2005 Annual Report
Grace Lutheran Church Foundation
January 2006

This was the eleventh year of ministry by the Grace Lutheran Church Foundation. The Foundation was inaugurated on January 22, 1995 at the annual meeting of the Congregation of Grace Evangelical Lutheran Church. We remember and thank God for the lives of Alice and Carl Ronnenkamp. A generous gift from their estate became the primary funding for the Foundation.

The Board of Directors for 2005 included Michael Beachley (Secretary), Jeff Beck, Larry Burt, Hal Dick, Peggy Custer (Treasurer), John King, and Carolyn Warloe (President). In addition, Neil Christensen and Pastor Dan were appointed by the Congregational Council as ex-officio members of the Board.

During 2005, the Foundation has strived to be good stewards of the Foundation's assets. We consider requests for funding, monitor and work with the representatives of the Foundation's Trustee (Union Bank of California), develop promotional materials and policies, and maintain records of our investments, projects funded, and donations received by the Foundation.

Since the inception of the Foundation in 1995, we have funded $270,370 worth of projects. During 2005 we have funded (or agreed to fund) the following projects:

Continuing education - Pastor Dan $1,000
Outdoor banners $297
Synod insert in The Lutheran $350
Laptop computer for Church $1,426
Digital projector $1,190
Director of Lay Ministry (1/3 dispersed) $15,000
Men's Ministry Workshop $1,000
Portable communion kits $210
Parish health guide $76
House of Zion hunger project $500
LED street sign $3,000
Oil stocks for healing prayers (5) $99
Communion albs (6) and cinctures $711
Sound equipment for the sanctuary $1,038
Sanctuary roof lighting (in memory of Marge Amen) $61
LED street sign (supported in part in memory of Marge Amen) $956
Music Director computer and software $1,375
Total Funding during 2005 $28,289

During the first 9 months of this year, receipts for the Foundation totaled $55,294.00. That included $7,354 from the trust fund earnings, $4,224 rental property income, and $43,704, in contributions from individuals and organizations primarily affiliated with Grace. Expenditures in 2005 for the same 9 month period totaled $15,552 including $1,593 in trustee fees to Union Bank of California and $2,423 in Administrative Assistant wages. We are hopeful that growing investments and additional giving will increase our ability to fund projects in the future.

The Board intends to remain accountable and prayerful stewards of the Foundation. As of Sept. 30, 2005, the book value of the Foundations total assets was $584,327. This is a decrease from last year in part as a result of the Foundation deeding the property at 446 NW Kings to the church. The Market value of the Foundations total assets were $529,665 as of Sept. 30, 2005.

Much of our efforts in the coming year will be focused on maintaining sound accounting and auditing procedures, providing information about estate planning and tax benefits to potential donors, encouraging additional contributions, and making sure funds are invested and maintained appropriately.

Carolyn Warloe,
Board President
Grace Lutheran Church Foundation

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