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Team Report in 2004 Annual Report Team Report in 2004 Annual Report

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Team Report in 2004 Annual Report

Posted on Thu, May 12, 2005

Calvary by the Sea Endowment Team Report

 

 

     2004 was the first full year of existence for the Calvary by the Sea Endowment Fund.  The Endowment Fund was established by the Council of Deacons on October 16, 2003 as a result of a wonderful confluence of events.  The Stewardship Team was presented with information about the Thrivent Financial for Lutherans Congregational Endowment Challenge motivating Lutheran congregations to establish congregational endowment funds before the end of 2003.  If an enrolled congregation could raise $90,000 toward the establishment of a $100,000 endowment, Thrivent Financial provided a $10,000 “top-off” grant.

 

At about the same time, Calvary was the beneficiary of the estate of W. Russell Johnson, a long-time member who left our congregation his home and other assets.  The Council of Deacons therefore voted that $90,000 from Russ Johnson’s bequest be used to establish the Calvary by the Sea Endowment and the $10,000 "top-off grant" from Thrivent Financial for Lutherans was indeed received!

   

 Our task for 2004 was to ensure good stewardship of these wonderful gifts.   The Stewardship and Finance Committee drafted the Endowment Fund Policies and Procedures document which the Council of Deacons approved at its 4/15/04 meeting (included in this report). Stewardship and Finance Team after researching options for investing the endowment funds recommended that the funds be invested in the ELCA Endowment Fund Pooled Trust Fund A, administered by the ELCA. This was then approved by the Council and included in the Endowment Fund Policies and Procedures.

 

The Council of Deacons appointed Susie Hall, Linda Hansen, Manning Richards, Tim Sprowls, and Calvary by the Sea’s Treasurer (currently Pulelehua Ruth Marie Quirk) to the Endowment Team at its May 20 meeting.  The first meeting held August 4 focused on organizing the work of educating the congregation about the Endowment Fund, promoting giving to the Fund, and soliciting ideas for use of the Fund.  Please contact the Endowment Team with your ideas about how the Endowment Funds might be used to strengthen Calvary’s mission and ministry.

 

     The initial $100,000 gift grew to $108,874.89 by year-end, $7,874.89 was from growth in the market value.

 

The first direct endowment gift was a $1,000 gift by Miki May, Calvary member and Abe Lee Realty through their charity program whereby a portion of their commission is donated to charity.  We are very grateful that a portion of Miki’s and Abe’s commissions were donated to Calvary by the Sea’s Endowment Fund.  The Endowment Team and Miki invite any congregation member who is a realtor to duplicate this program for the same cause (or for another ministry) at Calvary by the Sea.

 

                                                            Submitted by Linda Hansen, Chair 

   Discussion: Team Report

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