2009 Annual Report
Grace Lutheran Church Foundation
January 2010
Grace Lutheran has been blessed with a Foundation that provides us with opportunities to fund projects and new ministries that we might not otherwise have. The Foundation is celebrating its 15th anniversary this year. It was established with a generous gift from Alice and Carl Ronnenkamp's estate. Alice wanted an endowed fund established that would conserve the principal and use earnings for the continuing support of the ministry of Grace. Since 1995 the Foundation has grown with many gifts, large and small. The Ronnenkamp's original gift of $270,000 started a foundation which now has assets of $474,000 and contains both endowed and un-endowed funds.
In accordance with our by-laws the Funds of the Foundation must be managed by a licensed trust company. Since January of 2008, the Foundation funds have been managed as part of the ELCA Endowment Fund "Pool A". The ELCA Endowment Fund has had a record of prudent management with a reasonable rate of return. This Fund is the same fund where ELCA pastors and other staff have their retirement. While I reported to you last year, that we had an approximately 35% decrease in the value of our funds, compared to a 32% decline in the market, this year is more optimistic. Since my report last year, the fund has regained some of its value. In Nov. 2008, the fund value was $346,097. In Nov. of 2009, the total value of the ELCA Fund and money in Citizens Bank is $476,771. This is approximately $2,400 above our endowed value. We pray that the stock market will continue to improve and we will again have earnings to disperse.
The Foundation also has several funds that are not endowed. Gifts may be designated either to be endowed or un-endowed. Un-endowed funds are available to be spent in their entirety. Gifts given to the Foundation that were not endowed have allowed us to fund some projects this year.
We have a number of funds for special purposes, the Piano Fund, Kuehn Fund (Choir music), Brian Smith Fund (to assist people with medical problems) and others (some endowed & some not endowed). To find more information about our endowed and un-endowed funds you can look at our web site (www.grace97330.org/Foundation/home.html), or contact a Board member. Donors may direct their dollars to a Fund of their choice.
The Foundation Board continues to prayerfully and prudently manage the Foundations Funds and to support projects and grants that members of Grace present to us.
Sincerely,
Carolyn Warloe
Board President,
Grace Lutheran Church Foundation |
Foundation Board 2009
Board members include Tom Kiersky, Hal Dick, Neil Christensen, Jack Davis, Kris Saathoff, Shelly Lundahl, and Carolyn Warloe. Anne Orwick is appointed by the Congregation Council as an ex-officio member of the Board. Since our by-laws provide for only one pastor as an ex-officio member, Wendell and Netsie have been sharing the position.
During 2009, the Foundation supported the following projects:
| Sound and video system (Memorial Fund - Dorothy Skwark) |
$8,963.40 |
| Parish Nurse (Memorial Fund - Agnes Adix) |
$750.00 |
| Computers for the pastors |
$1,945.00 |
| Basement renovation |
$9,000.00 |
| Baptism donations "Future4Kidz" |
$500.00 |
| Hand chimes (Memorial Fund - John Swanson) |
$2,126.50 |
| Grand Total |
$14,284.90 |
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