The Unitized Funds

The Unitized Funds comprise 31 separate funds.  Combined distributions in 2011 were $184,203. Following is a summary of and a listing of the funds.

 

 

 

 

 

 

The Covenant Fund
Since its inception, the Foundation has received gifts that were not restricted by the donor. Today, these gifts are consolidated in the Covenant Fund. The income from the Covenant Fund provides general operating budget support for IPC.

2011 Financial Information
Distributions    Ending Balance

$12,338           $513,805

 

The M. Scott McClure Fund
The M. Scott McClure Fund was established in 1997 with gifts in memory of Dr. McClure, who served as IPC’s pastor from 1967-1995. The Fund generates income to be made available to the IPC Session for church support, customary and extraordinary. Twenty-five per cent of the income is added to principal each year; the remaining 75% shall be made available when called upon.

2011 Financial Information
Distributions    Ending Balance
 None              $30,202 

 

 

The Children’s Fresh Air Farm Capital Development Fund
The Children’s Fresh Air Farm Capital Development Fund was established in 1987 with a $500,000 contribution from an anonymous donor.  Subsequent donations totaling $1,000,000 were made in 1999 and 2000. The Fund is perpetual; 10% of income is returned to principal. The remaining income is distributed as follows:  
     • A contribution to the IPC Social Services Shoe Fund sufficient to meet its annual needs
     • The balance is distributed:
               o 80% to the Children’s Fresh Air Farm for capital development projects and operating support, and
               o 20% to IPC for projects or general operating support
The Session may suspend the 10% annual addition to principal and/or to allocate up to 10% of the principal of the Fund to meet an emergency need. Any expenditure must be repaid over the subsequent five years.

 

In 2011, a total of $46,254 was distributed as follows:
     • IPC Social Services Shoe Fund: $2,000
     • Children’s Fresh Air Farm: $35,403

     • IPC general operating support: $8,851

The ending balance was $1,640,465

 

The Robert R. Meyer Children’s Fresh Air Farm Fund
The Children’s Fresh Air Farm Campship Fund
The Meyer Children’s Fresh Air Farm Fund is IPC’s oldest endowment. It was established in 1945 by Robert R. Meyer, with The First National Bank of Birmingham (Regions Financial) as Trustee.  The purpose of the Fund is to provide for the maintenance and operation of IPC’s Children’s Fresh Air Farm (more briefly, the Farm).

 

The initial contributions were $50,000 by the Robert R. Meyer Foundation and $25,000 by IPC.  Under the terms of Mr. Meyer’s will, IPC contributed an additional $25,000 in 1947, matched by $75,000 from the Meyer Foundation, resulting in the Fund’s initial principal of $175,000.

 

The trust allows additional contributions.  In December 1949, friends of the Farm set up a related Fund known as the Children’s Fresh Air Farm Campship Fund. Contributions to IPC for the general benefit of the Farm of $500 or more are added to this Fund. The income of the Funds (less investment and administrative fees) is distributed to the Farm. In 2011, a total of $43,502 was distributed from the Meyer Fund, whose ending balance was $1,504,657. A total of $17,547 was distributed from the Campship Fund, whose ending balance was $631,426.

 

The C. Eugene Ireland Fund & the Ireland Emergency Fund
The C. Eugene Ireland Fund was established in 1961 to hold bequests of C. Eugene and Annette Ireland.  The Irelands expressed wishes as to the use of the fund, but left full responsibility for all distributions to IPC.

 

The Ireland Emergency Fund was established as a part of the Ireland Fund to be used for emergency needs of IPC. Up to 10% of the annual income of the Ireland Fund is distributed to the Ireland Emergency Fund until the balance reaches $15,000.

 

In 2011, distributions totaling $36,397 were made from the Ireland Fund:
     • Operating support for Kirkwood by the River: $17,288

     • Operating support for the Children’s Fresh Air Farm: $17,289

     • Hunger-related causes: $1,820 
The ending balance for the C. Eugene Ireland Fund was $1,288,899.

 

In 2011, no distributions were made from the Ireland Emergency Fund. The ending balance was $20,704. In January 2012, the Fund was liquidated and the balance was transferred to IPC, as the purpose of the Fund is being served by IPC's contingency reserve.

 

The Children's Fresh Air Farm General Endowment Fund
Through the years, several funds were established to provide perpetual support for the Children's Fresh Air Farm (CFAF). These include The Marguerite Bolvig CFAF Library Fund, the Baird CFAF Clothing Fund, the Dorothy Limerick Mayes CFAF Campship Fund, The Sara and Wayne Parker CFAF Fund, the Martha E. Robison Campship Fund, and the Lillian Fern Treschel Stubbs Campship Fund. In 2002, these funds were consolidated for efficiency as the Children's Fresh Air Farm General Endowment Fund. The income from this Fund supports the operations of the CFAF.

2011 Financial Information
Distributions    Ending Balance

  $3,278           $104,857 

Felix C. Yarboro Community Ministries Fund

The Felix C. Yarboro Community Ministries Fund was established in 2006 with gifts from the Foundation’s Board of Directors, current and past. The Fund extends the community ministries of IPC by supporting causes which are complementary to and consistent with these ministries. Earnings from the Fund currently are combined with those of the Beeson Fund and distributed as Beeson Grants.   

2011 Financial Information
Distributions    Ending Balance
$7,273            $301,711

 

The Lydia C. Cheney Fund
The Lydia C. Cheney Fund was established in 2011 to support the education of underprivileged youth. The primary use of the Fund will be to support programs conducted by IPC for this purpose. Distributions will initially be directed to the Summer Learning Program at the Children's Fresh Air Farm.

Distributions       Ending Balance

            None                    $25,200     

The Sue Aldridge Newton Fund was established in 2012 to support music and arts programming for underprivileged youth. The Fund will primarily, but not necessarily exclusively, support programs conducted by the Independent Presbyterian Church for this purpose.

         

 

 

The Steele Memorial Fund
The Steele Memorial Fund was established in 1982 with an initial gift from Mrs. Myrtle Jones Steele in memory of her husband and parents. Mrs. Steele later increased the Fund with an additional gift and then a bequest. The income from the Fund is used for the expenses of the November Organ Series and related musical needs of IPC.  

 

2011 Financial Information
Distributions    Ending Balance
  $2,389            $76,649 

 

The Caroline Nissly Stayer Choral Music Fund
The Stayer Choral Music Fund was established in 1984 with a gift from Samuel N. Stayer in loving memory of his mother, together with other gifts received in her memory. The income is distributed to IPC to be used as determined by the Director of Choral Music as a supplement to and not as part of the regular church budget for such purposes.

 

2011 Financial Information
Distributions    Ending Balance

 $120            $4,036 

 

The Joseph and Betty Schreiber Performance Fund
The Schreiber Performance Fund was established in 1998 to provide for the performance of major choral works at IPC. Principal and interest will be distributed when called upon.

2011 Financial Information
Distributions    Ending Balance
$1,939            $31,922 

 

The Religious Arts Festival Fund
The Religious Arts Festival Fund was established by the IPC Session in 2000 to provide permanent funding for the Religious Arts Festival. Income will be disbursed to IPC once the principal reaches $300,000.

2011 Financial Information
Distributions    Ending Balance

None            $70,962 

 

 

 

The Jane Porter Nabers and Drayton Nabers Christian Education Fund
The Nabers Christian Education Fund was established in 1984 with a gift from Susan Nabers Haskell, Jane Nabers McFadden, and Drayton Nabers, Jr.  The purposes of the Fund are to:
     • Enable members of IPC who need financial assistance to attend educational events of an inspirational nature,
     • Provide for expenses of guest speakers for inspirational events, and
     • Support other Christian Education purposes as the original donors may suggest with concurrence of the Christian Education Committee.
The Rolla E. Beck Christian Education Fund for Youth was consolidated with this Fund during 2003.

2011 Financial Information
Distributions    Ending Balance
$724            $23,401 

The Focus on Faith Fund
The Focus on Faith Fund was established by the IPC Session in 2000 to provide permanent funding for the Focus on Faith Program. No distributions were made through 2008; beginning in 2009, annual distributions are made using the standard spending rate.

2011 Financial Information
Distributions    Ending Balance
  $2,014            $64,518 

 

The Margaret M. McClure Library Fund
The Margaret M. McClure Library Fund was established in 1995 from gifts in memory of Margaret M. McClure. The purpose of the Fund is to make income available to the Library Committee of the IPC for:
     • The purchase of books, periodicals and/or equipment,
     • The employment of library personnel, and
     • The continuing education of library personnel.
 Each year, 25% of the income of the Fund is added to principal and 75% is made available for the purposes listed above.

2011 Financial Information
Distributions    Ending Balance
 None            $55,919 

 

 

The Barbara Noojin Walthall Bible Study Fund
The Walthall Bible Study Fund was established in 2003 in memory of Barbara Noojin Walthall with gifts from her friends and family.  This Fund enables IPC to engage scholars who will enrich the life of our congregation.

2011 Financial Information
Distributions    Ending Balance
 $2,714            $89,197 

 

The Jeanne Isaacs Children’s Ministries Fund
The Isaacs Children's Ministries Fund was established in 2005 in memory of Jeanne Isaacs’ 20+ years of service to the children of IPC and the community at large. The income from the Fund is used to support children’s ministries at IPC.

