IPC Foundation: 2020 Annual Report

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F O U N DAT I O N

Devotion 2020

F O U N DAT I O N R E P O RT


GREETINGS FROM THE EXECUTIVE DIRECTOR FOCUS ON GRANTS Be Team International . . . . . . . . . . . 3 Birmingham Talks . . . . . . . . . . . . . . . 4 Children’s Aid Society of Alabama . . . . . . . . . . . . . . . . . . . . . 5 Community on the Rise . . . . . . . . . 6 Ministry of Hope. . . . . . . . . . . . . . . . 7 Restoration Academy. . . . . . . . . . . . 8 Senior Ride/Travelers Aid. . . . . . . . 9 Vax 2 Stop Cancer . . . . . . . . . . . . . 10 UNITIZED FUND The Lydia C. Cheney Fund. . . . . . 12 NEW FUNDS The Lucy Turner Fund . . . . . . . . . . 13 The Jane M. and Henry V. Graham Fund. . . . . . . . . . . . . . . . . . . 13 The Pelham Family Fund. . . . . . . . 14 2020 ANNUAL REPORT OF THE PRESIDENT . . . . . . . . . 15

OVERVIEW OF THE FOUNDATION: A History of Major Giving & Fund Creation . . . . . . . . . 24 Honoring Founding Pastor Dr. Henry Edmonds. . . . . . . . . . . . . 26 The Grants Process. . . . . . . . . . . . . 27 The Administrative Fund. . . . . . . . 27 Investment Performance and Fees. . . . . . . . . . . . . . . . . . . . . . . . 28 The Power of Endowments. . . . . . 28 Independent Auditor’s Report . . . . . . . . . . . . . . . . . . . . . . . . . 28 Unitized Funds Purpose and Market Value . . . . . . . . . . . . . . . 29 APPENDIX A 2020 IPC Foundation Grant Awards . . . . . . . . . . . . . . . . . . 32 APPENDIX B The Henry M. Edmonds Society. . . . . . . . . . . . . . . . 33 APPENDIX C Financial Information. . . . . . . . . . . . 34

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- with renewed gratit Denise W. Moore IPC Foundation Executive Director


h d tude

When we prepared our last annual report for the Independent

Presbyterian Church Foundation, the world was just starting to understand how serious the Covid-19 pandemic could get. It turns out—during a year unlike any other in our lifetimes—more than we ever thought would transform. Even though our foundation has a long history of responding to need, we saw firsthand new and dramatic disruption to our economies, jobs, education, and well-being locally and around the world. Almost every decision came with a new question to consider: How can we minimize the risk of contracting or spreading Covid-19? The members of our Foundation’s board asked: What do we need to do differently this year to continue the work we do in support of IPC’s ministries and for our donors? As to what we did differently, we spoke with a number of larger foundations in Birmingham to learn if and what adjustments were being discussed around giving because of Covid-19. As suspected, what we quickly realized was that everything was impacted. As a bonus, what we didn’t expect were the insightful conversations. The opportunity for the board to reach out and interact with other large foundations in Birmingham was very helpful in sharing ideas and strategies for evaluating the challenges of these times. Additionally, we met virtually throughout the grants process, and any access to near-by agencies that might be helpful in reviewing their applications was also limited to virtual communication. In a time when little is left untouched, we also introduce an updated format for our annual report. We bring you a new look with summarized information, although you will not be shorted on inspiration, hope, and blessings as you flip through. We hope that you and your loved ones found your new routine and remained healthy in 2020. I personally feel that the past year left us stronger and more prepared for the next challenge. With renewed gratitude, Denise W. Moore IPC Foundation Executive Director

2020 Annual Report | 2


FOCUS ON GRANTS B E T E A M I N T E R N AT I O N A L The Cure Hospital, a Be Team International facility (BTI) in Kabul, Afghanistan, offers the nation's very best obstetrical services.

Having a reputation for excellence in providing and training obstetrical care, The Cure Hospital attracts complicated neonatal obstetrical cases from all over Afghanistan.

The hospital admitted 468 premature neonates to its neonatal care unit in 2020.

With a gift of $50,000, the IPC Foundation is enabling Be Team International to show the love of Christ in a very practical way by providing critical life-saving services to the most vulnerable women and children in Afghanistan.

Our average hospital length of stay is 16 days, and the average cost for the entire stay is a mere $326. Unfortunately, for many Afghan couples, this represents three months of wages. These mothers and children are utterly dependent on charitable care. ~ Rick Manning, MD, President & CEO of Be Team International

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B I R M I N G H A M TA L K S Through programs offered by Birmingham Talks, a trained coach works with families and teachers to share strategies to increase conversation and foster important early childhood brain development. •

Two signature programs are offered: Start and Grow o S tart provides free education classes to caregivers (usually parents or grandparents) of children 0-4. o Grow provides professional development to teachers in early childhood education centers.

The primary goal of programs at Birmingham Talks is to increase the number of words children hear before they reach kindergarten.

Funding from the IPC Foundation is allowing Birmingham Talks to increase the number of children served. In addition, the grant enables coaches to utilize technology to connect with families and childcare centers virtually during the Covid-19 pandemic, which continues to exacerbate inequity, heightening the importance of early education opportunities.

At Birmingham Talks, we believe that conversations count. Babies’ brains reach 80 percent of their adult size by the time they turn three, and researchers estimate that three-year-old’s need to hear 21,000 words daily for optimal brain development. When children are insufficiently exposed to words during their formative years, this word gap can profoundly hinder school readiness, particularly for children living in poverty. In contrast, when we invest in children early, our entire community wins. ~ Ruth Ann Moss, Executive Director of Birmingham Talks 2020 Annual Report | 4


CHILDREN’S AID SOCIETY OF ALABAMA Since 1912, Children’s Aid Society of Alabama (CAS) has provided services to families in need or at risk. It has helped parents with the skills and resources they need to keep families together, or when children could not remain with their own families, other homes have been provided through foster care or adoption.

