Endowment Committee Unable To Award Grants in 2020
Peace Lutheran Church is fortunate to have an endowment fund with a successful history of monetary awards for a wide variety of charitable causes and over the life of the endowment, $72,943 has been awarded.
Your Endowment Committee follows clear rules which govern the consideration of program funding applications as well as the basic management of the fund itself.
So as to protect the gifts of the generous benefactors who have made this fund possible, the endowment is not able to make awards unless available funds are greater than the principal of the fund.
Unfortunately, this year finds us in extraordinary market conditions and the value of the fund is actually substantially below the principal amount.
It is the opinion of the Endowment Committee that a recovery of the markets substantial enough to allow awards this year is highly unlikely and regrettably, that situation precludes our ability to consider program fund applications this year.
I know that this news is disappointing and I wish that it was otherwise.
Many of you have been working on applications for a number of laudable efforts and I hope that you can hold those until next year when we might find ourselves in a more favorable situation.
Thank you for your continued interest in the Peace Lutheran Church Endowment.
If you have questions about this matter, please contact me at firstname.lastname@example.org.
Philip Gates, Chairman