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FOUNDATION NEWS Caring for the Ministry of Grace: “Ecclesia Perpetua” March 2008 | ||||
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We are pleased to announce that the Foundation funds were transferred from Union Bank of California to the Endowment Fund Pool Trust, Fund “A” of the ELCA. This is a Fund that was developed by the ELCA to manage retirement funds of employees and to assist congregations with the management of endowed funds. The Foundation’s Funds will be managed by the ELCA Foundation, but remain our funds and can be withdrawn, in part or their entirety, at any time should we choose to do so. | ||||
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What is the purpose of the Foundation? The purpose of the Foundation is to provide a means for members and friends of Grace Lutheran Church to extend the ministry of the congregation, to enhance the quality of that ministry, and to establish memorials as living testaments to those to be remembered. What do you mean by “fund”? The Foundation’s money is divided up into various funds. These funds have specific programs they support. There are endowed funds (principal cannot be spent) and non-endowed funds (principal can be spent). What is the process for requesting funding for a project? In an effort to enhance GLC ministries, the GLCF Board has established policies and procedures with respect to approving funding proposals and disbursing payments. GLCF grants are primarily intended to support the ministry of GLC; the GLCF does not support normal recurring expenditures that are traditionally paid by GLC, or any other supported entities, from general funds. See below for projects supported in 2007 and for more information on requesting funds. |
How does the Foundation grow? Through gifts of cash, and Foundation-accepted gifts of real estate and personal property. Through bequests or as a beneficiary. Through asset appreciation and interest earned. I made a donation in memory of a friend. What happens to that donation? A donation made in memory of someone goes into the Memorial Fund. Family members are notified of all donations made in a loved one’s name. Who controls what happens to memorial donations? Family members are encouraged to contact a member of the Foundation Board to communicate any wishes they might have for the use of memorial monies made in their loved one’s name. When a family member makes a specific request, the Board makes every effort to honor that request. If the family has no specific recommendations for memorial monies, the Board makes decisions on appropriate projects to support with memorial monies. Does the Foundation provide tax benefits? Yes it does. Most gifts are tax deductible. Consult your accountant, attorney, or any Foundation Board member for more information. | ||||
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