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FOUNDATION NEWS Caring for the Ministry of Grace: "Ecclesia Perpetua" September 2017 | |||
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By Carol Warloe | ||||
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Earlier this year, the Foundation Board asked the Church Audit Committee if it would audit the records and procedures of the Foundation. It was felt this was prudent since we are no longer paying a CPA to prepare our taxes. We would like to acknowledge the members of the audit team: Gordon Matzke, Lew Nelson, Wayne Kradjan, and Lyla Houglum, for their efforts in reviewing our records and procedures. The Foundation Board appreciates their input and following their recommendation, intends to have audits on a five-year cycle.
Financial In reviewing our financial records, the Audit Committee found that investing our funds with the ELCA Endowment Fund is appropriate. To maximize returns, funds are left in the ELCA Fund until needed for expected expenditures. Funds are dispersed upon evidence of completed outcomes and unused funds are retained. Multiple signatures and layering of authority and segregation of duties make it difficult for an individual to circumvent financial controls. In addition, the Church Council must approve expenditures of more than $2,000. Controls governing Foundation bank accounts are in place and operating as intended. The Foundation Board has judiciously kept overhead expenditures low. The Foundation Board owes a debt of gratitude to Karen Guzman who established our procedures and policies when she was our Treasurer in the early years of the Foundation.
Looking at our Mission vs. Expenditures The Foundation administers funds restricted by donor wishes and general funds which are available for a wider range of purposes. The Audit Committee did raise some questions about how some funds are used. One question they asked was, “Is the Foundation a de facto slush fund for the Property Committee?” The Foundation Board has always believed that the Foundation is here to support the mission of Grace Lutheran Church, and we try to keep that in mind when awarding grants. We support projects and programs in three main categories: within the church, in the community, and wider global projects. All must support the ideals and beliefs of Grace. We also have a policy that requires all requests for funds for programs outside of Grace be sponsored by a member or members of Grace. Some programs, like the South Corvallis Food Bank, have a number of Grace members volunteering with their program. Grace members are taking their faith into the community and the Foundation is always willing to consider grants to support their activities. When the Foundation was in its infancy, the Board of Directors envisioned asking for all grant proposals once a year in September, with quarterly meetings. In the fall, we would look at all requests and make decisions based on the merits of each proposal and available funds. What we discovered is that many requests Continued on next page... | ||||
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are in response to opportunities Grace members learn about during the year such as educational opportunities. There are also unexpected needs of the church and community such as a request from Furniture Share when their United Way funding was cut. Some requests come from Youth or other groups at Grace and are driven by the time line of Sunday School and the Church year. The Board gave up the idea of an annual deadline for requests, but at the suggestion of the Audit Committee we might revisit this policy.
Communication The Audit Committee felt that the Board should find additional ways to inform the congregation about our activities. Thank you for reading this article and expect to hear more from the Foundation Board of Directors in the near future.
The Foundation Board We are always open to comments by the congregation about how the Foundation’s money is disbursed and how we can better keep the congregation informed. During the life of the Foundation, Board members have always appreciated the privilege and awesome responsibility they have to be good stewards of this wonderful gift. The following members of the congregation have served on the Foundation Board at some time since its inception: Michael Beachley, Jeff Beck, Hal Brauner, Larry Burt, Peggy Custer, Neil Christensen, Jack Davis, Hal Dick, Karen Guzman, Pastor Dan Hallgrimson, Molly Hallgrimson, Pastor Wendell Hendershott, Tom Kiersky, John King, Shelly Lundahl, Anne Orwick, Kris Saathoff, Cindy Stadsvold, Bill Strohlein, Dave Triebes, Kathy Volhland, Carol Warloe, Paul Weswig, and Pastor Zane Wilson. | |||||||||||||||||
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