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The organization’s programs are varied, but all have a common goal— to assist children and their families in meeting immediate needs for care and safety, as well as to enhance their opportunities for optimum growth and development.

Working to keep families together is the focus of CAS’s Effective Parenting Instruction Course(s) (EPIC), a no-cost, six-week series of 12 parenting skills classes. Participants are parents and other caregivers of children ages 0-18; parents referred by child welfare agencies or family courts; parents at higher risk of child abuse or neglect; parents desiring to learn or strengthen parenting skills; and teen, single, and homeless parents.

EPIC is funded in part from the Alabama Department of Child Abuse and Neglect Prevention through The Children’s Trust Fund. The generous support of the IPC Foundation helped CAS solidify the required matching funds in order to implement this critical program.

In a year like 2020, families that were already at risk experienced the additional impact of the pandemic. We saw at-risk families needing more help, and we saw more at-risk families. With a child welfare or court referral, availability of parenting classes might be the barrier between parents and their children. We could not make them wait, and EPIC classes were immediately shifted to virtual. As a result, 276 parents successfully completed the course, which was a 62% increase in people served. ~ Patti Lovoy, Director of Development and Marketing of Children’s Aid Society of Alabama


COMMUNITY ON THE RISE Community on the Rise opened its doors in January of 2020 to work alongside vulnerable neighbors in the Birmingham area experiencing homelessness. Its mission is to connect people with education, employment, healing, and housing while also creating a thriving, supportive, and loving community.

In April of 2021, three women currently experiencing homelessness joined Community on the Rise as its first employees. As part of the Wellness & Housing Opportunity Linked to Employment (WHOLE) Community Birmingham Pilot Program, they were hired to work with recycling plastic waste (specifically #5 and #2 plastics) into sustainable, useful goods.

During the one-year program, the women will live in a home, purchased by Community on the Rise, rent and utility free as well as participate in educational curriculum including: individual and group therapy for recognition of and healing from trauma, money/budgeting and practical life skills-building, conflict and time management practice, and confidence building through compassion and encouragement.

Thanks to generous donors like the IPC Foundation, Community on the Rise took its first leap into hiring members of Birmingham’s homeless community to recycle plastic waste into beautiful, renewable products for retail sale. The grant almost completely funds the payroll of one woman in the WHOLE Program.

Frankly, it takes my breath away to imagine what this opportunity can mean. We are humbled to be able to share three women’s remarkable stories with you as they begin their work with us in the WHOLE Program. Thus far, we have manufactured two flowerpots and two bookmarks from entirely recycled #5 plastics—waste that would have ended up in our landfills and ecosystems since these particular plastics are not currently recycled in Birmingham. ~ Avery Rhodes, Executive Director of Community on the Rise 2020 Annual Report | 6


M I N I S T RY O F H O P E Ministry of Hope is a crisis care facility, created in December 2009, to provide a safe, loving home for children and youth of Lesotho who are malnourished and neglected, with many suffering from tuberculosis and other poverty-related diseases.

Lesotho is an independent mountain kingdom that lies within the borders of South Africa. This largely rural country has achieved one of the highest literacy rates in Africa, despite persistent poverty, food insecurity and HIV/ AIDS, which has orphaned one-fifth of Lesotho’s children.

Last year the Covid-19 pandemic brought on critical food shortages and sent prices soaring for many of the staples needed to care for some of God’s most vulnerable children.

Both an emergency grant from the IPC Foundation in mid-2020, followed by a full-year grant for 2021, have enabled Ministry of Hope to obtain the food, hand sanitizer and other supplies needed to keep 27 children and youth healthy and growing.

Providing proper nutrition for these children is not always easy. Malnourished children require a constant, protein-rich diet. We feed them lots of peanut butter, in addition to locally sourced meats, and eggs we harvest from our own chicken coop. The mission of our organization is embedded in our name: Hope. We are deeply grateful to the IPC Foundation for being a source of hope. ~ Sally Harwood, President of Ministry of Hope Lesotho

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R E S TO R AT I O N AC A D E M Y The students of Restoration Academy depend on the school for holistic and fully Christ-centered education. The mission has always been to meet students and their families at their point of need, which right now means implementing creativity and innovation in traditional educational offerings.

On March 14, 2020, Restoration Academy closed its physical campus due to Covid-19. Teams worked tirelessly to transition the school to an online learning platform. Two weeks later, RA Away launched as a full-bodied online learning program created for each of the 365 students at Restoration Academy.

This transition to virtual learning created many additional costs not anticipated in the organization’s annual budget including: tablets for teachers and students, increased internet speed on campus, and new curriculum for integrative online and hybrid learning.

The incredibly generous gift from the IPC Foundation allowed the school to purchase these items and continue to work to keep students and faculty safe, healthy, and continuing to grow in their education and their relationship with Christ.

We are called to love God with all of our heart, soul, mind, and strength, and to love others as ourselves. Your gift enables us to continue that mission every day, whether in person or through a computer screen. The IPC Foundation’s partnership with Restoration Academy is setting the groundwork to continue to build on the foundation that has kept our doors open for 32 years. ~ Brian Goessling, Executive Director of Restoration Academy 2020 Annual Report | 8


S E N I O R R I D E / T R AV E L E R S A I D One in five seniors age 65 and older can no longer drive themselves to essential health care services, such as doctor appointments, dental appointments, treatments, and follow-ups. Senior Ride, a program of Travelers Aid, is a transportation lifeline that closes this gap for low-income elderly and people who are disabled.

Rides are free for those in need, removing the financial burden of transportation which can be a barrier to accessing health care.

Rather than operate a fleet of vehicles, rides are purchased through partnerships with public, private and nonprofit transportation vendors. Transportation becomes more efficient because Senior Ride clients are grouped with general public and clients of other agencies.

Senior Ride funding, operations, and service delivery are a collaboration of federal, community, nonprofit and private resources. A federal grant reimburses 80% of all eligible ride costs. Community funding, such as the grant awarded by the IPC Foundation, provides the required 20% match.

