2009 Letter from the Chairman
To the Supporters of the Grace Church Foundation,
The Grace Church Foundation has been public for a year! It is amazing to see God bring about something that was only a vision a few years ago. God has greatly blessed us with people and finances over this past year! Our official launch at the Carolina Club was a success and raised tens of thousands of dollars. We are continuing the spread the vision of the Foundation and seek God for ways to raise funds to advance His Kingdom.
At the beginning of the year, the board and I gathered to seek God and pray for the launch of the Foundation. We felt God place on our hearts the desire to have one significant and unexpected gift, a gift from a source that we did not know about. Miraculously, God provided. We received an unexpected gift of appreciated stock that we were not aware of. Praise God!
Unfortunately, the current economic downturn has lowered asset prices across most classes. The Standard and Poor's 500 Index lost 38.5% and the Dow Jones Industrial Index lost 33.8%. While we were hoping to make a disbursement to our ministry partners in 2009, that will no longer be possible. As the stock markets have lost value, so have our assets. Our bylaws require that we do not disburse the principle in any way; until the markets recover somewhat, we will not have any funds to pay out.
However, from the beginning, we have made it our goal to create something that will have an intergenerational impact and last for many years. We hope to weather many economic storms; this is just the first. We are neither disheartened nor discouraged for the long term vision is still strong. We still believe that this Foundation is on the heart of God and that He will continue to provide us with both expected and unexpected sources to fund the advancement of His Kingdom.
After serving two year terms, Clarke Gay, Jeff Paine, and Roy Wall have decided to resign from the Board of Trustees. Their service was excellent; they will be missed. To replace them, please welcome, Craig Staple and Steve Grennon to the Board. I look forward to working with them over the coming years. Their bios are included in this report.
I would like to thank everyone who has donated and shown a generous heart to fund the advancement of the Gospel, everyone who has volunteered to help this Foundation begin, grow, and succeed, and everyone who has and continues to pray for the Foundation and the Board. Without you, the Foundation would not be a reality.
Providing Funding for the Kingdom with You,
Kendrick Vinar
Chairman of the Grace Church Foundation
Previous Letters from the Chairman: