The trustees of the Epworth Foundation are responsible for administering the Foundation investments to support capital improvements for the church and its outreach and missions programs. The total net assets of the Foundation at the end of 2006 were $1,872,420 and total net assets of the Foundation were $1,746,100.
The long-term investment goal of the Foundation is to achieve a total return that will provide incremental value over the appropriate market benchmarks. The trustees will formulate spending policies to support the capital and outreach programs of the church, as well as to provide long-term growth of the assets of the Foundation. The trustees have adopted a policy that an amount equivalent to 6% of the average of the unrestricted net assets over the previous three years will be withdrawn each year.
For 2007, the Foundation Trustees have allocated $27,000 to the Board of Trustees for capital expenditures and major repairs, an amount approximately equivalent to 3% of the average unrestricted net assets over the previous three years.
In addition $32,000 was allocated for outreach programs as determined by the Missions and Church & Society Work Areas. This includes $18,500 (2%) from unrestricted net assets and $13,500 (5%) from the Mission Endowment Fund.
A major asset of the Foundation is the $700,000 loan in November 2005 to purchase the Wesley House property adjacent to the church. An anonymous gift of $45,000 has reduced the obligation to $655,000.
A copy of the financial statement of the Foundation for the year ended December 31, 2006, is now available. If you have questions, please call the Foundation treasurer at 419-531-4236.
Email contact for the Foundation.