Driving is one of our last vestiges of independence, yet because we are living longer, we also tend to outlive our ability to drive, on average by six to 11 years. This is a real problem for seniors who do not have family support or the financial means to pay for alternatives like a taxi or Uber. With Senior Ride, they report fewer missed health care appointments, fewer emergency room visits, an improved quality of health, and an ability to continue living independently. ~ Mollie Hester, Manager of Travelers Aid

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VA X 2 S TO P C A N C E R ( V 2 S C ) The Mission of VAX 2 STOP CANCER (V2SC) is to prevent cancer by expanding the use of the human papillomavirus (HPV ) vaccine through education and public awareness, and increasing research of HPV-associated cancers. •

V2SC’s health care provider education program aims to change the trajectory for the next generation who have the chance today to ensure a future free from HPV-associated cancers.

The HPV vaccine is recommended for both boys and girls at age 11 or 12 but can be given as early as 9. V2SC encourages physicians to start the conversation with parents early, because children respond more strongly to the vaccine when they are younger. The vaccine is recommended through age 26 but is approved up to age 45.

Grant funds from the IPC Foundation support V2SC’s efforts to: o Educate providers and their staff on research-tested methods for an effective recommendation of the HPV vaccine. o I ncrease provider confidence in addressing parents’ concerns.

Many parents don’t know the facts on the importance, efficacy, and safety of the HPV vaccine due to the abundance of myths that can be found on internet search and social media platforms. To date, participating practices have seen HPV vaccination rates increase by an average of 16% after just three months. ~ Barbara Schuler, Founder & Executive Director of VAX 2 STOP CANCER

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UNITIZED FUND

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T H E LY D I A C . C H E N E Y F U N D During a global pandemic, the Lydia C. Cheney Fund allowed 79 students to participate in a top-level summer learning program. Being able to continue to employ highly-qualified teachers who provided daily live and asynchronous instruction to their classes, the program was transitioned to mainly virtual in 2020. All students received a Chromebook as a part of the program that they could keep upon graduation to continue their academic progress. Students without access to Wi-Fi were provided hotspots to ensure they could participate fully in the program. New technology allowed the program to stay true to its roots during Covid-19. Students still read books together, participated in reading activities, and played math games. They also received small group instruction and intervention. STEAM and SEL curriculum were a part of our daily program, and students were provided with all materials needed to complete these activities and challenges at home. For the first time, the program grew to add a rising seventh grade class. In addition to academics, available food support to all campers included: trips to City Meats, participation in the Farmers 2 Families program, and twice monthly snack packs.

The Summer Learning Program at the Children’s Fresh Air Farm is committed to children’s holistic learning, and even in a pandemic year, our program included: physical education, music, art, and chapel. Summer Learning Students received two weekly art projects as well as all materials and instructions to complete the projects. They then uploaded pictures of their completed projects to Google Classroom to share with their teachers and peers. Students also received two digital music and chapel lessons each week and daily physical education lessons and tasks. Offering an opportunity to travel to far-away places, students participated in a variety of virtual field trips the summer of 2020 including: a STEAM challenge led by Southern Company; Zoom basketball challenges through the Finley Center; and a trip to San Diego Zoo (virtual), White House (virtual), Disney World, and the National Aquarium. Perhaps the greatest achievement this summer was that in the midst of a very isolating year, students had a safe, loving, consistent place to gather daily and talk, share, and learn. This was made possible by the Lydia C. Cheney Fund and all at the Children’s Fresh Air Farm are deeply grateful. 2020 Annual Report | 12


NEW FUNDS T H E LUC Y T URNER FUND After 16 years of dedicated service to IPC, the Rev. Lucy Turner retired October 31, 2020. With gifts from IPC members, the Lucy Turner Pastoral Care Fund was established to provide pastoral care and counseling for those in need. Lucy is well known for the love and care she has shown to all our members over the years, serving most of her time at IPC as Associate Pastor and then Executive Pastor and Director of Congregational Care and Counseling. Lucy is very gifted and talented, which is why she also led the church as Interim Pastor and then became IPC’s first ever Executive Associate Pastor. For many years, the church and Foundation benefited from these gifts when she served as Development Director, but her true calling was with Congregational Care. It came as no surprise (well maybe a little surprise) when she announced that she was retiring from IPC but would continue her ministry work on a part-time basis as Chaplain at Kirkwood by the River. Lucy will always be remembered among the IPC community for her special gift of providing support and counsel through good and hard times. This new endowed fund will allow IPC to continue her legacy of providing care to those in need.

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THE JANE M. AND HENRY V. GRAHAM FUND The Jane M. and Henry V. Graham fund, established by a gift from Mike and Suzanne Graham, provides support to IPC in areas that were meaningful to the Grahams: facilities, Community Ministries outreach, and preschool education in the Birmingham area. Facilities were a large part of Henry’s life for more than 40 years, beginning when he founded Graham & Co Real Estate in 1978. In addition, Jane was active with the Children’s Fresh Air Farm, served on the Guild, and taught preschool at IPC for 21 years. Their son Mike and his wife, Suzanne, continue to serve the church through involvement with the Guild and the House & Properties Re-Opening Task Force. Mike also serves as an ordained elder.


T H E P E L H A M FA M I LY F U N D The Pelham Family Fund was established by a gift from James Heath Pelham in honor of his parents’, Charles Gayle Pelham and Patricia Heath Pelham, lifelong commitment and service in advocating for the poor and hungry. The Fund’s mission is to provide financial support for the IPC Food Pantry and organizations that address food insecurity. Inspired by Jesus’s teachings to care for the weak, the poor, and the hungry, Gayle and Pat founded the IPC Hunger Workgroup, traveled on mission trips to Kenya and Zambia, and organized lobbying efforts in Washington D.C. to promote effective hunger policies. In addition, Pat began a grassroots branch of Bread for the World at IPC, and Gayle served as the coordinator of the church’s Food Pantry for more than ten years. The Pelhams’ important work of feeding the hungry will continue to be supported through this generous gift to the Foundation.

