What’s up at the Foundation?
The Foundation seeks to build an endowment and manage it under the guidelines of the donors. The Foundation is a tax-exempt charitable organization recognized by the IRS and regulated by federal law. The Church of the Good Samaritan, Corvallis, Oregon Foundation, Inc. is a non-profit corporation of the designation 50I(c)(3). All contributions to the Foundation are tax deductible.
The Foundation board has worked hard to develop and adopt a new distribution strategy for the funds entrusted to our care. With this new strategy, we are able to make quarterly distributions to the church using a 13-quarter rolling average fund value. These funds can be used as needed by the vestry, as long as the original donor wishes are honored.
We offer our sincere thanks to all of our generous donors for making it possible for the Foundation to share in the vision of the church, and to help meet the needs of today and the dreams for tomorrow.
Why have a separate Foundation?
The Foundation is an asset management tool. It may retain or sell stock, for example, or manage real estate. The church is organized to minister to the parishioners and the community. The Foundation is specifically organized to accept donations for capital improvements and outreach activities of our church, and to manage these donations in the best way possible.
Who manages the Foundation?
The Foundation is managed by seven trustees elected by the congregation. Trustees are elected for a term of three years. Officers are elected annually by the Foundation Board of Trustees. Ex-officio and non-voting members of the Board are the Senior Warden, Junior Warden, and the Rector. The Foundation Board of trustees reports its activity quarterly to the Vestry and to the entire Parish at the Annual meeting.
How can I contribute to the Foundation?
Any Foundation member would welcome the opportunity to discuss the types of gifts and methods of giving that will best meet the donor’s objectives. Options include: bequests, life insurance, life-income arrangements, contributions payable over time, cash, stocks and bonds or real property. Donations or bequests to the Foundation should be made to: The Church of the Good Samaritan, Corvallis, Oregon Foundation, Inc.
What is managed by the church and what is managed by the Foundation?
The Foundation does not seek or receive gifts for day-to-day operation of the church. Those remain under the control of the vestry. The phone bill, the rector’s salary, and the service bulletins are examples of day-to-day operating expenses.
The Foundation focuses on long-term goals. There are several ways to make gifts, each operated in the manner specified by the donor. Some are endowments whose principal is not spent, but the interest earned in perpetuity is available for expenditure. For example, some gifts have been designated specifically for the choir, Sunday school, the stained glass windows, or for altar guild use. Other funds have been set up whose principal can be spent for capital improvements or special projects; or have been created to benefit areas such as pipe organ maintenance or the music program.
To contact the Foundation contact the church at Good Samaritan Church Foundation or call the church at 541-757-6647