An endowment fund is much like a savings account except that the funds donated remain in the account and, under careful management, generate earnings that are used for the purposes of the congregation. The principal remains intact in perpetuity, always providing a source of support for the church. Individuals and families are invited to establish new endowments with donations of $10,000 or more and approval of the Foundation board. Every gift contributed to an endowment makes a difference for years to come by helping to provide a dedicated revenue stream in perpetuity.
List of Endowments
- Elevator Endowment
Purpose: for annual maintenance of the elevator.
The Elevator Endowment was established in 2003 with an initial corpus of $60,000 to cover the cost of maintenance and to support future upgrades. Each year the GLF transfers roughly $3,000 to $5,000 to the GLC upon a request from the GLC Board to cover the maintenance contract and routine repairs. The endowment was established in connection with the fund raising campaign for the new elevator. The Elevator Endowment fund balance at the end of 2015 was approximately $76,000.
- Organ Endowment
Purpose: for maintenance and upgrades for the church organ.
The Organ Endowment was established in the years leading up to the time the new organ was installed in 2011, with an initial corpus of $100,000 to cover the cost of maintenance and to support future upgrades. To date, because the organ was recently installed, only modest sums have been requested by the GLC. The endowment was established in connection with the fund raising campaign for the new organ. The Organ Endowment fund balance at the end of 2015 was approximately $142,000.
- Pastoral Staff Endowment
Purpose: to support ongoing and expanded pastoral staff needs.
This endowment was established originally as the Associate/Youth Pastor Endowment in 2009 with an initial corpus of $25,000 in connection with an ad hoc fund raising effort to provide support for a youth pastor. With time, funds have gradually accrued to the account. In 2013 the decision was made by the GLC Board and the GLF Board to mount a new campaign that included current account funds for an expanded pastoral staff with an associated endowment component. The focus was broadened to include other priority pastoral staff needs, and the new designation seeks to eliminate the earlier ambiguities and focus on the generic need for additional pastoral staff to serve the needs of the GLC congregation. The Pastoral Staff Endowment fund balance at the end of 2015 was approximately $116,000.
- Cypress Adventist School Endowment
Purpose: to support the education of children who attend Cypress Adventist School.
The Cypress Adventist School Endowment was established in 2007 with an initial gift of $23,000 from Don and Shirley Mehrer to provide ongoing scholarship and other financial support for the school. The Cypress Adventist School Endowment fund balance at the end of 2015 was approximately $46,000.
- Green Lake Ministry Endowment
Purpose: to provide housing support for families and individuals visiting Seattle temporarily and in need, often in connection with medical emergencies.
The Green Lake House Endowment was established in 2013 based on a founding gift of $20,000 (originally made in 2009) from Hayden and Jenni Hamilton and designated to help launch the Green Lake House Ministry which is focused on providing housing support for families and individuals who are in the Seattle area temporarily either for medical reasons, job interviews, visits to local academic institutions to explore possible enrollment options and other similar needs. The original goal was to implement this ministry as a housing ministry in connection with the purchase of the Jensen property as a way of continuing a legacy of hospitality and service that the Jensen family had modeled. The Green Lake House Endowment fund balance at the end of 2015 was approximately $48,500.
- General Endowment
Purpose: for purposes approved by the Green Lake Foundation Board.
The General Endowment was created in 2003 with the founding of the GLF. It has received general contributions over the years from many members of the congregation. At the end of 2015 this endowment had an account balance of around $140,000. We have used this fund in the past to provide matching funds in our campaigns to incentivize our members to accelerate the completion of the campaigns.
- Missions Endowment
Purpose: to provide scholarship support for orphaned girls in Kenya.
The Missions Endowment was established in 2014 with an initial gift of $13,000 from Alvin and Verla Kwiram. The fund balance as of the end of 2015 was roughly $17,700. The purpose of this endowment is to provide scholarship support primarily for high school girls in Kenya who are impoverished or have been orphaned often because their parents have died of AIDS. To date, no funds have been distributed from this endowment.