Nairobi, Kenya - 2005, Pelham family

Gayle and Pat Pelham IPC Food Pantry dedication 2020 Annual Report | 14


2020

A N N U A L R E P O RT OF THE PRESIDENT

OUR PURPOSE

The purpose of the Foundation is to extend IPC’s ministries through the use of endowments. 15 | IPC


Giving 2020 Annual Report | 16


2020

B O A R D O F D I R E C TO R S

Beth Adams, President Tom Adams Margaret Brunstad Susan Clayton, Associate Pastor, Congregational Care and Adult Faith Formation Houston Cook, Treasurer Steve Goyer, Interim Pastor Marsha Harbin John Johnson Bud Keller Denise Moore, Executive Director Ruffner Page Foots Parnell Jean Shanks Donna Smith, Vice President Fred Smith Sumner Starling Melanie Talbot Lyda White

2021

NEW MEMBERS

Susan Dulin John Norris Will Wykle 17 | IPC


Service 2020 Annual Report | 18


THE YEAR IN REVIEW

Gratitude 19 | IPC


The Grantmaking Committee oversees distribution of funds, including the Beeson Fund and the 43 Unitized Funds. In 2020, the committee chaired by Donna Smith: • Conducted the annual IPC Foundation grants cycle. Reviewed 107 applications (20 from new applicants) and awarded 71 grants for $1.9 million. The grants were distributed in mid-February.

• Managed a Youth Grant team of about 20 junior and senior high school students charged with researching and recommending distributions totaling $20,000. • Approved 32 grant requests for small grants totaling $143,000.

• Approved 14 emergency grants for $101,000. This year the Foundation expanded its funding to meet emergency needs caused by the pandemic. • Approved distributions from 32 Unitized Funds totaling $702,000, benefiting mostly IPC but includes funding to other organizations such as STAIR, Kirkwood, SOZO and The Wellhouse.

The Finance Committee actively oversees financial matters, with its major focus being the investment of Foundation endowments. In 2020, the committee, chaired by Houston Cook: • Met quarterly with the Foundation’s investment advisors and reviewed investment performance compared to benchmark, monitored asset allocation, reviewed manager performance and fees, and discussed industry outlook.

√ O ur finance ministry team stayed on top of our investments which experienced

wild swings throughout the year due to Covid. We ended the year with a return of 12.8% which was slightly ahead of our benchmark return of 9.9% and now have assets in excess of $75 million. WOW.

• Reviewed and set spending policy for 2020 – reaffirmed 4% for all Funds. • Received the annual financial audit, which had no findings.

2020 Annual Report | 20


The Development Committee oversees efforts to publicize the Foundation and grow the endowments. In 2020, the committee, chaired by Foots Parnell: • Published the 2019 Annual Report. • Approved three new funds:

• T he Lucy Turner Pastoral Care Fund: The purpose of the Fund is to

• T he Jane M. and Henry V. Graham Fund: The purpose of the Fund is

• T he Pelham Family Fund: The purpose of the Fund is to provide financial

provide financial support primarily for counseling services to members and non-members.

to provide financial support to Independent Presbyterian Church across three main areas: A) Building Facilities, B) Community Ministries, and C) Pre-School Education.

support for the IPC Food Pantry and/or organizations in the community that address food insecurity.

The Governance Committee handles matters which span multiple committees. In 2020, the committee chaired by Beth Adams: • Nominated 2021 officers and proposed new directors to replace those whose terms end in 2020 Beth Adams, 2020 President The Independent Presbyterian Church Foundation

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2020

FINANCIAL HIGHLIGHTS

$75.4 MILLION NET ASSETS

IPC Foundation Total Return YTD Dec. 31, 2020 Beeson 12.29%

Unitized 14.08%

Composite 12.79%

Benchmark 9.86%

Faith 2020 Annual Report | 22


Hope OVE RV I EW OF THE FOUNDATION The Independent Presbyterian Church (IPC) Foundation is a 501 (c) (3) corporation formed in 1973 in Birmingham, Alabama. The purpose of the Foundation is to extend IPC’s ministries through the use of endowments. 23 | IPC


A H ISTO RY OF MAJOR GI V I NG & FUND CR EATI O N The early years of IPC were devoted to building and beautifying the church and the Children’s Fresh Air Farm. This work absorbed all available funds, as well as requiring a mortgage of $150,000. When the Depression came, repayment had to be deferred. This phase of our history ended in 1943; a pledge of $50,000 by Robert I. Ingalls generated a swell of enthusiasm; a congregational dinner was held to secure the additional pledges needed to retire the debt. The instruments of indebtedness were burned at the annual congregational dinner on January 19, 1944. From its early days, the Children’s Fresh Air Farm attracted support from within IPC and from the community at large. The primary benefactor was Robert R. Meyer, not an IPC member but a friend of Henry Edmonds. Mr. Meyer underwrote much of the Farm’s annual operating expenses and purchased the property for the Farm. Later he made two gifts to provide permanent support. First, he pledged $50,000 in 1943, subject to IPC’s contribution of an additional $25,000. Then, through his will in 1947, he gave $75,000, subject to IPC’s contribution of another $25,000. This sum of $175,000 formed the initial balance of the Robert R. Meyer Children’s Fresh Air Farm Fund, the Foundation’s first endowment. 2020 Annual Report | 24


IPC’s second endowment came in 1961, when the C. Eugene Ireland Fund was established to hold bequests of C. Eugene and Annette Ireland, which totaled $883,000. The Irelands suggested several causes to be supported by the Fund, but left the decision with IPC. Between 1982 and 1984, IPC received the seed gifts that became the Orlean and Ralph W. Beeson Fund. The Beesons gave $540,000 during their lifetimes, and added bequests that brought total contributions to $18.6 Million. The Beeson Fund is devoted to “the benefit of mankind, the education of youth, the relief of human suffering, and propagation of the Christian religion.” In 2001, the Trust was reformed to allow the Trustee to allocate some portion of principal growth each year to income thereby calculating distributions based on a “total return” approach. Due to inconsistencies in the Testamentary Documents as reformed in 2001, the administrative provisions of the Trust were restated in 2014 into a single document to provide a clear and concise statement of donor’s binding intent. The Children’s Fresh Air Farm Capital, Program, Maintenance, and Development Fund was established in 1987 by an anonymous donor with an initial gift of $500,000. Additional donations from the donor’s family totaling $6,387,118 have since been received. The Children’s Fresh Air Farm is the primary beneficiary, but the Fund also provides support to IPC. Since this time, the Foundation has steadily grown every year. For a complete list of funds and descriptions, see The Unitized Funds on page 29.

