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08884
November 26, 2008
Presbyterian Foundation announces $1.5 million anonymous gift
Endowments will benefit Albany, OR, church, ‘Young Life’
JEFFERSONVILLE, IN — An anonymous donor has given a gift of $1.5 million to establish two endowment funds with the Presbyterian Foundation to benefit an Albany, OR, congregation and the “Young Life” organization in the city.
Approximately $1 million of the gift will establish a general endowment fund to benefit United Presbyterian Church in Albany, a 283-member congregation founded in 1912. “We’ve been blessed with the grace of giving,” said United Church’s co-pastor, the Rev. Glenn Edwards.
During the donor's lifetime, the gift will be used for special projects and programs as determined by the church’s session. Net income from the fund will eventually replace the donor's regular stewardship giving to the church. Additionally, it will be used to provide unrestricted financial support to other needs of the Church, but not administrative costs.
The second endowment totals approximately $500,000 and is restricted to support the administration of Young Life’s outreach to Albany youth. Young Life is a non-profit, non-denominational, Christian organization committed to introducing adolescents to Jesus Christ and helping them grow in their faith.
Edwards said the general endowment will be used to fund special projects and programs at United Presbyterian as determined by the church’s strategic planning committee. “For example,” he said, “the additional funding will allow us to consider speakers, seminars and workshops — things we would not have been able to afford within our normal budget.”
Also, he added: "This gift may, in the future, also be used to endow long-term needs of the Church which would include maintaining the historic church building. We are so grateful to the donor, a passionate steward, a joyful steward who finds no greater joy in life than to benefit others.”
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