By Michael Tomberlin
Religion News Service
Saturday, November 11, 2006; B09

BIRMINGHAM -- Endowments have long been a source of income for colleges and charities. Now, more churches are getting in on the act.

Churches have begun setting up foundations or have started turning to denominational officials to help them prepare for the moment when generous members name them in a will.

"It's almost like it's a new discovery, but it's simply about stewardship," said Barry Bledsoe, president of the Baptist Foundation of Alabama, whose foundation administers more than $200 million from about 2,000 church gifts and endowments.

Although most church members still view tithing in the light of weekly offerings, Bledsoe said, more of them are starting to think about leaving part of their estates to their churches.

Greg Ring, head of PhilanthroCorp in Colorado Springs, said endowments will become a major part of church finance. Ring works with churches and denominational groups like Bledsoe's to educate them on endowments.

The rise of megachurches, with their multimillion-dollar budgets and their many members with business-world expertise, has accelerated the trend, Ring said.

Bledsoe said, "Typically, those churches have more sophisticated people who more readily understand endowments and how they might impact God's ministry."

Kevin Eckstrom contributed to this report.