FOUNDATION NEWS Caring for the Ministry of Grace: "Ecclesia Perpetua" November 2007 | ||||
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to Manage Grace Foundation Funds | ||||
The Board of Directors of the Grace Foundation voted to change the management of the funds entrusted to the Foundation. The Foundation funds must be managed by one or more trust companies authorized to engage in the business of acting as a fiduciary in the state of Oregon. When the Foundation was formed only a few banks were licensed to manage funds for foundations in Oregon. After research and interviews, we chose to use Union Bank of California. During the last few years the Board has felt that the management and service that we were receiving from Union Bank of California had deteriorated. Additional fees to transfer funds and difficulty communicating with the fund manager were also issues that concerned us. Additionally, the returns were not meeting our expectations and did not appear to be competitive. The Board takes its responsibility to provide good stewardship of Foundation funds seriously, |
and because of that decided to investigate other possibilities for management of the Foundation funds. After much discussion and investigation, we narrowed our consideration to two agencies, the Oregon Community Foundation and the ELCA Endowment Fund Pooled Trust. We interviewed both agencies at length. At the August meeting, the Board decided to move our funds to the ELCA Endowment Fund Pooled Trust. This is a Trust that was developed by the ELCA to manage retirement funds of employees and to assist congregations with the management of endowed funds. We have not decided on an exact date for this transfer, and are consulting with our accountant to optimize the timing. We believe that the funds will be moved by January 1st. If you have any questions about this change in management feel free to contact any member of the Foundation Board. |
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