GRACE LUTHERAN CHURCH
FOUNDATION NEWS
Caring for the Ministry of Grace: "Ecclesia Perpetua"
March 2008
Board of Directors
Carolyn Warloe
President
Shelly Lundahl
Treasurer
Hal Dick
Secretary
Jack Davis
Director
John King
Director
Jeffrey Beck
Director
Kris Saathoff
Director
Pastor Zane Wilson
Ex-Officio
Anne Orwick
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.

A Change in Funds Manager
    We are pleased to announce that the Foundation funds were transferred from Union Bank of California to the Endowment Fund Pool Trust, Fund "A" of the ELCA. This is a Fund that was developed by the ELCA to manage retirement funds of employees and to assist congregations with the management of endowed funds. The Foundation's Funds will be managed by the ELCA Foundation, but remain our funds and can be withdrawn, in part or their entirety, at any time should we choose to do so.
Answers to Some Questions about the Foundation
What is the purpose of the Foundation?
    The purpose of the Foundation is to provide a means for members and friends of Grace Lutheran Church to extend the ministry of the congregation, to enhance the quality of that ministry, and to establish memorials as living testaments to those to be remembered.
What do you mean by "fund"?
    The Foundation's money is divided up into various funds. These funds have specific programs they support. There are endowed funds (principal cannot be spent) and non-endowed funds (principal can be spent).
What is the process for requesting funding for a project?
    In an effort to enhance GLC ministries, the GLCF Board has established policies and procedures with respect to approving funding proposals and disbursing payments. GLCF grants are primarily intended to support the ministry of GLC; the GLCF does not support normal recurring expenditures that are traditionally paid by GLC, or any other supported entities, from general funds. See below for projects supported in 2007 and for more information on requesting funds. 		How does the Foundation grow?
    Through gifts of cash, and Foundation-accepted gifts of real estate and personal property.
    Through bequests or as a beneficiary.
    Through asset appreciation and interest earned.
I made a donation in memory of a friend. What happens to that donation?
    A donation made in memory of someone goes into the Memorial Fund. Family members are notified of all donations made in a loved one's name.
Who controls what happens to memorial donations?
    Family members are encouraged to contact a member of the Foundation Board to communicate any wishes they might have for the use of memorial monies made in their loved one's name. When a family member makes a specific request, the Board makes every effort to honor that request. If the family has no specific recommendations for memorial monies, the Board makes decisions on appropriate projects to support with memorial monies.
Does the Foundation provide tax benefits?
    Yes it does. Most gifts are tax deductible. Consult your accountant, attorney, or any Foundation Board member for more information.
In Service to the Ministry of Christ's Church
January– December 2007
Year-to-Date Growth Before Expenditures
Personal Contributions
Earnings
Project Reimbursement
      Total Growth 		$2,532.00
$43,271.50
$199.00
$46,002.50
Assets Composition on 12/31/07 (1)
Ronnenkamp Fund
Designated Endowments
Designated Funds
Undesignated Funds
Undistributed Earnings
      Trust Fund
$459,979.42
$60,193.40
$9,119.90
$5,776.94
$0.00
      $532,068.66
Foundation Expenditures
CPA Review
Annual Corporate Fees
Trust Fund Fees
Misc. Expenses
Administrative Assistant
Supplies
Projects Funded
      Total Expenditures 		$670.00
$131.00
$2,438.02
$100.00
$2,730.00
$45.55
$35,268.64
      $41,386.21
Projects Funded/Pending in 2007
Grace Center for Adult Day Services
    Endowment
Director of Discipling Ministries,
    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

$6,000.00

$2,483.50
$4,000.00

$15,000.00
$758.00

$479.99
$400.00
Memorial Funds
Altar Guild Supplies
Weswig Memorial Plaque (designated)
Hearing Impaired Telecoil
Health Minister Training for 2, (designated)
      Total Projects 		$522.89
$116.55
$2,000.00
$900.00
$35,568.64
(1) 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 2007
In Memory of John Graham
Anita McEldowney, Corvallis, OR
Linda Samuels, Philomath, OR

October 2007
In Memory of Verna Rose
Millie Babb, Corvallis, OR
Donna Blus, Portland, OR

November 2007
In Memory of Verna Rose
Lew and Dona Williams, Corvallis, OR

December 2007
Nike, Inc., Portland, OR (matching funds)


Some of the Guidelines for
Ministry Funding Proposals and Payments
Proposals for funding should be submitted in writing (electronic communication is accepted). They may be submitted to the GLC office or to one of the Foundation's Board members at anytime.

Information should include but not be limited to:
      a description of the project;
      the overall budget;
      other possible funding sources; and
      the time line for the project.

The Board also developed procedures to be followed after funding has been approved. These include but are not limited to:
      a deadline for payment; and
      an accounting of revenue and expenses for the project.

The complete guidelines are available online and in the Church office and online. Please contact any Board member if you need assistance or have any questions.

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