IPC Foundation | 2022 Annual Report

Greetings from the Executive Director

I am pleased to present our annual report for 2022. It was an eventful year as the needs of God’s children at home and around the globe were significant. However, thanks to the generosity of donors to the IPC Foundation, we were able to make a lasting impact on the lives of those locally and abroad.

Through the annual grants cycle, distributions of $2.1 million were awarded to 100 deserving applicants. In a new initiative to streamline the annual grant application process, we introduced an online portal to begin receiving grant applications. This development not only helped us determine which organizations to fund, but it was also more efficient for organizations that were seeking funding. For those with needs too urgent to wait for the 2022 grants cycle, the Foundation approved $36,500 in emergency grants for assistance ranging from natural disasters in the United States to wartime relief in Ukraine.

Executive Director

2022 also marked the beginning of two very special occasions for us. We began preparations to celebrate the 100th anniversary of the Children’s Fresh Air Farm and Scout Troop 28. The cover of this year’s report is the familiar chapel that welcomes all who visit the Children’s Fresh Air Farm, and you can read more about Troop 28 on page 21. We invite you to join the celebrations and give through the IPC Foundation. There’s no better time to consider a legacy gift. Gifts large and small combine to expand existing ministries in response to our changing world.

Denise W. Moore IPC Foundation

Where we are today is possible because of the support of our donors working alongside the Foundation’s Board, its subcommittees, and IPC’s leadership and staff. We are grateful for your continued support and dedication to our mission, especially as we celebrate the accomplishments of 2022 and the significant milestones ahead in 2023.

We are excited about the opportunities and challenges that the future holds. As always, the IPC Foundation remains committed to our mission, and we are confident that with your support, our work will continue to make a positive impact for another 100 years.

Thank you for your generosity and for being a part of our journey.

Denise W. Moore

IPC Foundation Executive Director

Focus On Grants

Kirkwood by the River

Kirkwood by the River, located on 120 acres of forested land along the Cahaba River, is a nonprofit founded in 1980 by members of Independent Presbyterian Church. Kirkwood was created to meet the social, physical, spiritual, and economic needs of senior adults through the provision of services for Independent Living, Assisted Living, Memory Care, Skilled Nursing, and Short-term Rehabilitation.

• As a Life Plan Community, Kirkwood is perfectly situated to provide peace of mind and financial and personal security to those at all levels of retirement living, allowing residents and their families to enjoy what matters most.

• Kirkwood has recently undergone a campus-wide expansion and renovation project, with new amenities and accommodations across all levels of care. Kirkwood now offers Cottage Living, expanded dining options, and a brandnew, intentionally-designed Assisted Living and Memory Support building. Residents enjoy new wellness areas, beauty salons, and cultural arts centers. Skilled nursing and short-term rehab floors will soon include additional private accommodations, state-of-the-art rehabilitation rooms, new dining and activities spaces, and a welcoming lobby.

• The IPC Foundation generously supports Chaplains, The Rev. Lucy Turner and The Rev. Richard Hanna. Kirkwood is open to all faiths and its ministry is vital to the spiritual well-being of residents and their families for worship and Bible study.

We are grateful for the support we have received from IPC and the IPC Foundation for more than 40 years. Our residents prioritize their spiritual well-being and rely on guidance, counseling, grief support, and leadership of our chaplains. Kirkwood is set apart from other communities in the area due to the dedication of our staff to provide comfort, security, and care for seniors as a faith ministry. We would not be where we are

~

President and CEO

without the goodness of our Lord and Savior Jesus Christ and all who aid in fulfilling his will.

Chad Carter,

Society of St. Andrew- Alabama Gleaning Network

The Society of St. Andrew (SoSA) brings people together to harvest and share healthy food, reduce food waste, and build caring communities by offering nourishment to hungry neighbors.

