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GRACE LUTHERAN CHURCH
FOUNDATION NEWS
Caring for the Ministry of Grace: "Ecclesia Perpetua"
November 2002
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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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Funds Managed by the Foundation
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When a donation is made to the Foundation with no directions, it is added to the endowed (irreducible) principal of the Ronnenkamp Fund. When a memorial donation is made, it is added to the Memorial Fund where both principal and interest are available. Any donations specifically directed towards an endowed fund are added to the endowed principal of that fund, unless other directions are provided.
Endowed Funds
Parish Nurse - to support the parish nurse program.
Pipe Organ - to support the maintenance, upkeep, rebuilding, expansion, and otherwise all other aspects associated with the playing of the GLC organ.
Grace Center - to support their planned move to a larger home.
Kuehn - for church choir music.
Library - a small fund dedicated to assisting the library.
Ronnenkamp - a general fund.
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Non-Endowed Funds (principal and interest available)
Brian Smith Medical - the origin of this fund is a small amount of money that remained after assisting with Brian Smith's medical bills. With the approval of the Smith family, the remainder of the monies is available to assist individuals and families with medical bills.
Brian Smith VBS Scholarship - Brian Smith memorial funds dedicated to providing scholarships for Vacation Bible School.
Musical Instrument - the origin of this fund is the small amount of money that remained after purchasing the grand piano. The continuing purpose of this fund is to maintain the piano and purchase other instruments, such as the drum set.
Benevolence - this fund was established to provide for the timely payment of the Church's benevolence commitments when cash flow restraints may significantly delay and/or reduce such payments.
Memorial - when a donation is made to the Foundation as a memorial, it is added to this fund, unless a specific purpose is identified.
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| The Board of Directors acknowledges the generosity of the following people for donations: |
In May 2002
In Memory of George Scholl
Ronald and Lorraine, Springfield OR |
In June 2002
In Memory of George Scholl
Mac Huber, Corvallis, OR
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In Service to the Ministry of Christ's Church |
Year-to-Date Financial Report - Sept. 2002
Year-to-Date Growth Before Expenditures |
| Personal Contributions |
$3.912.39 |
Earnings | $7,926.73 |
Rental Property Income | $7,618.13 |
Variance: Trust Fund Mkt Value (1) | ($59,825.21) |
Total Growth | ($40,367.96)
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Assets Composition on 09/30/02 (3) |
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Ronnenkamp Fund | $436.956.60 |
| Designated Endowments | $59.714.10 |
| Designated Funds | $12.034.36 |
| Cash in Property Account (3) | $1.137.88 |
| Cash Accounts | $5.931.64 |
Trust Fund Sub-Total | $515.774.58 |
| Rental Property | $90,250.00 |
Assets Total | $606.024.58
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Foundation Expenditures |
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CPA Review | $550.00 |
| Annual Corporate Fees | $117.00 |
| Trust Fund Fees | $1,296.65 |
| Jeanne Smith & Associates | $257.00 |
| Administrative Assistant | $1,627.70 |
| Supplies | $61.28 |
| Projects Funded | $13,513.00 |
Expenditures Sub-Total | $17,422.63
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| Rental Property Management Fees | $731.82 |
| Maintenance & Cleaning | $3,615.93 |
| Landscape | $880.00 |
| Water/Sewer | $92.50 |
| Property Taxes | $1,130.04 |
Rental Property Sub-Total | $6,480.29
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Total Expenditures | $23,902.92
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Projects Funded/Pending in 2002 |
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Footsteps in Faith | $159.25 |
| Lending Library Books | $180.29 |
| Grace on the Move Van Purchase | $12,500.00 |
| Brett Chytraus Fund (medical) | $1,000.00 |
| Portable Communion Sets | $417.30 |
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Total Projects | $14,256.84
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(1) ) On 12/31/01 the market value was $91,105.63 below book value. On 9/30/02 the market value was $150,930.84 below book value.
(2) Amounts listed represent book values rather than market values. Note that $498,520.29 of the sub-total of funds is restricted endowments that must be maintained as principal.
(3) Cash in property account does not include $100 required minimum balance or $300 non-refundable cleaning fee.
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The Board of Directors acknowledges the generosity of the
following people for donations:
| | In July 2002
In Memory of Irene Ness |
| Mildred Babb, Corvallis, OR
Larry and Donna Blus, Corvallis, OR
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| In Memory of George Scholl
| | Anna Steuerwald, Rochester, NY
Mrs. Elaine De Camara, Daytona Beach, FL
Robert and Sandra Schoning, Corvallis, OR
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| In Memory of Mildred Rosenstiel
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Jose and Robyn Vega, Corvallis, OR
Mildred Babb, Corvallis, OR
Betty McCauley, Corvallis, OR
Laura and John Barnett, Corvallis, OR
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| In August 2002 |
| In Memory of Dee Bentley |
| William and Lorraine Benson, Corvallis, OR
Mr. & Mrs. Theodore Carlson, Corvallis, OR
Robert Winn, Corvallis, OR
Lew and Dona Williams, Corvallis, OR
James and Darlene Leklem, Corvallis, OR
Mildred Babb, Corvallis, OR
Harold and Gloria Werth, Corvallis, OR
Clark and Marjorie Amen, Corvallis, OR
Edna and Wayne Schultz, Corvallis, OR
Theodore and June Beck, Corvallis, OR
Vera Kleven, Larimore, ND
Kathyrn Moen-Haug, Grand Forks, ND
Mark and Patricia Benson, Arvilla, ND
William and Eulalie Geer, Manvel, ND
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For the Alter Guild
In Memory of Dee Bentley |
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Kenneth and Orpha Ellingson, Surprise, AZ
Dean and Barbara Moen, Richfield, MN
Marna Holcomb, Corvallis, OR
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For the Organ Fund
In Memory of Dee Bentley |
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Clara Storvick, Corvallis, OR |
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In Memory of Debbie Brye |
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Edna and Wayne Schultz, Corvallis, OR
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For the Youth Program
In Memory of Debbie Brye |
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Harold and Arlys Benson, Corvallis, OR
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