Midwest Methodist Foundation or the Uplifting Young Methodists Scholarship, please contact cwalters@midwestmethodist.org or visit midwestmethodist.org.

Source: midwestmethodist.org