THE FIRST BAPTIST CHURCH MAJOR MAINTENANCE ENDOWMENT FUND and SAVING GRACE FUND
MAJOR MAINTENANCE ENDOWMENT
WHAT IS IT? WHAT IS ITS SPECIFIC PURPOSE?
The Major Maintenance Endowment is a fund set up by FBC in 1980 to begin receiving gifts and bequests, to be maintained on a permanent or perpetual basis, providing support of the church’s mission into the future. The Endowment was created to help meet the costs of major maintenance and capital projects of the church building, not otherwise provided for.
ARE THESE FUNDS CURRENTLY AVAILABLE FOR USE?
In 2016 an initial Endowment goal of $500,000 was set, which has been met. Additional gifts will be added to the principal. The principal will always be kept intact, but the church can begin using the income or earnings on the principal for the specified purpose. No portion of the income from the fund is intended to be used for the annual operating budget.
WHO IS IN CHARGE OF THIS FUND?
The Endowment is administered by the FBC Endowment Committee, managed by Headwater Investments here in McMinnville, and held in diversified funds that support FBC values through socially responsible investing.
IS THIS FUND REALLY IMPORTANT?
The Endowment earnings will become a permanent source of help in maintaining the church home, allowing the building to continue serving the congregation and work in the McMinnville community far into the future.
SAVING GRACE ENDOWMENT
WHAT IS IT? WHAT IS ITS SPECIFIC PURPOSE?
This endowment is called the Saving Grace Fund: with earnings to be used to strengthen parts of the church with the greatest present need. Needs will be identified by individuals, Church leadership and by the Endowment Committee with decisions made by the Church Board. (This saving grace is God’s goodness, this grace is unconditional; it’s God’s saving.)
Its purpose is to improve the financial support of the Church so that there is more adequate service and caring for the congregation and community friends. The ultimate goal is offering encouragement, nurturing and growth for all. The
Saving Grace Fund exists with the understanding that gifts (no matter how large or small) to build the principal will not be spent, but earnings generated by that principal will always be used to help fill the greatest needs.
HOW ARE DECISIONS ABOUT SPENDING THIS FUND MADE?
Any congregational member or group can present a compelling need by suggesting it to the appropriate ministry team: the Building & Grounds Ministry Team; the Children, Youth, and Families Ministry Team; the Congregational Engagement Team; the Faith Formation Team; the Missions Ministry Team; or the Worship & Community Engagement Team. The team proposes to the Church Board. The Board takes action, which can be final, or it can call for a Congregational Vote.
WHERE IS THE FUND LOCATED?
It is in the work of the Endowment Committee, is invested with a financial professional (currently Headwater Investments), and it is carried as an asset of the Church.
The intention is that this fund will grow over time, with legacy and other gifts, and provide a steadying of the financial base of the Church. However, if at some point in the future, the Church should face an extenuating circumstance, it is possible to withdraw principal funds, as minimally as possible, to help pay for the large need. Such action should be considered only after thorough discussion by various church committees and leaders and voted approval by the Church Board.
Further, Saving Grace is a fund in perpetuity. Therefore, in the event of dissolution of First Baptist Church of McMinnville, the principal and earnings shall be given, by vote of the congregation, to another religious organization (or organizations) thought to have mission and values similar to FBC.
HOW CAN I HELP?
All gifts that help build the principal are important. These can be in the form of large or small cash gifts, non-cash gifts that can be turned into cash (corporate stock, bonds, real estate, precious gems and metals), as well as bequests, or legacy gifts, as bequeathed in a will or trust. Every gift matters.
HOW CAN I FIND OUT MORE INFORMATION ABOUT EITHER OR BOTH OF THESE ENDOWMENTS?
You can contact a member of the Endowment Committee. Members are Barry House, Judee Kunze, John Linder, Erika Marksbury, Marianne Mills, Barbara Nelson, Don Watson and Charlie Walker, chair.