2015 Annual Report of the President
Board of Directors and Staff
2015 Financial Highlights of the IPC Foundation
$916,580 Contributions to IPC Endowments
$2.4 Million Grants and Distributions
$60.6 Million Total Assets at Year-End
-.8% 2015 Investment Return
The purpose of the Foundation is to extend IPC’s ministries through the use of endowments.
The Year in Review
2015, the committee chaired by Lydia Cheney:
- Awarded $2.4 million from 35 funds, with 71.8% directly impacting the Birmingham Community and 22.7% helping third world countries.
- Partnered with IPC’s Community Ministries Grants Subcommittee to conduct the annual Beeson grants cycle. Reviewed 83 applications (12 from new applicants) and awarded 71 grants for $1.8 million, 73% of the amount requested and 4.5% more than last year. The grants are distributed in early February.
- Continued funding the SAIL (Summer Adventures in Learning) program for $147,000 (via Beeson Grant). IPCF is 1 of 11 funders across the Birmingham Area with combined awards totaling $862,000.
- Managed and mentored the Youth Grant team (this is our fifth year) charged with researching and recommending to the grantmaking committee distributions from the Beeson Fund totaling $10,000.
The Finance Committee actively oversees financial matters, with its major focus being the investment of Foundation endowments. In 2015, the committee, chaired by Mr. David Turner:
- Reviewed six proposals for the advisory services of our $60 million investments and recommended to the Board that we consolidate the Beeson and Unitized Funds with Atlanta Consulting Group.
- Monitored asset allocation and investment performance. Investment return of -.8% outperformed the benchmark of -1.4%.
- Received the annual financial audit, which had no findings.
The Development Committee oversees efforts to publicize the Foundation and grow the endowments. In 2015, the committee, chaired by Mrs. Susan Haskell:
- Established the Henry M Edmonds Society.
- Hosted Foundation Sunday in January, featuring two speakers who are Beeson grant recipients.
- Published the 2014 Annual Report.
- Placed several Foundation related articles in The Window.
- Worked with Rev. Bobbie Epting, Director of Stewardship and Development, to bring in $916,580 of gifts to the Foundation.
- Accepted two new funds, The Gerald J. Pulliam Fund and the IPC Day School Endowment Fund.
The Governance Committee handles matters which span multiple committees. In 2013, the committee chaired by Sheri Cook:
- Nominated 2016 officers and proposed new directors to replace those whose terms end in 2016
- Updated and established policies and procedures in accordance with the 2014 Operating Agreement between the Church and the Foundation.
Mr. Foster Cook, Vice President
The Independent Presbyterian Church Foundation