Growth 25 | IPC


H O N ORING FOUNDING PASTO R D R . HENRY M. ED MO N DS Beginning in 2016, the foundation created The Henry M. Edmonds Society (HME Society) to recognize those who have named the Independent Presbyterian Church Foundation as a beneficiary of a planned gift. Named in memory of Dr. Henry M. Edmonds, the founding pastor who led the church from 1915- 1942, the Society encourages gifts to the Foundation that support the mission and ministries of the church. Anyone who informs the Foundation in writing that the Foundation is included in his/her estate plan will be a member of the HME Society. See Appendix B on page 33 for a list of its 89 members.

I P C F O U N DAT I O N M I S S I O N S TAT E M E N T The Independent Presbyterian Church Foundation encourages and receives contributions for the endowment of the Independent Presbyterian Church, invests its funds to accomplish the donor’s intentions, and seeks innovative and responsive ways in which its assets may serve Christ’s church, the community and the world. 2020 Annual Report | 26


T H E G R A N T S P RO C E S S During 2020, grants were awarded totaling $2.0 million. Income is distributed in accordance with the 2014 Restated Trust across the following categories: Scholarship Aid to Protestant Christian Theological Seminaries and Small Colleges or Universities associated with the Protestant Christian Faith, organizations providing medical care and services to the indigent, agencies and organizations for general charitable purposes.

IPCF Grant Cycles

The primary grants cycle, known as the IPCF Annual Grants, is carried out by the Grantmaking Committee of the Foundation, which includes Foundation board members and members from IPC’s Community Ministries Team. IPCF grants provide support to people in the United States, Central and South America, Africa, Europe, and Asia. Each grant has a story attached: feeding the hungry, educating the needy, healing the sick, caring for widows and orphans, lifting the oppressed, and spreading the Good News to a troubled world. Grant applications are evaluated in the summer and fall, and site visits are made

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where feasible. Grants are approved at the November meeting of the Board and distributions are made the following February. IPCF Scholarship Grants provide financial aid to students at Protestant Christian theological seminaries and small Protestant colleges and universities. Applications from school admission directors for needsbased financial aid are accepted at any time; responses are given within 30 days. The Foundation maintains a reserve for IPCF Emergency Grants to respond to needs too urgent to await the Annual Grants cycle. Finally, the Foundation recognizes that smaller needs do not justify the effort of a formal grant application. Accordingly, IPCF Small Grants are awarded monthly in a streamlined manner.

The Administrative Fund

The Foundation maintains an Administrative Fund for the purpose of paying grants and distributions from the endowments as well as the administrative expenses of the Foundation. Administrative expenditures for 2020 are less than 0.4% of total assets. As of December 31, 2020, the asset balance in the Fund was $165,755.


2020 IPCF Investment Performance and Fees

GRANTS SUMMARY

The Foundation has a long-term investment horizon and maintains equity-market exposure through good and bad times, but strives to limit the impact of downturns. On balance, this approach has served us well. As shown to the right, the Foundation has benefited over the last several years. The IPC Foundation fees of 0.18% of assets are well below the average median for a foundation our size. For foundations of similar size, the fees are typically 0.5% of assets.

AREAS SERVED BY PERCENTAGE OF GRANTS AWARDED

69%

17% BIRMINGHAM, ALABAMA

Independent Auditor’s Report

The annual independent audit for 2020 was prepared by Haley & Woods, LLP.

4%

5%

UNITED STATES

ASIA

OTHER

PURPOSE BY PERCENTAGE OF GRANTS AWARDED

The Power of Endowments

Endowments are truly gifts that keep on giving, as donations small and large combine to create permanent support. To illustrate, consider the Beeson Fund. The bequests that comprise the bulk of the endowment were received in 1988 and 1990. Since then, for each $1 received: • $2.33 has been withdrawn to support the ministries specified by the Beesons • $2.83 remains in the Fund to generate income for future support of those ministries.

AFRICA

5%

55%

17%

17% 7%

MISSION SUPPORT

CHARITABLE EDUCATION

SUMMER LEARNING

4% MEDICAL

COMPOSITE PORTFOLIO RETURNS AFTER FEES YEAR-BY-YEAR 14.9%

15%

12.8%

12.6% 10%

6.96%

5%

-4.7%

0% -5%

2016

2017

2018

2019

2020

2020 Annual Report | 28


T HE U N ITIZED FUNDS

YEAR

Covenant Fund

1982

M. Scott McClure Fund

1997 Church support, customary or extraordinary

FUND PURPOSE

THE UNRESTRICTED FUNDS

Unrestricted - supports Independent Presbyterian Church Operating Budget

THE CHILDREN’S FRESH AIR FARM FUNDS

Robert R. Meyer CFAF Fund

1943 Children’s Fresh Air Farm

CFAF Campship Fund

1949 Children’s Fresh Air Farm

CFAF Capital Development Fund

1987 Children’s Fresh Air Farm

C. Eugene Ireland Fund

1961

Children’s Fresh Air Farm General Fund

2002 Children’s Fresh Air Farm

Lydia C. Cheney Fund

2011

THE COMMUNITY MINISTRIES FUNDS

Yarboro Community Ministries Fund 2006

Various areas including but not limited to Children’s Fresh Air Farm, Kirkwood, Social Services Support education of underprivileged youth (currently Children’s Fresh Air Farm Summer Learning Program) Augment community ministries of IPC; combines with Beeson Fund for grant giving

Sue Aldridge Newton Fund

2012 Music and Fine Arts for underprivileged youth

Children’s Christian Education Fund

2012 Christian Faith programs at IPC for underprivileged

Dave and Jo Self Fund

2016

Wayne and Frederica White Fund Robert C. and Lindsey Ring Fund The J. Houston and Sheri S. Cook Family Fund 29 | IPC

Community Ministry Programs - currently supporting Social Services Assistance to needy families including but not limited to 2018 SOZO (supports Uganda orphanages) Serve the needs of the poor, particularly the need for 2018 transitional housing and to combat human trafficking 2019 To Support the ministry of Independent Presbyterian Church


The Pelham Family Fund

2020

THE MUSIC & FINE ARTS FUNDS

Provide financial support for the IPC Food Pantry and/or organizations in the community that address food insecurity Support November Organ Series and related musical needs of IPC

Steele Memorial Fund

1982

Caroline Nissly Stayer Choral Music Fund Joseph and Betty Schreiber Performance Fund

1984 Benefit for the choral music program at IPC

Religious Arts Festival Fund

1998

Accumulate funding for preparation and performance of major choral works for presentation to IPC

2000 Support for Religious Arts Festival

THE CHRISTIAN EDUCATION FUNDS

Nabers Christian Education Fund Margaret M. McClure Library Fund Paul Romjue Focus on Faith Fund

Barbara Noojin Walthall Bible Study Fund Jeanne Isaacs Children’s Ministries Fund

Assistance for Christian Education including guest speakers, assistance to members in need to attend events Funds for IPC to buy books and other educational support 1995 materials 1984

2000 Annual distributions for Focus on Faith event

2003 Honorarium and travel expenses for annual speaker 2005 Children’s Ministries of IPC STAIR (Start the Adventure in Reading) of Birmingham IPC program

Bessie Herron Lester Fund

2007

Alyson L. Butts Fund

2009 Youth Ministry

Clinton Williams Taylor Fund

2011

Jere White Children’s Ministry Fund

2014

The Gerald J Pulliam Fund

Support youth ministries such as mission trips, special activities, and needs based support to attend youth events

Support children’s christian education at IPC, particularly Catechesis of Good Shepherd program as long as it is offered Maintain and expand the Catechesis of the Good Shepherd 2015 program at IPC 2020 Annual Report | 30


THE IPC DAY SCHOOL FUNDS

HERO Fund

William W. Featheringill Technology Fund IPC Day School Endowment Fund

2008 Need based financial assistance to Day School parents 2013 Technology to advance education at Day School 2015

THE PASTORAL CARE FUNDS

Support to advance and enrich the quality preschool education

Pastoral Care & Counseling Fund

1985 Subsidizing counseling services for people in need

Martha Steger Estes Fund

2004 Combination of library and member care

Garnet Deramus Congregational Care Fund The Lucy Turner Pastoral Care Fund

2006 Congregational Care Ministries of IPC 2020

THE FACILITIES FUNDS

Provide Financial Support primarily for counseling services to members and non members

Katherine A. “Libby” Kidd Facilities Fund

2008 Support for IPC facilities

The Garden Fund

2018

OTHER FUNDS

Provide for creation, enhancement and maintenance of the gardens of IPC

IPC Educational Scholarship Fund

1967 IPC Scholarship awards for those in need

The Pastors’ Support Fund

2018 Provide support for IPC’s Pastors and Senior Staff

The Boy Scout Fund

2018

The Jane M. and Henry V. Graham Fund

31 | IPC

Support the physical, mental and moral education and training of youth as prescribed by the Boy Scouts of America Provide financial support to IPC across three main areas: 2020 Building Facilities, Community Ministries, and Pre-School Education for low income children


A PP E N D IX A: 2020 IPCF GR ANT AWAR D S Charitable $352,425

Breakthrough Birmingham

$5,000

Cornerstone School

$5,000

Alabama Boys and Girls Ranch

$5,600

Cahaba River Society

$7,500

Cultivate Abundance Inc

$2,610

Alzheimer’s of Central AL

$5,200

Camp Fire Alabama

$5,000

CURE International

$35,000

Big Brothers Big Sisters of Greater Birmingham

$5,000

College Admissions Made Possible (CAMP)

$5,000

Friends of Forman Christian College

$20,000

Birmingham Botanical Garden Society

$3,250

Cornerstone School

$10,000

Good News Children Education Mission

$19,350

Birmingham Landmarks, Inc

$10,000

Girls, Inc. $5,000

Grace Klein Community, Inc.

15,000

CAMP (College Admissions Made Possible)

$5,000

GirlSpring, Inc.

$3,000

Greater Birmingham Ministries

$5,000

Children’s Aid Society of Alabama

$10,000

Jones Valley Teaching Farm

$10,000

His Kids, Too!

$20,000

Collat Jewish Family Services

$4,000

Legacy Prep $20,000

Hope Inspired Ministries (HIM)

$15,000

Community Furniture Bank

$10,000

Louisville Presbyterian Theological Semin

$4,000

Hope International

$7,500

Community Grief Support Services

$3,000

Maranthan Family Learning Center & Academy

$12,500

IPC Social Services

$45,000

Community on the Rise

$8,000

Maryville College

$8,000

IPC Day School

$2,015

Episcopal Place

$6,000

Maryville College

$7,500

IPC $235,000

Family Promise of Birmingham

$12,500

M-Power Ministries

$15,000

Jimmy Hale Mission

$5,000

First Light $70,000

Presbyterian Foundation

$5,000

Kirkwood by the River

$108,972

Habitat for Humanity

$7,500

PreSchool Partners

$7,500

Lift up the Vulnerable

$90,000

Heart Gallery Alabama

$5,000

Restoration Academy

$19,000

Living Waters for the World

$10,000

HICA (Hispanic Interest Coalition of Alabama)

$82,500

Summer Adventures in Learning (SAIL)

$147,000

Louisville Presbyterian Theological Seminary

$25,000

Junior League of Birmingham

$3,000

Samford University (Brock School)

$3,000

Marion Medical Mission

$20,000

Kid One Transport

$5,000

Spring Valley School

$12,000

Medical Benevolence Foundation

$10,000

Mason Music Foundation

$4,350

STAIR of Birmingham

$75,000

Medical Benevolence Foundation

$20,000

Northstar Youth Ministries

$2,610

Teach for America

$45,000

Medical Missions, Inc.

