wfn.org | [LCMSNews]Stuenkel accepts school position

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	July 10, 2003 ....................... LCMSNews -- No. 73

	Stuenkel accepts
	school position
	in California

	Mark Stuenkel is leaving the presidency of the LCMS Foundation
July 15 to become the chief financial officer for Orange County (Calif.)
Lutheran High School.

	Stuenkel announced his decision in June 23 letters to the
Foundations board of trustees, members and employees.

	Wayne Price, the Foundations vice president, finance, will
serve as interim president until a new president is in place. Stuenkel
indicated that the Foundation board will soon begin the search for his
successor.

	This has been a difficult decision but I believe this is a good
time for the Foundation to seek leadership to move it forward in the
future, Stuenkel said in his letter to the board. The problems of the
past have been solved and the strategy for the future put in place.

	One of those problems was solved last year, Stuenkel pointed
out, when parties to two lawsuits involving the Foundation and
investment losses it had in 1999 reached a preliminary settlement.

	The Foundation has settled all legal issues, is operating on a
break-even basis, and has established strong relationships for direct
and deferred giving in support of all LCMS ministries, Stuenkel said in
his letter to members. I leave the Foundation knowing the future is
bright and
	new leadership will continue to move it forward.

	By the end of May, Stuenkel said, the Foundation staff had
generated $59 million in deferred gifts and $25 million in direct gifts
for national entities in the 2002-03 fiscal year ended June 30. He also
said that through May, $16 million had been distributed from deferred
gifts to congregations and other Synod entities.

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