IPC Foundation - The Unitized Funds

Independent Presbyterian Church

The Unitized Funds

The Unitized Funds comprise 33 separate funds with net assets of $15,006,284 at December
31, 2015. Earnings from the funds support programs at IPC, Kirkwood by the River, STAIR,
and other programs based upon donor guidance. Combined distributions in 2015 were
$562,279. Contributions remain strong totaling approximately $7,500,000 over the past five years.

IPCF received contributions of $916,580 in 2015 including an anonymous donation to the
Administrative Fund. Contributions were made by 78 donors to 21 different funds. Two new
funds were established.


The Unrestricted 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.

2015 Financial Information

Distributions    Ending Balance
$56,419       $1,363,513

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.

2015 Financial Information

Distributions    Ending Balance
 $175       $27,627

The Community Ministries Funds

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. Additional donations from the donor's family totaling $6,214,000 have since been received. 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:
    • 80% to the Children’s Fresh Air Farm for capital development projects and operating support, and
    • 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 2015, a total of $332,043 was distributed:

The ending balance was $7,205,246.

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 2015, a total of $52,034 was distributed from the Meyer Fund, whose ending balance was $1,762,017. A total of $22,377 was distributed from the Campship Fund, whose ending balance was $750,013.

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.

2015 Financial Information

Distributions     Ending Balance
  $3,836      $120,780

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 the trustees of IPC.

In 2015, distributions totaling $39,368 were made from the Ireland Fund.

The ending balance for the C. Eugene Ireland Fund was $1,280,637.

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.

2015 Financial Information

Distributions     Ending Balance
$18,722     $999,720

The Lydia C. Cheney Fund

The Lydia C. Cheney Fund was estblished 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.

2015 Financial Information

Distributions     Ending Balance
$1,993     $79,454

The Sue Aldridge Newton Fund

The Sue Aldridge Newton Fund was established in 2012 in honor of Sue Aldridge Newton, recognizing her life-long dedication to Independent Presbyterian Church, her love of music and the arts, and her interest in helping children develop to their full potential. The Fund will support music and arts programming for underprivileged youth.

2015 Financial Information

Distributions      Ending Balance
None      $31,491

The Children’s Christian Education Fund

The Children’s Christian Education Fund was established by an anonymous gift in 2012 to offer programs to develop the Christian faith of the children of IPC and also of underprivileged children and their parents or guardians. The Fund will primarily, but not necessarily exclusively, complement the Christian faith development of children already engaged in programs associated with the Independent Presbyterian Church and will provide separate programs for their parents or guardians.

2015 Financial Information

Distributions      Ending Balance
$3,093       $97,401

The Music & Fine Arts Funds

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.

2015 Financial Information

Distributions      Ending Balance
$2,890         $91,395

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.

2015 Financial Information

Distributions      Ending Balance
$157       $5,312

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.

2015 Financial Information

Distributions      Ending Balance
None     $29,410

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.

2015 Financial Information

Distributions      Ending Balance
None      $91,751

The Christian Education Funds

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.

2015 Financial Information

Distributions      Ending Balance
$879      $28,178

The Paul Romjue Focus on Faith Fund

The Paul Romjue 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.

2015 Financial Information

Distributions      Ending Balance
$2,435         $76,689

The Margaret M. McClure Library Fund

The 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 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.

2015 Financial Information

Distributions      Ending Balance
$340        $53,900

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.

2015 Financial Information

Distributions      Ending Balance
$3,266       $103,380

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.

2015 Financial Information

Distributions      Ending Balance
$1,797      $56,581

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).

2015 Financial Information

Distributions      Ending Balance
$2,370     $75,650

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.

2015 Financial Information

Distributions      Ending Balance
$7,056      $129,723

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.

2015 Financial Information

Distributions      Ending Balance
$996       $31,374

The Clinton Williams Taylor Fund

The Clinton Williams Taylor Fund was established in 2011 to provide support for the youth ministry of IPC. The Fund is to be used to support specific initiatives and needs identified by the Director of Youth Ministries, not for operating support.

2015 Financial Information

Distributions      Ending Balance
$2,658       $89,158

The William W. Featheringill Technology Fund

The William W. Featheringill Technology Fund was established in 2013 in memory of William Waddell (Bill) Featheringill, recognizing his distinctive entrepreneurial career, his commitment to the church, and his interest in encouraging the development of children to their full potential with the assistance of emerging technologies. The purpose of the Fund is to use technology to advance the education of the children in the IPC Day School.

2015 Financial Information

Distributions      Ending Balance
None      $26,508

The Jere White Children's Ministry Fund

The Jere White Children's Ministry Fund was established in 2014.

2015 Financial Information

Distributions   Ending Balance
None   $25,728

The Gerald J. Pulliam Fund

The Gerald J. Pulliam Fund was established in 2015. Mr. Pulliam wasn't a member of IPC but his daughter, Lindsey Pulliam Ring, and her family have been members since 2008. She created the fund for the Catechesis of the Good Shepherd Level III atrium in his honor and to acknowledge his work with children's charities in Tennessee. 

2015 Financial Information

Distributions  Ending Balance
None  $24,183 

IPC Day School Endowment Fund

The IPC Day School Endowment Fund was established in 2015 with the "Fifty for Fifty" campaign. In early 2015, donors gave more than $50,000 to commemorate the Day School's first fifty years. This endowment will support additional programming to advance and enrich the quality early childhood education that the Day School has faithfully provided for IPC members and the community since 1965.

2015 Financial Information

Distributions  Ending Balance
None  $52,020

The Pastoral Care Funds

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.

2015 Financial Information

Distributions      Ending Balance
$1,418     $45,608

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.

2015 Financial Information

Distributions      Ending Balance
$2,323         $73,132

The Facilities Funds

The Elizabeth A. “Libby” Kidd Facilities Fund

The Elizabeth A. "Libby" Kidd Facilities Fund was established by the IPC Session in 2008 to help assure that IPC’s buildings, artworks, and furnishings are properly maintained in the years to come. In 2013, the Fund was renamed to honor Libby Kidd in recognition of more than 35 years of faithful service to IPC. Distributions are made for special projects.

2015 Financial Information

Distributions      Ending Balance
None      $69,307

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.

2015 Financial Information

Distributions      Ending Balance
None      $26,042

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.

2015 Financial Information

Distributions      Ending Balance
$1,866     $58,765

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.

2015 Financial Information

 Ending Balance $366,851

The Agency Funds

Agency funds are those that the IPC Foundation manages for others, without a beneficial interest. The frequency and use of distributions is at the discretion of the contributing organization.

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. The fund was closed in 2015.



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