Our local Foundation is a tax exempt corporation which was established to provide long-term financial support for the Church, while allowing members to take advantage of the tax benefits that are possible through donations to the Foundation. The Foundation can accept gifts of marketable securities (stocks, bonds, etc.), real estate, or other appreciated property with significant tax advantages to the donor.

 The membership of the Board of Directors of the Foundation for 2002 consisted of Lynford Ames (president), James Parks (secretary), Jack Curry, Arlyn Kriegel and Robert McPherson. McPherson will serve through 2004, Curry and Kriegel through 2003, and Ames and Parks through 2002. The Session needs to elect two new members to replace Ames and Parks.

The Board manages both those funds donated to the Foundation and certain memorial funds and other designated gifts that the Session has placed under the management of the Board. The eventual expenditure of any of these funds will continue to reflect the wishes of the original donors. The Church Financial Secretary keeps a record of the designated gifts in the Foundation.

 Two Foundation investment accounts have been established with Charles Schwab, one for the Foundation funds, and a second with the other funds that the Board manages for the Church. On December 31, 2002, the balance in the Foundation Schwab account was $31,120.00, while that in the second account was $14,709.00. These amounts are down approximately 30 % from last year due to the general decline in the stock markets.

 In addition to the funds invested with Charles Schwab, the Foundation has several pieces of real property: Two lots in Deming (for which there is currently not much of a market) and a home in Las Cruces. The home, which is currently rented, was mortgaged in 1999 for 10 years at less than one-half its market value to help provide funds for paving the parking lots. The current rent of $875/month covers the $649.97/month mortgage payments as well as taxes and maintenance.