$25,000

One Place Family Justice Center

$10,000

The Literacy Council

$10,000

Ministry of Hope Lesotho

$15,000

Pathways $5,000

Tusculum College

$4,000

Ministry of Hope Lesotho

$4,350

Presbyterian Home for Children

$15,000

Union Seminary

$4,000

Mwandi UCZ Mission Hospital American Partners $15,000

Raleigh’s Place

$5,000

United Way of Central Alabama

$10,000

Mwandi UCZ Mission Hospital Board of Trustees $20,000

Red Mountain Theater Company

$2,610

Medical Services

$72,850

Oak Mountain Missions Ministries

$10,000

Shepherd’s Fold

$7,500

Alabama Kidney Foundation

$4,350

Pink Girl (Power in Knowledge)

$10,000

South Highland Center

$2,610

Angel Flight $2,000

Presbyterian Church (U.S.A.)

$9,036

The Clay House Children’s Advocacy Center

$6,975

Cahaba Valley Health Care

$7,500

Presbyterian Mission Agency

$10,000

The Exceptional Foundation

$5,000

IPC Subsidized Counseling

$10,000

Presbytery of Sheppards & Lapsley (Ukirk)

$15,000

UAB School of Nursing

$2,610

Oasis Counseling for Women & Children

$12,000

Presbytery of Sheppards and Lapsley

$7,500

United Way of Central Alabama

$10,000

Sight Savers $7,500

Rwanda $50,000

VOICES for Alabama’s Children

$2,610

Smile-A-Mile $12,000

Society of St. Andrew

$4,350

YouthServe $5,000

Traveler’s Aid

$7,500

SOZO Trading Company

$10,000

YWCA Central Alabama

Vax 2 Stop Cancer

$10,000

The Antioch Partners

$4,000

Education $499,750

Mission Support

$1,102,101

The Chalmers Center at Covenant College

$5,000

Alabama Humanities Foundation

$3,000

Alabama Interfaith Refugee Partners

$5,190

The Community Foundation of Middle Tennessee $5,000

Alabama Possible

$10,000

Be Team International

$58,228

The Outreach Foundation

$52,000

Bethel Baptist Church

$2,250

Bread for the World

$5,000

The WellHouse

$20,000

Better Basics

$8,000

Brother Bryan Mission

$5,000

Wesley College Foundation

$12,000

Birmingham Education Foundation

$10,000

Church of the Risen Christ - Ukraine

$5,000

Grand Total $2,027,126

Birmingham Talks

$7,500

Community on the Rise

$5,000

$5,000

2020 Annual Report | 32


AP P E N D IX B: THE HENRY M. ED MO ND S S O CI ET Y Anonymous (3) Susie Abbott Beth & Scott Adams Lowell & Ken Adams Peggy G. Balliet & Michael Balliet Louise H. & John G. Beard Dorothy Deramus Boyd* C. Dwight & Melissa Brisendine Kathryn Brown* Mr. & Mrs. James W. Brunstad Bebe & Charlie Bugg Peter* & Derry Bunting Patricia Byrne & Thomas King Byrne, Jr., M. D.* Anne G. & Joseph F.* Carey, Jr. Dr. William J. Carl III & Jane Alexander Carl Bill & Maria Casey Jan & Stan Cash Lydia C. Cheney Alice Dugger Stevens Christenson Robert* & Caroline Clayton Rev. Susan A. Clayton Foster Cook & Rowena Macnab J. Houston & Sheri S. Cook Mr. & Mrs. D. Paterson Cope Eleanor Sample Cushman* & Gene Moore Cushman Sarah & Charley Duggan Bryson & Katharine Edmonds Mr. & Mrs. William F. Edmonds* Carolyn Featheringill Frances & Miller Gorrie Charles & Carolyn Goslin 33 | IPC

Jeff & Laurie Grantham Patti Hammond Penney & Roger Hartline Susan Nabers Haskell Wilson & Anne Hauck Elizabeth E. & Joel R.* Hillhouse John L. Hillhouse, Jr. James & Elizabeth Holloway Elaine Huckleberry Kate Jackson* Gregory & Karen Jeane John & Martha Johnson George & Cindy Keller Joan Whitfield Lightfoot Verna L. & John M. Lyons Arthur * & Cornelia Malone Mr. & Mrs. Hobart A. McWhorter, Jr. Mrs. Jean Hodo Miller* Mr. William M. Miller* Kathryn & Benjamin Miree Ira & Anne Mitchell Ann & Richard Monk Jon & Denise Moore Cmdr. Morgan W. W. Murphy, Sr. Kathryn M. Murray Mr.* & Mrs. Alexander W. Newton Charles* & Betty Northen Valerie & Tom* Pankey Mr. & Mrs. Leighton C. Parnell, III Henry & Carolyn Ray Martha & Mallory Reeves Lindsay Pulliam Ring Jo & David* Self Frances & Jimmy* Shepherd

Sandra Stingily Simpson Jim & Hendrika Snow David & Kelly Sorrells Warren* & Irma St. John Jeane Baughan Stone Frank & Fairy Sutherland Melanie L. Talbot Mr. & Mrs. George M. Taylor III Mr. & Mrs. Raymond W. Terry, Jr.* Dr. & Mrs. Thomas Thomson Jason Coy Turner & Robert William Listerman* Karla & David Turner Rev. Lucy Exum Turner Ellen Gorrie Walker Kennon & Ann Walthall Lyda White Clarence C. “Doc” Wiley, Jr. * Alice McSpadden Williams* & N. Thomas Williams Dr. Edward & Amanda Wilson Paul O. Woodall

