THE MESSENGER                                                                                                                                                                                             Page 5

CHAPEL ENDOWMENT

FUND DONATIONS

If you wish your memorial to go to the Endowment Fund, please make sure to write your wish in the memo line of your check. If you do not specify, the funds will be placed in the general memorial fund.

 

Fund List — Memorial, Endowment, Christian Education, Evangelism, Music Scholarship, Building and Grounds, and Unrestricted.

ENDOWMENT FUND REPORT

The Endowment Fund’s Board of Trustees had their third quarter meeting on July 16, 2008. To recap from my report to the Congregation at the January Annual Meeting, the Fund received contributions in 2007 totaling $5,140 and paid out $8,310 in earnings. For the first half of 2008, the fund has received contributions of $2,735 and has paid out $1,500.

At the April meeting, a distribution from the Bain Legacy Endowment of $1,500 was paid 75% to the Bain General Church Fund and 25% to the Bain Music Fund as directed by the terms of the Legacy. This resulted in the following distributions:

Bain General Fund............ $1,125

Bain Music Fund...............      375

Total distribution.............. $1,500

There will be another distribution from the Bain Legacy Endowment in October of 2008. Assuming a return similar to last October’s distribution of $3,430 would yield a total distribution for 2008 of approximately $5,000.

Our contributions are coming in at about the same pace as last year, but our distributions look like they will be less in 2008 than they were in 2007. Interest rates have dropped from an average of about 5% for 2007 to an approximately 3% average for 2008. We’ve had two of our 5%+ bonds called early this year and have another maturing in September. What this means is that we are earning less interest on a larger fund asset base. At this time, it is difficult to predict what the total earnings for 2008 will be, but it is likely that it will be less than we earned in 2007.

Even with these reduced earnings, the Endowment Fund is still contributing a significant amount of money to the financial needs of the church. While there isn’t anything that we can do about today’s interest rate environment, the one thing that we can do is encourage everyone to contribute to the Fund. With additional contributions, we can offset some of the interest rate driven earnings reduction and continue to keep the Fund an important source of revenue to help carry out the mission of the church.

REMEMBER the Endowment Fund for the present and the future of St. John’s Chapel.

Jack Gonzenbach, Chairman

2008 Board of Trustees

Jack Gonzenbach, Chairman               Rosemary Witt

George Scroggs, Vice Chairman         John Scafe

John Allen, Financial Secretary Jerry Graham

Robert McMinn, Recording Secretary