First Lutheran Church Foundation
The First Lutheran Foundation is a vital component of the ministry of First Lutheran Church. It was established as a separately incorporated extension of the church to accept gifts to be held in an endowment fund. The contribution principal is invested in perpetuity. A gift to the Foundation is a gift that keeps on giving.
Purpose
The purpose of the Foundation's funds shall be to make disbursements to expand the witness and mission of First Lutheran Church, and to support special missions of the Christian Church in the community, region, and world.
Perhaps the Foundation's greatest service lies in its capacity to respond. Often when special needs arise within the church or community, there is no funding for them in the budget. The Foundation is in the position to meet needs promptly.
Disbursements shall not be made for regular budgeted operating expenses of the Congregation or benevolences that would ordinarily be considered a continuing responsibility of the
congregation. The growth of this fund shall be accomplished through bequests willed to First Lutheran Church or the Foundation, through lifetime planned gifts and through outright gifts.
Operation of the Foundation
Written bylaws and policies guide the Foundation Board members. A nine member Board, serving three year terms, directs the Foundation. The Foundation's activities are communicated in a report prepared for the annual congregational meeting each January.
Annual disbursements from the endowment fund are determined by the Foundation Board in response to formal grant requests. The amount of annual disbursement is determined by the formula "5% of the fair market value of Foundation net assets as of September 30 of the preceding year."
Distribution of Income
Funds distributed from the fund shall be given according to the following purposes:
Minimum of 20% for outreach into the community and synod, including seminaries, colleges and social service agencies.
Minimum of 20% for American & world-wide missions, evangelism and educational ministries.
Minimum of 20% for capital improvements, debt reduction, or equipment for First Lutheran Church of Fargo, ND.
Up to 40% for any one or all of the above designated area in any proportion as determined by the Foundation Board.
Ways of Contributing to the Foundation
One can contribute gifts of any size to the First Lutheran Church Foundation, in a variety of ways, including:
-To honor or memorialize someone through a gift of cash.
-Through gifts of real estate or personal property.
-Through investments, such as stocks or mutual funds.
-By naming the Foundation as the beneficiary of an insurance policy.
-By including the Foundation in your will.
-Through your estate planning, utilizing a charitable gift annuity or a charitable trust.
-By leaving retirement plan assets (IRA's, 401 (k)'s etc.) to the Foundation through beneficiary designation.
Benefits to Donor
Your gift will provide for the future ministry and outreach of First Lutheran Church. Additionally, there may be specific financial benefits including:
-An immediate charitable income tax deduction may be claimed.
-Certain gifts may create fixed or variable rates of income.
-Capital gains tax may be totally or partially avoided with certain types of gifts.
-Estate and gift taxes may be reduced.
-One or more beneficiaries may receive life income from your gift.
-Recognition
Those who have made lifetime gifts or future commitments of $1,000 or more will be listed alphabetically as "Bridge Builders".
We ask that all individuals who have made future commitments to the Foundation notify the church office as to the specific nature of that commitment. This specific information will be held in strict confidence. Those wishing anonymity will not be listed as a "Bridge Builder".
For More Information
The Foundation is staffed by its Executive Director, Larry Rittgarn. Larry can answer your questions and is available to work with your professional advisors.
If you would like to visit with a current Board Member, you are welcome to contact any of the following:
FOUNDATION
BOARD MEMBERS:
Chair:
Joanne Drenkow
Vice Chair:
Dave Camrud
Secretary:
Dave Rogness
Treasurer:
Joyce Rude
Dallas Boatright
Greg Hammes
Dorwin Marquardt
Dave Rogness
Marlene Saar
Ex Officio:
Senior Pastor
Church Council Rep:
Rich Burns
Advisory:
Armond Erickson
Craig Lemieux
Byron Trockman
Financial Mgr:
Gary Hanson
Church Staff:
Jackie Jabens
Executive Director:
Larry Rittgarn
Phone 701/293-7171
Cell-701/371-9634
Lprittgarn@msn.com
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