GRACE LUTHERAN CHURCH FOUNDATION NEWS Caring for the Ministry of Grace: “Ecclesia Perpetua” September 2011
Board of Directors Carolyn Warloe President Tom Kiersky Treasurer Hal Dick Secretary Shelly Lundahl Director Kris Saathoff Director Anne Orwick Director Neil Christensen Director Molly Hallgrimson Ex-Officio Pastor Wendell Hendershott 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 special thank you to the Oregon Synod Planned Giving Department for the article.
	Turning a Bad Asset into a Good Asset
	So, is there such a thing as a bad asset to leave to your heirs? From a tax perspective, the answer is yes! A traditional Individual Retirement Account (IRA) can be such an asset. An IRA grows in value without being taxed. The IRA is paid on death as you have directed in your beneficiary designation. However, the IRA proceeds received by the beneficiary must be reported as ordinary income. The IRA proceeds may put your heir(s) into a higher income tax bracket, and the higher the income tax bracket of the IRA beneficiary the greater the income tax paid on the appreciation in the IRA. Close to 40% of the traditional IRA could be lost to your heir(s) in income taxes. (A Roth IRA has its own rules and is generally tax free upon withdrawal. Consult your tax advisor.) If you plan to include ministry in your estate, a wise gift for ministry and for your heirs as well would be to gift the traditional IRA to ministry. You can leave all or part of a traditional IRA to the work of the Lord and help your family reduce the taxes. The ministry does not pay taxes, so it will have the full benefit of the gift. Your heirs can then receive assets from your estate upon which they pay no income (and perhaps no estate) taxes. And the gift to ministry would lower any estate taxes that might be due by means of a charitable deduction.
	The Board of Directors acknowledges the generosity of the following people for donations:   March 2011 In Memory of Harold Werth Ardelle Merritt, Corvallis, OR Ted and Swannie Carlson, Corvallis, OR Milton Larson, Corvallis, OR Eldon and Carol Erickson, Corvallis, OR Millie Babb, Corvallis, OR Phyllis Mesecar, Corvallis, OR Dean and Sylvia Aulerich, Corvallis, OR Paul and Lois Carter, Salisbury, NC Russell and Doris Reese, Portland, OR Hal and Rozella Lindsley, Corvallis, OR John and Donna Paulson, Corvallis, OR Larry and Carole Boersma, Corvallis, OR Cy and Cynara Stadsvold, Corvallis, OR Edna Schultz, Corvallis, OR Velna Werth, Corvallis, OR Henry and Judith Burridge, Corvallis, OR Dale and Mary Jane Weber, Corvallis, OR Maud Corl, Corvallis, OR

Grace Lutheran Church Foundation Financial Report January 1 – June 30, 2011 Contributions Foundation Total Assets * Expenses $3,115.00 $562,728.25 $5,668.73 Projects Approved Baptism 'donations' for children under     age 16, $50 each Kenya Mission (matching funds) Kitchen: sink, faucets, countertops AED Replacement (Nurse Fund) Sandcaste Preschool Storage Cabinets Library Education and Training $500.00 $6,500.00 $4,698.61 $1,225.00 $1,400.00 $125.00 Memorial Funds Rectangular tables, 7 Wheelchair Accessible bathroom (Rudolph) Sound system replacements (Skwark) Building Signage $350.00 $850.00 $825.00 $400.00       Total Projects $16,873.61 * The Foundation’s total assets on January 1, 2011 were $541,926.38. The Board of Directors acknowledges the generosity of the following people for donations: April 2011 In Memory of Harold Werth Harold and Arlys Benson, Corvallis, OR Lew and Dona Williams, Corvallis, OR Bill and Bonnie Leggett, Portland, OR William Benson, Corvallis, OR Barbara Campbell, Astoria, OR Herb and Donna Hansen, Corvallis, OR Louise Erickson, Red Wing, MN Ken and Janis Werth, Powell Butte, OR Norma Moody, Corvallis, OR Iona Trapp, Corvallis, OR Michael and Beverly Hopkins, Birkenfeld, OR Ron and Kay Larson, Corvallis, OR Dana Nesbitt Violet Olsen, Astoria, OR George Horning, Corvallis, OR

The Board of Directors acknowledges the generosity of the following people for donations: May 2011 In Memory of Harold Werth Carl Erling, Seattle, WA In Memory of Hans Neukomm Eldon and Carol Erickson, Corvallis, OR June 2011 Harry Duranceau, Corvallis, OR In Memory of Harold Werth Larry and Sharon Rosenkoetter, Corvallis, OR Betty McCauley, Corvallis, OR In Memory of Steve Larson Norma Moody, Corvallis, OR Phyllis Mesecar, Corvallis, OR Millie Babb, Corvallis, OR Larry and Sharon Rosenkoetter, Corvallis, OR In Memory of Bob Adix Norma Moody, Corvallis, OR In Memory of Eldon Erickson Ron and Barbara Manbeck, Port Orchard, WA Edna Schultz, Corvallis, OR Larry and Donna Blus, Portland, OR Elizabeth Markham, Corvallis, OR Cy and Cynara Stadsvold, Battle Lake, MN Ron and Kay Larson, Corvallis, OR Larry and Sharon Rosenkoetter, Corvallis, OR Phyllis Ann Mesecar, Corvallis, OR Millie Babb, Corvallis, OR Marna and Terry Renshaw, Corvallis, OR Gordon and Mary Ann Matzke, Corvallis, OR Harold and Arlys Benson, Corvallis, OR Robert and Marcie Anderson, Corvallis, OR Ted and Swannie Carlson, Corvallis, OR Billie and Milt Larson, Corvallis, OR Anonymous July 2011 In Memory of Eldon Erickson Neil and Marilyn Loftsgard, Corvallis, OR Carl and Georgina Grosz, Philomath, OR Lew and Dona Williams, Corvallis, OR