CREATION
The Grace Endowment Fund was created in 2004 with an initial $60,000 principal which came from the sale of the parsonage in 2000.
PURPOSE
The purpose of the fund is “to strengthen and extend God’s mission through the Lutheran church, reaching out in response to human need, by making grants and/or allocations of funds for promotion of Christian religion, Christian charity, and support of education for Christian life and service.” Distributions cannot be used to cover normal operating expenses of the congregation, but can be used for special projects and capital improvements within the congregation.
ENDOWMENT FUND COMMITTEE
Annually, the Endowment Fund Committee receives applications for special projects within the congregation or from organizations outside of the congregation that align with the stated purpose of the fund. The Committee’s award recommendations must be approved by the Congregational Council and the congregation at a properly convened meeting. The Endowment Fund Committee shall consist of five voting members (Pastor, Treasurer, Council VP, and two members elected from the congregation at the Annual Meeting to serve on a staggered basis for four-year terms).
ANNUAL DISTRIBUTIONS
Annual distributions will not exceed 5% of the balance of the fund at the end of the previous year and should not exceed the total accrued interest at anytime. Annually, 10% of the total amount awarded should go to a ministry outside of the congregation.
Exceptions to the 5% limit can be made to meet an unforeseen emergency that is potentially devastating economically to the congregation. This requires an approval by the Congregational Council and two-thirds of the voting members at a properly convened meeting of the congregation.
GIFTS
Additional contributions to the fund principal can be made at any time. Contact the Council President or Pastor for more information on how to make such a gift.
The Grace Endowment Fund was created in 2004 with an initial $60,000 principal which came from the sale of the parsonage in 2000.
PURPOSE
The purpose of the fund is “to strengthen and extend God’s mission through the Lutheran church, reaching out in response to human need, by making grants and/or allocations of funds for promotion of Christian religion, Christian charity, and support of education for Christian life and service.” Distributions cannot be used to cover normal operating expenses of the congregation, but can be used for special projects and capital improvements within the congregation.
ENDOWMENT FUND COMMITTEE
Annually, the Endowment Fund Committee receives applications for special projects within the congregation or from organizations outside of the congregation that align with the stated purpose of the fund. The Committee’s award recommendations must be approved by the Congregational Council and the congregation at a properly convened meeting. The Endowment Fund Committee shall consist of five voting members (Pastor, Treasurer, Council VP, and two members elected from the congregation at the Annual Meeting to serve on a staggered basis for four-year terms).
ANNUAL DISTRIBUTIONS
Annual distributions will not exceed 5% of the balance of the fund at the end of the previous year and should not exceed the total accrued interest at anytime. Annually, 10% of the total amount awarded should go to a ministry outside of the congregation.
Exceptions to the 5% limit can be made to meet an unforeseen emergency that is potentially devastating economically to the congregation. This requires an approval by the Congregational Council and two-thirds of the voting members at a properly convened meeting of the congregation.
GIFTS
Additional contributions to the fund principal can be made at any time. Contact the Council President or Pastor for more information on how to make such a gift.