The Foundation was organized in 1986. The purpose was "to enhance the work of the Church by establishing new ministries and stewardship opportunities in addition to and apart from the general operation of the congregation."
The greatest service that the Foundation provides is its ability to respond when
special needs arise at Peace or in the community. When there is no funding in the
budget for special needs, the Foundation may be in a position to meet those needs
promptly.
Initially consisting of five members, the Foundation's size was increased to seven members
by a resolution of the congregation at its 1993 annual meeting. The members are
elected at the annual meeting for three-year terms.
Funds received through gifts, memorials, bequests, wills, estates, etc., from any
individual, organization, or from any other source, in the form of cash or in other
property acceptable to the Foundation. All trust funds and property shall be kept
and maintained separately, distinct and independent from the funds and property
otherwise belonging to the Church.
The Foundation manages two separate funds:
- the perpetual fund
- the memorial fund
Both funds are designed to receive and administer bequests, estates, insurance,
memorials, and other assets.
In the perpetual fund, the principal is invested for the long term, and only the income
is used. The memorial fund is one in which both the principal and income can be used.
Monies from either fund can be used to pay for various needs within our church and
special projects.
All gifts to the memorial fund and the interest from the perpetual fund are distributed
according to the wishes of the donor. Any undesignated donations to either fund are
used as follows:
20% Music
20% Youth
20% Local Evangelism
20% Capital Improvement
20% Mission Outreach
The Foundation also informs church members of the purpose of the funds and sets up
meetings with professional counselors in the areas of charitable giving, wills, bequests,
and insurance in accordance with IRS 501 (c)(3) religious, charitable, and educational
purposes. |
