$6.9 Million in '11
The Christian Church Foundation distributed $6.7 million to church-related ministries from permanent funds and other gifts, and $.2 million to other charities in 2011.
“These distributions were made on behalf of the legion of saints who have established permanent funds, donor-advised funds, life-income gifts and other gifts,” said the Rev. Gary W. Kidwell, Foundation president.
Endowment funds, benefiting Disciples ministries selected by their donors or donor-selected advisors, accounted for $5.0 million of total distributions. The Foundation manages 1,216 of these funds, which ended 2011 with a value of $112.9 million. Life-income gifts, donor-advised and donor-directed gifts added $1.9 million of ministry distributions during 2011.
Total assets under management ended 2011 at $434.2 million, down slightly from $438.6 million when the year began. Funds owned by other ministries, and placed with the Foundation for investment management services, accounted for $281 million of total assets under management. These funds distributed more than $7.2 million for ministry during 2011.
The Foundation ended its 50th year in ministry strong, including:
- $2.9 million in new permanent funds was contributed by Disciples;
- $23.6 million was added to investment accounts owned by Disciples ministries and institutions in the Foundation’s subject-to-withdrawal investment program. This was largest single year addition since 2007;
- $2.7 million was contributed by Disciples to fund gifts that will provide life-income payments to individuals with the charitable remainder going to ministry.
The 2011 Financial Statements can be found here.