GRACE LUTHERAN CHURCH
FOUNDATION NEWS
Caring for the Ministry of Grace: "Ecclesia Perpetua"
November 2007

Board of Directors
Carolyn Warloe
President
Peggy Custer
Treasurer
Shelly Lundahl
Secretary
Ex-Officio
Hal Dick
Director
John King
Director
Dave Triebes
Director
Jeffrey Beck
Director
Kris Saathoff
Director
Rev. Dan Hallgrimson
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.
ELCA Endowment Fund Pooled Trust
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.
All Saints Day Memorials
This year, as we have in the past, the Grace Foundation Board would like to remind you that this is an excellent time to remember with a memorial gift those who have been important in our lives, especially our faith lives with a memorial gift. Gifts given to the Foundation in the name of a loved one can be a general Memorial gift or may be directed to an existing fund. The Kuehn Fund (for choir music), CAST Nurse Practitioner Fund, Musical Instrument Fund, and the Brian Smith Medical Fund are all examples of areas of the Church's ministry supported by specific funds in the Foundation. You may also donate to the Ronnenkamp Fund. Income from it may be used to fund requests for a wide variety of projects. This year the Ronnenkamp Fund has assisted with renovations of the Ronnenkamp Hall and also an Audio Visual System Upgrade in the sanctuary, and purchased additional round tables for gatherings. If you have any questions about memorial gifts or the Foundation please contact any member of the Foundation Board including me, Carol Warloe 745-5976.

In Service to the Ministry of Christ's Church

Year-to-Date Financial Report-September 2007
Year-to-Date Growth Before Expenditures
Personal Contributions
Earnings
      Total Growth
$1,672.00
$9,101.69
$10,773.69
Assets Composition on 9/30/07 (1)
Ronnenkamp Fund
Designated Endowments
Designated Funds
Undesignated Funds
Undistributed Earnings
      Trust Fund
$461,756.37
$61,751.63
$9,340.92
$5,427.53
$3,939.08
      $556,078.13
Foundation Expenditures
CPA Review
Annual Corporate Fees
Trust Fund Fees
Miscellaneous Fees
Administrative Assistant
Supplies
Projects Funded
      Total Expenditures
$670.00
$131.00
$1,828.55
$0.00
$2,055.41
$48.55
$35,218.64
      $38,952.15
Projects Funded/Pending in 2007
Grace Center for Adult Day Services
    Endowment
Director of Lay Ministry, 2006/07
    12-month salary support
Luther House Centennial Celebration
Ronnenkamp Hall Renovations, Matching
    Funds
Audio Visual System Upgrade
Organ Power Supply
    (Music Instrument Fund)
Round Tables (4)
Baptism 'donations' for Kids under 16,
    $50 each
$1,880.71

$6,000

$2,484.00
$4,000.00

$15,000.00
$785.00

$480.00
$400.00
Memorial Fund
Altar Guild Supplies
Hearing Impaired Telecoil
Health Minister Training for 2
    (designated)
      Total Projects
$522.89
$2,000.00
$900.00

$34,452.60
(1) Note that $474,344.92 of Trust Fund sub-total is restricted endowments that must be maintained as principal. Amounts shown are market values.


The Board of Directors acknowledges the generosity of the following people for donations:
April 2007
In Memory of Avis M. Christianson
To the Music Instrument Fund
Eldon and Carol Erickson, Corvallis, OR
Ron and Barbara Manbeck, Corvallis, OR

July 2007
Keith and Bekki Levien, Corvallis, OR


Visit us elsewhere on this page:
        Find out how to apply for funds
        Read other newsletters
        Learn about the different funds managed
             by the Foundation


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