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GRACE LUTHERAN CHURCH
FOUNDATION NEWS
Caring for the Ministry of Grace: "Ecclesia Perpetua"
August 2003
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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
Jack Davis
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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WE CANNOT TAKE IT WITH US |
Estate planning is most easily defined as arranging who will get our "stuff" when we die. Basic to all estate planning is the creation of a will. We create a will so that we can be assured that our property will be transferred to those we designate, in the amount we want, rather than as dictated by the Oregon intestacy laws. A valid, current will can be an expression of love. The body of the will handles who gets what and a Christian Preamble, if we have one, states publicly what we believe.
We have been given the tools to provide gifts of our assets to provide for family, for the work of the Lord, and for those less fortunate. Christian stewardship of our accumulated assets calls us to provide for the care of those assets during our lifetime and orderly transference of those assets in an efficient
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and cost-effective manner consistent with our Christian beliefs and values.
It is estimated that 70% of those who die do so without a will. And of those who do have wills, many are not pleased with some of the provisions of that will. Still others have not reviewed or updated their wills even after some major changes in their lives.
For those who do not have a will or those who need their current will reviewed and revised, the time to do so is now. For a helpful workbook that will prepare you to visit your lawyer and for a copy of a Christian Preamble please call Dr. Patricia Larsen at the synod office: 503/413-1405. She would also be willing to meet with you and help you create the most effective plan to meet your needs. And please remember the work of the Lord in your will!
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The Board of Directors acknowledges the generosity of the following people for donations:
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In April 2003
Ted and June Beck, Corvallis, OR
Larry and Donna Blus, Corvallis, OR
In Memory of Wilma Slover
Ted and June Beck, Corvallis, OR
In Memory of Louis Ramus
Robert and Maud Corl, Sr., Corvallis, OR
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In June 2003
Ted and June Beck, Corvallis, OR
In Memory of Don Christianson
Jack and Lois Davis, Corvallis, OR
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In Service to the Ministry of Christ's Church |
Year-to-Date Financial Report - June 2003
Year-to-Date Growth Before Expenditures |
| Personal Contributions |
$1,400.00 |
Earnings | $4,389.38 |
Rental Property Income (1) | $5,655.97 |
Variance: Trust Fund Mkt Value (2) | ($26,562.45) |
Total Growth | $38,007.50
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Assets Composition on 06/30/03 (3) |
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Ronnenkamp Fund | $448,325.11 |
| Designated Endowments | $60,269.71 |
| Designated Funds | $9,142.67 |
| Undesignated Funds | $3,173.59 |
| Undistributed Earnings | $3,528.79 |
| Cash in Property Account (4) | $0 |
Trust Fund Sub-Total | $524,439.87 |
| Rental Property | $90,250.00 |
Assets Total | $614,689.87
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Foundation Expenditures |
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CPA Review | $550.00 |
| Annual Corporate Fees | $77.00 |
| Trust Fund Fees | $849.88 |
| Jeanne Smith & Associates | $258.75 |
| Administrative Assistant | $1,465.51 |
| Supplies | $59.90 |
| Projects Funded | $3,357.36 |
Expenditures Sub-Total | $6,618.40
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| Rental Property Management Fees | $565.57 |
| Maintenance & Cleaning | $214.77 |
| Landscape | $240.00 |
| Water/Sewer (tenant reimburse) | ($31.78) |
| City of Corv. Rental Property Fee | $0.00 |
| Property Taxes | $0.00 |
Rental Property Sub-Total | $988.56
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Total Expenditures | $7,606.96
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Projects Funded/Pending in 2003 |
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Footsteps in Faith | $100.00 |
| Lending Library Books | $52.29 |
| Van Fund (close out) | $125.16 |
| Pastor Continuing Education | $1,000.00 |
| GLC Brochures | $1,000.00 |
| Communion Albs & Linen Pieces | $1,282.00 |
| 40 Days of Purpose | $3,000.00 |
| Youth Encounter-Elise Coakley | $1,000.00 |
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Total Projects | $7,705.45
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continued in next column...
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If We Had Only Known
Many congregations receive a surprise bequest from the estate of a member they had not known would make a gift and had never thanked. Of course, they appreciate the gift immensely. It revealed a gracious and generous person. And the gift will certainly help the congregation accomplish their mission.
But the congregation may feel somewhat incomplete because they never had the opportunity to express their gratitude for such kindness. They are unable to let this member know how much the gift would mean. If they had only known, they could have said, "Thank you."
And so we encourage our friends to let us know when they include this congregation in their estate plans. Not only can we express our appreciation, but also keep them up to date with all the developments occurring here in our congregation and the work of the Grace Lutheran Church Foundation. Discussions of gifts may also remind other members to consider gifts to the congregation in their estate plans.
Have you named this congregation in your estate plans? If so, please let us know. If not, will you let us send you a free but valuable brochure on estate planning? It would be worth reading whether or not you choose to make a future gift to this ministry.
If you would like to talk with someone personally, and confidentially, about your giving plans, a Foundation Board member or Tricia Larsen, our synod's Director of Planned Giving. Her number is (503) 413-1405. You will appreciate her understanding of these matters and her sensitivity to your wishes and privacy. You may also email her at Blessed2Give@cs.com.
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Our thanks to Dr. Patricia Larsen,
Director, Oregon Synod Endowment Fund,
for submitting the article in this newsletter.
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...continued from previous column
(1) Rental Income includes $300 non-refundable tenant fee.
(2) On 12/31/02 the market value was $139,785.64 below book value. On 06/30/03 the market value was $113,223.18 below book value.
(3) Amounts listed represent book values rather than market values. Note that $474,099.92 of Trust Fund sub-total is restricted endowments that must be maintained as principal.
(4) Cash in property account does not include $100 minimum required balance.
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