(* Deceased)


AP P E N D IX C: FINANCIA L I NFO R MATI O N FUND-BY-FUND BALANCE SHEET For The Year Ended December 31, 2020

FUND-BY-FUND BALANCE SHEET For The Year Ended December 31, 2020

Administrative Fund

Beeson Fund

Unitized Funds

Troop 28 Fund

Assets Cash and cash equivalents Investments, at market Assets Accrued income Cash and cash equivalents Real Estate and Land Investments, at market Other assets Accrued income Total Assets Real Estate and Land Other assets Liabilities Total Assets Funds due to/from other funds Accrued expenses Liabilities Total Liabilities Funds due to/from other funds Accrued expenses Net Assets Total Liabilities Unrestricted Donor Restricted Net Assets Total Net Assets Unrestricted Donor Restricted Total Liabilities and Net Assets Total Net Assets

Administrative Fund $165,755 $0 $0 $165,755 $0 $0 $0 $0 $165,755 $0 $0 $165,755 ($22,636) $48,436 $25,800 ($22,636) $48,436 $25,800 $139,955 $0 $139,955 $139,955 $0 $165,755 $139,955

Beeson Fund $1,477,907 $51,620,522 $16,824 $1,477,907 $0 $51,620,522 $0 $16,824 $53,115,253 $0 $0 $53,115,253 $0 $1,632,825 $1,632,825 $0 $1,632,825 $1,632,825 $0 $51,482,428 $51,482,428 $0 $51,482,428 $53,115,253 $51,482,428

Unitized Funds $1,447,648 $19,670,818 $123,908 $1,447,648 $0 $19,670,818 $171,161 $123,908 $21,413,535 $0 $171,161 $21,413,535 ($316,047) $711,841 $395,794 ($316,047) $711,841 $395,794 $4,059,031 $16,958,710 $21,017,741 $4,059,031 $16,958,710 $21,413,535 $21,017,741

Troop 28 Fund $0 $0 $0 $0 $703,047 $0 $0 $0 $703,047 $703,047 $0 $703,047 $338,683 $0 $338,683 $338,683 $0 $338,683 $0 $364,364 $364,364 $0 $364,364 $703,047 $364,364

Total $3,091,310 $71,291,340 $140,732 $3,091,310 $703,047 $71,291,340 $171,161 $140,732 $75,397,590 $703,047 $171,161 $75,397,590 $0 $2,393,102 $2,393,102 $0 $2,393,102 $2,393,102 $4,198,986 $68,805,502 $73,004,488 $4,198,986 $68,805,502 $75,397,590 $73,004,488

Total Liabilities and Net Assets

$165,755

$53,115,253

$21,413,535

$703,047

$75,397,590

Fund

Beeson Fund

Unitized Funds

Troop 28 Fund

Administrative Fund $0

Beeson Fund $1,163,324

Unitized Funds $321,665

Troop 28 Fund $0

Total

FUND-BY-FUND STATEMENT OF ACTIVITIES For The Year Ended December 31, 2020 FUND-BY-FUND STATEMENT OF ACTIVITIES For The Year Ended December 31, 2020 Administrative Revenue and Gains Interest and dividends Contributions Revenue and Gains Net unrealized and realized gains or losses Interest and dividends Returned grants and other income Contributions Total Revenue and Gains Net unrealized and realized gains or losses Returned grants and other income Expenses Total Revenue and Gains Investment management and trustee fees

Total

$0 $0 $0 $31,965 $0 $31,965 $0 $31,965 $31,965 $0

$0 $4,743,261 $1,163,324 $0 $0 $5,906,585 $4,743,261 $0 $5,906,585 $68,466

$409,988 $2,253,625 $321,665 $0 $409,988 $2,985,278 $2,253,625 $0 $2,985,278 $55,201

$0 $0 $0 $18,000 $0 $18,000 $0 $18,000 $18,000 $0

Total $1,484,989 $409,988 $6,996,886 $1,484,989 $49,965 $409,988 $8,941,828 $6,996,886 $49,965 $8,941,828 $123,667

Fund Balance (Beginning of Year) Change in Net Assets

$193,918 ($53,963)

$47,904,546 $3,577,882

$18,771,970 $2,245,771

$359,656 $4,708

$67,230,090 $5,774,398

Fund Balance (End of Year) Fund Balance (Beginning of Year)

$139,955 $193,918

$51,482,428 $47,904,546

$21,017,741 $18,771,970

$364,364 $359,656

$73,004,488 $67,230,090

Fund Balance (End of Year)

$139,955

$51,482,428

$21,017,741

$364,364

$73,004,488

Administrative expenses Expenses Grants and other distributions Investment management and trustee Transfer to another Foundation fund fees Administrative expenses Other distributions Grants other distributions Total and Expenses Transfer to another Foundation fund Other distributions Change in Net Assets Total Expenses

$274,463 $2,684,153 $0 ($2,962,395) $274,463 $89,708 $2,684,153 $85,928 ($2,962,395) $89,708 ($53,963) $85,928

$0 ($55,920) $68,466 $2,316,157 $0 $0 ($55,920) $2,328,703 $2,316,157 $0 $3,577,882 $2,328,703

$0 $38,068 $55,201 $646,238 $0 $0 $38,068 $739,507 $646,238 $0 $2,245,771 $739,507

$0 $0 $0 $0 $0 $13,292 $0 $13,292 $0 $13,292 $4,708 $13,292

$274,463 $2,666,301 $123,667 $0 $274,463 $103,000 $2,666,301 $3,167,430 $0 $103,000 $5,774,398 $3,167,430

2020 Annual Report | 34


F O U N DAT I O N