GRACE LUTHERAN CHURCH
FOUNDATION NEWS
Caring for the Ministry of Grace: "Ecclesia Perpetua"
February 2006

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.

Generosity's Continued Benefits
    In 2001, the house on the corner of Kings and Tyler (446 NW Kings) was for sale. A group of members of Grace felt that the church should acquire the property while we had the opportunity. They believed owning the land would provide us with additional options in the future. The issue was how to fund the purchase. The Foundation was looking at several possibilities when a member of Grace came forward with an answer.
    The donor was prepared to donate $90,000. However the donor also was interested in additional income, in the form of a life annuity. A life annuity guarantees a monthly income for the life of the donor based on the amount of the annuity and age of the donor at the time of the donation. Some of the money would be donated outright, and was used to purchase the property, while most would go into an annuity. The Foundation researched options and found that the most efficient means of meeting the donor's request was to assist the donor in purchasing an annuity through the ELCA. The Foundation was designated as the recipient of any funds remaining at the time of the donor's death.
    In 2005, the donor passed away, and the remaining value of the annuity passed to the Foundation. The remainder was approximately $40,000.
    Thanks in large part to the generosity of the donor in 2001, the Foundation was able to fund several sizeable projects in 2005. The remaining value of the annuity provided enough money that the Foundation was able to help fund the Director of Discipling Ministry position filled by Donna King. The Foundation also purchased two laptop computers and software for the church, and supported other projects.
    The generosity of the donor allowed the Foundation to purchase the property on NW Kings, which was transferred to Grace this summer and now provides income for Grace. And the donor's foresight allows the Foundation to support many ministries assisting Grace.
    For members who have included the church in their wills, annuities provide an opportunity to make charitable contributions and receive additional income. Annuities earn interest while they are being held and provide income to the donor. An example of a recent rate was 6.5% for an annuity purchased by a donor aged 70. The donor and the designated recipient both benefit from the arrangement. Our generous donor in 2001 asked to remain anonymous and the Foundation has honored that request. We do, however, want to express our continued appreciation for the gift that is continuing to bless our congregation.
In Service to the Ministry of Christ's Church

Year-to-Date Financial Report-December 2005
Year-to-Date Growth Before Expenditures
Personal Contributions
Earnings
Project Reimbursement
Rental Property Income
Transfer of Little Grace #1
Variance: Trust Fund Mkt Value (1)
      Total Growth
$44,604.11
$22,280.11
$10.00
$4,224.92
$1.00
$3,718.92
$74,839.06
Assets Composition on 12/31/05 (2)
Ronnenkamp Fund
Designated Endowments
Designated Funds
Undesignated Funds
Undistributed Earnings
      Trust Fund Sub-Total
$473,875.52
$61,789.20
$9,053.26
$25,537.50
$15,143.90
      $585,399.38
Foundation Expenditures
CPA Review
Annual Corporate Fees
Trust Fund Fees
Misc. Fees
Administrative Assistant
Training
Supplies
Projects Funded
      Expenditures Sub-Total
Rental Property Management Fees
Maintenance & Cleaning
Landscape
Insurance
Benton County - Title Transfer
      Rental Property Sub-Total
      Total Expenditures
$600.00
$1324.00
$2,177.89
$29.00
$2,780.37
$110.00
$207.48
$16,039.67
      $22,298.84
$313.99
$643.00
$200.00
$260.00
$41.00
      $1,457.99
      $23,756.83

continued in next column...


Good stewardship requires us to think of the future. Have your estate plan prepared now and include a gift to your church.
...continued from previous column
Projects Funded/Pending in 2005
GLC Brochures
Pastor Continuing Education
Outdoor Banners
Synod Insert in The Lutheran
Laptop Computer (church)
Digital Projector
Director of Lay Ministry,
    12-month salary support
House of Zion
Men's Ministry Workshop (underwriting)
$1,000.00
$1,000.00
$297.00
$350.00
$1,425.96
$1,189.96
$15,000.00
$500.00
$1,000.00
Memorial Funds
Parish Nurse Health Guides (designated)
Portable Communion Kits (3)
LED Street Sign
Oil Stocks for Healing Prayers (5)
Communion Albs (6) and Cinctures (7)
Sound Equipment for Sanctuary
Sanctuary Roof Lighting (Marge Amen)
LED Street Sign
      (supported in part in memory of
     Marge Amen)

Music: laptop computer, composing software
      Total Projects
$76.22
$209.95
$3,000.00
$99.17
$711.00
$1,038.00
$60.87
$956.62

$1,374.89
$29,289.67

(1)   On 12/31/04 the market value was $66,923.95 below book value. On 12/31/05 the market value was $63,205.03 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.
The Board of Directors acknowledges the generosity of the following people for donations:
September 2005
Keith and Becky Levien, Corvallis, OR
In Memory of Tom Madden
Robert and Myrta Dill, Philomath, OR

October 2005
Tom Orwick, Corvallis, OR
Clark Amen, Corvallis, OR
In Memory of Bob Rose
Milt and Billie Larson, Corvallis, OR

November 2005
The Concord Investment & Management Trust,
    Corvallis, OR
In Memory of Bob Rose
Larry and Donna Blus, Portland, OR

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