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GRACE LUTHERAN CHURCH
FOUNDATION NEWS
Caring for the Ministry of Grace: "Ecclesia Perpetua"
August 2002 |
Board of Directors
Larry Burt
President
Karen Guzman
Treasurer
Michael Beachley
Secretary
Hal Dick
Director
John King
Director
Carolyn Warloe
Director
Jeffrey Beck
Director
Rev. Dan Hallgrimson
Ex-Officio
Hal Brauner
Ex-Officio
Joy Linn
Administrative Asst.
The Grace Lutheran
Church Foundation is
a professionally
managed corporate
nonprofit foundation
established by Grace
Lutheran Church,
Corvallis, Oregon.
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How to Help Your Lawyer, and Yourself |
Before meeting with your attorney about your estate plan, you can do some things to save time and money. Here are four tips:
1. Prepare an inventory of your estate.
Since your estate plan will essentially direct the transfer of your assets at death, you should compile a list of all your holdings and obligations. What do you own? How much is it worth?
Where is it located? How are the various assets owned (jointly, separately, etc.)? List any memberships (country club, time-shares, etc.). What are the beneficiary designations on your bank, brokerage and retirement accounts and your insurance policies? How much do you owe and to whom?
This will take some time and force you to get all your records in order. But the process will be instructive for you and timesaving when your attorney begins to quiz you about these things. It's easy to overlook some assets, so be as thorough as possible.
2. Select key people you want to involve.
Who do you want to oversee the probating of your estate (your personal representative)? Who do you want to serve as the trustee of any trusts created by your will? Who do you want to be the guardians of any minor children you
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might have? And don't forget about your power-of-attorney and health care documents.
You will need not only primary names, but also back-up names in case your first choices are unable or unwilling to serve. If possible, have two additional names for each position.
Having all of this cared for before visiting your attorney will make things much easier and time-efficient.
3. Decide what to give family members.
This can be one of the most difficult parts of the whole process. Indeed, some people endlessly delay getting a will because this step is either too perplexing or painful.
There are many issues to consider. Too much inheritance may stifle personal initiative and feelings of self-worth. One child may be careless with money, another disciplined. One may have physical needs requiring extra assistance. One may be self-sufficient, another financially strapped. How much is too much? How little is too little?
You might want to discuss this subject with a trusted friend or personal advisor. And remember, with a will you can always change your mind later. The important thing is to at least get a plan in place for now.
Continued on next page... |
| In Service to the Ministry of Christ's Church |
Grace Lutheran Church Foundation
Year-to-Date Financial Report - June 2002
Year-to-Date Growth Before Expenditures |
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Personal Contributions | $3,277.39 |
Earnings | $5,428.02 |
Rental Property Income | $5,249.68 |
Variance: Trust Fund Mkt Value (1) | ($22,436.08) |
Total Growth | ($8,480.99)
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Assets Composition on 06/30/02 (2) |
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Ronnenkamp Fund | $435,766.71 |
Designated Endowments | $59,464.82 |
Designated Funds | $11,403.73 |
Cash in Property Account | $579.71 |
Cash Accounts | $3,103.06 |
Trust Fund Sub-Total | $510,318.03 |
Rental Property | $90,250.00 |
Assets Total | $600,568.03
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Foundation Expenditures |
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CPA Review | $550.00 |
Annual Corporate Fees | $117.00 |
Trust Fund Fees | $874.22 |
Jeanne Smith & Associates | $257.00 |
Administrative Assistant | $1,362.73 |
Supplies | $53.03 |
Rental Property Maintenance | $3,015.00 |
Rental Property Management Fees | $524.97 |
Rental Property Property Taxes | $1,130.04 |
Projects Funded | $16,257.00 |
Total Expenditures | $24,140.99
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Projects Funded/Pending in 2002 |
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Footsteps in Faith | $159.25 |
Lending Library Books | $180.29 |
Rental Property Roof Repair | $2,880.00 |
Grace on the Move Van Purchase | $15,244.00 |
Brett Chytraus Fund (medical) | $1,000.00 |
Total Projects | $19,463.54
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(1) On 12/31/01 the market value was $91,105.63 below book value. On 6/30/02 the market value was $113,244.93 below book value.
(2) Amounts listed represent book values rather than market values. Note that $485,389.23 of the sub-total of funds is restricted endowments that must be maintained as principal.
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Our thanks to Marv Bolland, Director (Retired), Oregon Synod Endowment Fund, for submitting the article in this newsletter. |
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The Board of Directors acknowledges the generosity of
the following people for donations:
In March 2002
In Memory of Thomas Eide
Eda Randall, Madison, WI
Alice Eide, Mondovi, WI
In April 2002
In Memory of Gil Sperry
Charles and Phyllis Jackson, Friday Harbor, WA
In Memory of Philip Jacob
Richard and Claudia Dennie, Woodland, CA
In Memory of Thomas Eide
Maurice and Donna Eide, Mondovi, WI
For the Library Fund in Memory of Thomas Eide
Sharon Lehman, Eau Claire, WI
In May 2002
Larry and Donna Blus, Corvallis
For Choir Activities
In Memory of Trudy Tinglestad
Milt and Billie Larson, Corvallis
In Memory of George Scholl
Philip Isensee and Martha Maier, Corvallis
Ken and Carole Steckley, Corvallis
Donald and Nancy Sanderson, Corvallis
Energy & Industrial Services Business Unit, CH2M HILL
Shirley Peterson, Philomath
Cindy Dahl & Chuck Thierheimer, Corvallis
Mike, Mary and Megan Murphy, Corvallis
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...continued from previous page
4. Determine your charitable bequests.
Which church organization(s) do you want to support with gifts from your
estate? Perhaps there are other community organizations that also need your
support. Let us suggest that it is wise to make gifts to other community
organizations through your church for the reason that it gives a message
of a gift that was motivated by your love for Christ.
A charitable giving component to your estate plan can have significant
meaning to your survivors and communicate your values in a powerful way.
It can also help you establish a legacy that will outlive your children and grandchildren.
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