What is The Foundation?
The Foundation is a tax-deductible charitable organization established in 2007. The Foundation is designed to enhance the mission of the Lutheran Church of the Master by receiving, managing, and disbursing funds provided by specified gifts from the congregation (primarily from trusts, death benefits, estate planning, life insurance, bequests, etc.) and financial contributions from outside groups. The Foundation differs from the governance role of the Church Board and the annual budget by accepting specific gifts which generate perpetual income and are not used for operations of the church, but rather support the mission goals of the congregation and the community.
Why was The Foundation formed?
The Foundation was formed to handle larger gifts without the need to disburse them immediately. In contrast, the church’s annual budget process is generally to disburse all current year offerings for operations and benevolence. Further, receiving larger gifts at a foundational level allows for investment of those funds in an endowment fund, to carry on that benevolence into the future.
How is The Foundation governed?
The Foundation has a 9-member Board of Directors that is appointed by the Church Board. The Foundation Board members are appointed for a 3-year term. Three new board members are appointed each year to fill board members’ seats whose terms expire. If you are interested in serving on the Board, please let the church office know. We look for volunteers each fall whose 3-year terms start each February.
Where is The Foundation today?
The Foundation Board and the Church Board have created a Memorandum of Understanding (MOU) document in order to more clearly define The Foundation’s purpose. The MOU clearly states that Foundation funds are not to be used for general operations, budget shortfalls, or other expenses that are within the parameters of the annual church budget. Click here to see a copy of the MOU.
Several years ago, The Foundation Board created an Endowment fund. The Endowment fund is a tool that ensures donor gifts would provide ongoing income for charitable purposes in the future. The Foundation’s goal is to build the Endowment fund to $500,000 before any income from that fund is disbursed. To date, the Endowment has grown to over $300,000. The foundation can and does receive gifts not specified for the Endowment fund. These gifts are deposited in the General Fund and are used to fund current-year grant requests. Such gifts over the past 5 years have been used for various projects (Bibles for youth, grants to the Institute of Lutheran Theology, funds for the operation of the Alleluia! Preschool, and funds for playground equipment at the West Campus).
Where do we want The Foundation to go?
It is The Foundation Board’s goal to actively promote the purpose of The Foundation and continue to educate the congregation on the value of having a Foundation as an adjunct to the Lutheran Church of the Master. We need the congregation’s input to help identify mission opportunities that The Foundation can support. It is our mission to spread the Word of God and make Jesus known, especially to the unchurched. If you would like to learn more, have questions, or wish to make a Foundation gift, please feel free to contact one of The Foundation’s board members listed here, or contact one of the pastors.