Foundation distributions total $7.5 million in 2013
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Thanks to the saints and other donors who have made gifts through the Christian Church Foundation, $7.5 million was distributed to Disciples-related ministries and other charities in 2013.
Permanent funds, which support donor-selected Disciples ministries, accounted for $5.3 million of the Foundation’s distributions. The Foundation manages nearly 1,300 of these named legacy funds, funded by their donors with gifts ranging from $1,000 to several million dollars.
For the Rev. Thad Allen, regional minister of the Christian Church in West Virginia, these distributions provide much-needed resources for ministry. Disciples Mission Fund – the church’s general mission funding system – received almost $870,000, providing a key stream of income for regions, general ministries and other church institutions.
“These faithful distributions for DMF that West Virginia receives are akin to one of our largest congregations,” Allen said. “These dollars make it possible to have coordinators for our Disciples Women and Men ministries.”
Allen said several West Virginia congregations receive distributions from Foundation-held permanent funds, allowing them to sustain their mission. Overall, donor-selected Disciples congregations received $1.7 million in 2013.
“These funds make stronger congregations, and our witness on the ground locally is enhanced greatly by the stewardship of the Foundation’s permanent fund ministry,” Allen said. “Our region rejoices in this good news and witness that is both salt and light!”
The Foundation also helps congregations and other church-related institutions promote and faithfully steward their endowment assets, said the Rev. Gary Kidwell, Foundation president. During 2013, the Foundation received $28.9 million in deposits by partner investors. These deposits, coupled with outstanding investment returns, allowed the Foundation to end 2013 with $392.6 million in partner investment accounts. Income from these investments produces resources for the growth and witness of these ministry partners, with distributions from these investments determined by the account owners.
Excellent market performance, new deposits and $6.2 million in new gifts allowed the Foundation to close 2013 with $593.2 million in assets, the most in the Foundation’s 52-year history. The 2013 audited financial statements can be found here.
“The legacy gifts that come through the Foundation, as well as those received directly by our partner ministries, shows the faith Disciples have for the future,” Kidwell added. “Because of the Foundation’s investment discipline, these gifts are producing vital income that congregations and other church ministries are using to enhance their Christian witness and ministry.”
New life-income gifts, donor-advised and donor-directed gifts totaled $2.1 million in 2013. Distributions from these types of gifts totaled $2.2 million during 2013. Life-income gifts, which can provide a steady annuity payment for older donors, leave a residual gift for donor-selected ministries when the life-income payments terminate.
Income from permanent fund dollars distributed to Disciples ministries and other charitable causes, according to donors’ instructions, were:
The Christian Church Foundation is a general ministry of the Christian Church (Disciples of Christ) with the mission of undergirding ministry through permanent funds, planned gifts and prudent investment of funds owned by Disciples ministries. It is a donor-directed Foundation designed to benefit Disciples ministries and institutions.
(Release Date: March 3, 2014)