2011 Financial Information
Distributions    Ending Balance
   $1,527            $49,123 

 

The Bessie Herron Lester Fund
The Lester Fund was established in 2007 in memory of Bessie Herron Lester. The initial balance in the Fund came from a gift from Ms. Lester’s family. Income from the fund will support STAIR (Start The Adventure In Reading).

2011 Financial Information
Distributions    Ending Balance
   $949            $33,523

The HERO Fund
The Hope, Excellence, Reliability, Opportunity Fund, or HERO Fund, was established in 2008 to provide need-based financial assistance to parents of children who could not otherwise enroll in the IPC Day School.   The initial fund balance was largely obtained from a grant awarded to the Day School from the foundation of an IPC member family. The Day School intends to grow the Fund to $100,000 before taking distributions.

 

2011 Financial Information
Distributions    Ending Balance
 None              $111,967 

 

The Alyson L. Butts Fund
The Alyson L. Butts Fund was established in 2009 in honor of Mrs. Butts’ years of service to the youth of IPC, especially the period from 2001 – 2009 when she served as Assistant Director for Youth. The purpose of the Fund is to promote youth ministry at IPC by providing financial assistance to youth and in other ways. The initial balance came from donations from the IPC congregation.

2011 Financial Information
   Distributions    Ending Balance
  $772               $25,383

 

 

The Pastoral Care and Counseling General Endowment Fund
This Fund was established in 2002 by combining the Counseling Ministry Fund and the Counseling Subsidy Fund. The income is used to support the counseling ministry of IPC. 

2011 Financial Information
Distributions    Ending Balance
 $1,203            $38,476 

 

The Garnet McAdams Deramus Congregational Care Fund
The Garnet McAdams Deramus Congregational Care Fund was established in 2006. The initial balance came from a generous gift from Mrs. Deramus’ family. The income is used to support the congregational care ministries of IPC, initially directed to ministry for older members.

 

2011 Financial Information
Distributions    Ending Balance

$1,668            $58,381 

 

 

 

The Willis E. Penfield, Jr. Beautification Fund
The Willis E. Penfield, Jr. Beautification Fund was established in 1999 with a bequest by Willis E. Penfield, Jr. The purpose of the Fund is to enhance the beauty of the buildings and grounds of IPC.  Principal and interest remain invested until called upon. In January 2012 the balance in the Fund was transferred to IPC to streamline its administration.

 
2011 Financial Information
Distributions    Ending Balance
None            $6,786 

 

The IPC Facilities Fund
The IPC Facilities Fund was established by the IPC Session in 2008 to help assure that our buildings, artworks, and furnishings are properly maintained in the years to come. Distributions are not planned in the near term.

2011 Financial Information
Distributions    Ending Balance
None              $53,876

 

The Other Endowment Funds

 

The IPC Educational Scholarship Fund
The IPC Educational Scholarship Fund is made of three separate scholarship endowments:
     • The Snow Scholarship Fund, established in 1967 in memory of Bessie B. and Nelson M. Snow by their three children,
     • The Monroe Rooks Scholarship Fund, established by Monroe Rooks in 1971, and
     • The IPC General Scholarship Fund, established by Helen Dugger London in 1985.
The Fund provides scholarships to members of IPC and/or to former campers and staff at CFAF who are in need of assistance.

 

2011 Financial Information
Distributions    Ending Balance
None            $20,145 

 

The Martha Steger Estes Fund
The Estes Fund was established in 2004 in loving memory of Martha Steger Estes with a bequest from her estate. This Fund will be used to benefit the John N. Lukens Library and the IPC Counseling Ministry in its work with the needy.

2011 Financial Information
Distributions    Ending Balance
$1,595            $51,018 

The Troop 28 Fund
The Troop 28 Fund was established in 2008 to provide support for the physical, mental, and moral education and values-based leadership training of the youth of Alabama. The initial use of the Fund will be to support the mission and activities of IPC’s Boy Scout Troop 28, and to support other Scouting programs and activities recommended by the Troop 28 Committee. The Fund was established by a gift of land from an anonymous donor.

 

2011 Financial Information
Distributions    Ending Balance
 None           $590,586

 

 

 

Agency funds are those that the IPC Foundation manages for others, without a beneficial interest. In 2010, the Foundation managed one such fund.

 

The Mwandi Hospital Endowment Fund
The Mwandi Fund was established for the benefit of Mwandi Hospital in Zambia by its Board of Trustees in 2000. Earnings accumulate until called upon by the Trustees.

2011 Financial Information
Distributions    Ending Balance
None              $534,636