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[PCUSANEWS] Presbyterian Foundation announces $1.5 million anonymous Presbyterian Foundation announc


From newsservice <newsservice@PCUSA.ORG>
Date Wed, 26 Nov 2008 10:28:57 -0500

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This story available online:

www.pcusa.org/pcnews/2008/08884<http://www.pcusa.org/pcnews/2008/08884

Presbyterian Foundation announces $1.5 million anonymous
gift

Endowments will benefit Albany, OR, church, 'Young Life'

>by Jerry L. Van Marter
>Presbyterian News Service

JEFFERSONVILLE, IN - An anonymous donor has given a gift of
$1.5 million to establish two endowment funds with the
Presbyterian Foundation [www.presbyterianfoundation.org] 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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