GRACE LUTHERAN CHURCH
FOUNDATION NEWS
Caring for the Ministry of Grace: "Ecclesia Perpetua"
May 2005

Board of Directors
Carolyn Warloe
President
Peggy Custer
Treasurer
Michael Beachley
Secretary
Hal Dick
Director
John King
Director
Larry Burt
Director
Jeffrey Beck
Director
Rev. Dan Hallgrimson
Ex-Officio
Neil Christensen
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.
Farewell...
And a heartfelt "Thank You" to departing Foundation Board member, Karen Guzmán.
    Karen was one of the original Board members when the Foundation was established in 1995. It was Michael Beachley who first encouraged her to join the Foundation. He lured her with assurances of quarterly meetings. Now in 2005, there is no suggestion of quarterly meetings, the Board meets monthly, just as it has since 1995.
    Karen, and her husband, Juan have been members of Grace since they moved from Salem to Corvallis in 1974. Not long after that, Karen began her career at Oregon State University Federal Credit Union in 1979 as a mail teller, processing all incoming mail. When she retired in February 2001, she was their chief financial officer. It was this experience and drive that enabled Karen to be an effective Treasurer for the Foundation.
    Looking back over her ten years of service on the Board, Karen remembered "One of the things that stood out for me about the members of the original Foundation Board was their strong commitment to play an active role in developing a fiscally sound and responsive Foundation." Since not many churches had formed Foundations when the Grace Lutheran Church Foundation was founded in 1995, there were few models to go to for sharing ideas. Nevertheless, the Board created many useful policies and procedures that other churches have since borrowed to use as models for their
own guidelines. When asked about her contribution to the Foundation's development, Karen responded, "As Treasurer of the Foundation, the contribution I most enjoyed making was creating financial reports that would help Board members grasp the information they needed to make sound decisions. Overall, I'm glad I had the opportunity to play a role in the development of the Foundation, and I am confident that it will continue to thrive far into the future."
    The Foundation Board wishes Karen well as she retires from her long service on the Foundation Board. Now she will have more time to travel and enjoy truly being retired!

... and Welcome
To incoming Foundation Board member, Peggy Custer. Peggy was born and educated in Corvallis, and baptized at Grace: "There are only a few of us that meet that criteria!"
    For the past 14 years, she has managed properties and small businesses for others, and regularly uses her financial and investment skills. She also has a personnel background. "I want Grace to continue to be a place of comfort and gathering, so when the GLC Foundation contacted me, I realized this was a good use of my gifts and experience. Also, I had been praying for a different way to serve Grace, and this opportunity was that unmistakable touch of grace".
    Peggy's husband, George, works at Hewlett-Packard, her 23-year-old daughter works in India for the America-India Foundation, and her 20 year old son is attending Oregon State University.
    In her not-so-spare time, Peggy enjoys watercolor painting and icon writing.

In Service to the Ministry of Christ's Church

Year-to-Date Financial Report-March 2005
Year-to-Date Growth Before Expenditures
Personal Contributions
Earnings
Project Reimbursement
Rental Property Income
Variance: Trust Fund Mkt Value (1)
      Total Growth
$40,616.11
$2,135.29
$10.00
$2,324.92
($4,621.88)
$40,464.44
Assets Composition on 03/31/05 (2)
Ronnenkamp Fund
Designated Endowments
Designated Funds
Undesignated Funds
Undistributed Earnings
Cash in Property Account (3)
      Trust Fund Sub-Total
Rental Property
      Assets Total
$484,444.39
$61,714.20
$9,053.26
$32,833.71
$407.97
$0.00
      $588,450.53
$90,250.00
      $678,700.53
Foundation Expenditures
CPA Review
Annual Corporate Fees
Trust Fund Fees
Administrative Assistant
Supplies
Projects Funded
      Expenditures Sub-Total
Rental Property Management Fees
Maintenance & Cleaning
Landscape
Insurance
Property Taxes
      Rental Property Sub-Total
      Total Expenditures
$0.00
$5.00
$530.56
$993.28
$152.44
$2,393.34
      $4,119.62
$161.99
$641.50
$120.00
$260.00
$0.00
      $1,183.49
      $5,303.11
Projects Funded/Pending in 2005
GLC Brochures
Pastor Continuing Education
Outdoor Banners
$1,000.00
$1,000.00
$297.00
Memorial Funds
Parish Nurse Health Guidess (designated)
Portable Communion Kits (3)
LED Street Sign
Oil Stocks for Healing Prayers (5)
Communion Albs (4) & Cinctures (7)
      Total Projects
$76.22
$209.95
$3,000.00
$99.17
$711.00
$6,393.34

continued in next column...

...continued from previous column
(1)   On 12/31/04 the market value was $66,923.95 below book value. On 3/31/05 the market value was $71,545.83 below book value.
(2)   Amounts listed represent book values rather than market values. Note that $474,344.92 of Trust Fund sub-total is restricted endowments that must be maintained as principal.
(3)   Cash in property account does not include $100 minimum required balance.
The Board of Directors acknowledges the generosity of the following people for donations:
December 2004
Olaf Paasche & Clara McCormick, Corvallis, OR
In Memory of Martha Brauner
Millie Babb, Corvallis, OR
Hal Dick, Corvallis, OR
Larry and Donna Blus, Corvallis, OR
Leonard and Stella Neal, Scio, OR
Brian Smith Medical Fund
Dale and Lesley Zerull, Corvallis, OR

January 2005
In Memory of Martha Brauner
Verna Marley, Arvada, CA
In Memory of Jean LaCoursiere
Lawrence & Jean Mattson, Manhattan Beach, CA
In Memory of Janet Larson
Phyllis Mesecar, Corvallis, OR
Brian Smith Medical Fund
Robert and Phyllis Smith, Gladwin, MI

February 2005
In honor of Theo Beck's 80th Birthday
June Beck, Corvallis, OR

March 2005
In Memory of Janet Larson
Corvallis Elks Lodge #1413, Martha Goebel, Albany, OR
In Memory of Laura Dailey
William and Judith Winkler, Corvallis, OR
Ruth Alexander, Corvallis, OR
Billie Larson, Corvallis, OR
June Beck, Corvallis, OR
Lew and Dona Williams, Corvallis, OR

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