A History of the
First Presbyterian Church Foundation

On May 1, 1966, the congregation of First Presbyterian Church adopted a resolution creating a charitable trust known as the First Presbyterian Church Foundation. This action was taken to provide a mechanism by which church members and interested friends of the church could make gifts and/or bequests to an endowment fund, the income from which would be available to support capital improvements of the church, as well as extend the church’s educational and charitable causes beyond those provided in the annual operating budget.

As provided by the trust agreement, the Foundation is managed by a Board of Trustees, including the Pastor, the Moderator of the Diaconate, and four other trustees elected by the Session (one each year) to serve four year terms. As gifts and/or bequests are received, the trustees direct the manner in which the assets are invested. From time to time, as circumstances dictate, the trustees have the authority to dispose of certain assets and reinvest the proceeds in other assets. The trustees are required to report to the Session the state of the Foundation’s finances at least once each year. Such reports must include the amount of income earned in the preceding year, as well as a list of all assets currently owned by the Foundation. As directed by the Session, the Trustees will transfer the income from the preceding year to provide funds for designated projects.

In the years since 1966, the Foundation has received gifts or bequests from fourteen members and friends, the most recent being a $10,000 bequest from the Estate of Mary Cash. As a result of these accumulated donations, coupled with prudent management by the many trustees who have served to date, the report to the Session (dated 8/31/99) showed total assets held by the Foundation amounting to $931,351. The same report showed ordinary income for 1998 in the amount of $43,246 and net capital gains of $87,714. (The capital gains are not a part of spendable income; but are added to the total assets and become a part of principal from which future income is earned.) Since 1992, the income from the Foundation has been dedicated by the Session to retirement of the debt incurred to finance our 1991 First into the 21st capital improvements campaign.

In addition to the fourteen gifts/bequests already received, the Trustees of the Foundation are aware that twelve additional persons have established plans for substantial gifts in the future. Now is a good time to take stock of where you are and where you are going. It is also a perfect time to create a lasting legacy to support the mission of the Church long after you have joined the Church Triumphant.

First Presbyterian Church Foundation Trust Indenture