PCA Foundation Distributes More Than $11 Million
The PCA Foundation, in its written informational report, provided the following today to the General Assembly:
The PCA Foundation distributed just over $11.2 million to various ministries during 2008, the largest amount granted in a single year since the Foundation’s inception in 1980.
PCA churches comprised the largest category for grants awarded, with just under $5 million ($4,989,000) designated for local congregations. Distributions to PCA committees and agencies totaled approximately $3,497,000, while monies granted to other Christian ministries amounted to $2,758,000.
Mission to the World was the largest recipient among committees and agencies, with $838,000. Covenant College received $789,000, followed by Reformed University Ministries, $492,000; Mission to North America, $477,000; Covenant Theological Seminary, $455,000; and PCA Foundation, $252,000.
At the end of 2008, the Foundation reported total assets of $39.9 million, compared to $51.7 million at the close of 2007. The decrease was attributed to two factors, according to the report: the unprecedented level of distributions and grants made during 2008 (substantially more than gifts received—$8 million—by the Foundation during the year) and significant declines in fair market values of investments in charitable trusts, endowments, and other accounts as a result of the collapse in financial markets.
“Because the main focus of the PCA Foundation is not on raising funds for its own operations, or for any other particular ministry, it has a unique opportunity and niche within the PCA,” the report stated. “Our ministry is providing charitable financial services and vehicles to help Christians carry out their stewardship responsibilities and charitable desires.” According to the report, the Advise & Consult Fund, a donor-advised fund, is the Foundation’s most popular service. It also offers endowments, charitable trusts, bequest processing, and estate design to individuals and families.
The Foundation is self-supported and does not participate in the PCA’s Partnership Shares Program. Its operations are funded primarily by fees and earnings on accounts, as well as some charitable contributions from a limited number of individuals and families, including current and former members of the Foundation’s board.
Over its nearly 30-year history, the Foundation has distributed a total of $95.3 million to PCA congregations, committees and agencies, and other Christian ministries.
To download PCA Foundation president Randy Stair’s presentation to the Assembly, please click here.
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