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ST. JOHN'S LUTHERAN CHURCH ENDOWMENT COMMITTEE MEETING April, 2009
Members of the Endowment Committee were each contacted by phone to consider the following proposal: * With approzimately $138,000.00 needed to be borrowed to complete our Sanctuary Renovation, it was proposed to lend the Principal funds in the Endowment Savings Account to the Renovation Project. This would be a winning situation as we would pay ourselves more interest (which then would be used for outreach) than was currently being earned at other institutions, but the loan rate would be less than what would be charged from a bank. Majority of members agreed. * A note was drawn up on 4/17/2009 in the amount of $55,598.31, payable at the rate of 2.75%, due on 4/17/2010.
ST. JOHN'S LUTHERAN CHURCH ENDOWMENT COMMITTEE MEETING January, 2008
No minutes were taken at this meeting. It was decided to disburse the interest earned to "Church of Damascus Road". $1600.00 was sent.
At a previous Endowment meeting, it was decided to not reinvest with the MIF because of low interest rates. It was looked into the possibility of investing with a Stocks/Bonds broker. As CD's came up for renewal, we would have the funds transferred to our Endowment Savings Acct 94-614-1 at Primebank. $54,733.31 Principal funds were handled in this manner and $865.00 new principal was added. This made a total of $55,598.31 that was being held in the Savings acct at Primebank until a decision on where to further invest was decided.
ST. JOHN'S LUTHERAN CHURCH ENDOWMENT COMMITTEE MEETING January, 2008
No minutes were taken at this meeting. It was decided to disburse the interest earned to "Church of Damascus Road". $1600.00 was sent. * * * ST. JOHN'S LUTHERAN CHURCH ENDOWMENT COMMITTEE MEETING September 9, 2007, 9:30 A.M.
MEMBERS PRESENT: Pastor Gary, Rich Schultz, Mark Stelzer, Elvira Nielsen, Brad Pick ABSENT: Joel Johnson
Pastor Gary called the meeting to order and informed the committee that $4,313.89 in interest was available to be disbursed.
Discussion followed on past charities given to in previous years. It was decided to divide the interest into 3 parts, with 1/3 going to each of the following charities:
Igumbilo Girls School in Tanzania, supported by the Western Iowa Synod ELCA Domestic Disaster Relief (for Flood Relief) Wartburg Seminary (for Scholarship)
In other business, Pastor Gary has been elected as chairperson. Also, discussion followed with the possibility of moving some of the Endowment funds currently invested with Mission Investment Funds of the ELCA into "Stocks & Bonds". Pastor Gary will talk with Mark Schmidt on this possibility and report back to the committee.
Meeting was adjourned with plans for the next meeting on January 13th, 2008 @ 9:30 AM.
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