• SoSA builds community by engaging individuals in local food recovery efforts—field gleaning, farmers’ market gleaning, bulk pick-ups, disaster relief, and Crop Drops. Gleaning in fields, volunteers meet farmers and often experience field-fresh fruits or vegetables for the first time. Taking gleaned produce to local hunger-relief agencies, volunteers see and address food insecurity in their community firsthand. All of this work develops a bond of neighbor helping neighbor. Bringing together local growers, volunteers, and community partners helps build lasting partnerships, thus creating collaborative, sustainable, and accessible charitable food systems.

• In 2022 over 853 volunteers provided more than 2,100 hours of service at 810 events, despite a challenging gleaning season. This yielded over 1.2 million servings of produce donated by 93 different Alabama farms. This food went to over 80 nonprofits and fed approximately 126,186 individuals.

Retail produce is subject to extreme cosmetic standards which makes vast amounts of fruits and vegetables unmarketable due to size, color, or other cosmetic imperfections that have nothing to do with quality or nutritional value. We find farms with this surplus food, glean it, and give it to nonprofit agencies feeding families in need. The farmer doesn’t waste anything or expend extra resources and the community benefits- it’s a win-win!

~ Elizabeth Wix, Alabama Regional Director

Build UP Birmingham

Build UP’s mission is to empower youth to step out of generational poverty and tackle urban blight by earning the education, workforce skills, and homeownership to collectively lead long-term community revitalization.

Each year Build UP Birmingham partners to:

• Place approximately 60 area youth into quality paid internship opportunities helping equip Birmingham’s future talent pipeline.

• Receive donated homes from Birmingham’s neighboring municipalities to then move onto vacant, blighted lots inside the city of Birmingham.

• Provide high school-aged youth with an excellent careerfocused education preparing them to lead and contribute to Birmingham’s bright economic future.

“Build UP has used the IPC Foundation’s generous support to help launch our new Student Success Program. This program enables our recent high school graduates to receive two additional years of support as they navigate postsecondary coursework and industry training toward their dream careers. A high school diploma is a great start, and with IPC’s help we can ensure our youth have continued support until they achieve their chosen ‘Path to the Middle Class,’ which triggers their opportunity for home ownership and program completion.

~ Dr. Mark W. C. Martin, CEO

Photos by Caleb Chancey.

Alabama Appleseed Center for Law and Justice

Alabama Appleseed’s mission is to achieve justice and equity for all Alabamians.

• Alabama Appleseed Center for Law and Justice confronts systemic drivers of poverty and incarceration through research, policy change campaigns, coalition building, and direct action. This direct action includes legal advocacy and support for older, formerly incarcerated men. Appleseed is proud to stand with people who have turned their lives around and are returning to Alabama communities after decades behind bars. These men leave prison with nothing and support is desperately needed.

Support from IPC enables Appleseed to help provide shelter, connections to healthcare, transportation, and myriad other tools and supports for some of the most vulnerable among us—elderly men who have been incarcerated for decades. You cannot imagine the joy that comes from walking alongside men who believed they would die in prison as they enjoy grocery shopping, time with their families, strolling in Red Mountain Park, and more.

~ Carla Crowder, Executive Director

• The IPC Foundation’s grant enables Alabama Appleseed to further develop and implement “Fresh Start” re-entry program, demonstrating that incarcerated individuals can live safely outside of prison and contribute to Alabama’s workforce. Appleseed provides ongoing care and case management to individuals who have served decades in Alabama’s prisons while anticipating the needs of future clients.

Church Of The Risen Christ

Church Of The Risen Christ demonstrates God’s love to our world through preaching the Gospel and practical service. It exists to positively impact our society for the glory of God by changing lives and ministering to the underprivileged and vulnerable in their need.

• Church Of The Risen Christ began its social ministries in the 1990s after the collapse of the USSR. Thousands of Ukrainians have benefited from its life-changing ministry through drug and alcohol rehabilitation programs, prison ministry, food/medical aid, work with orphanages, and more.

• The Church’s war relief program began in February 2022 after the Russian invasion. Church premises, from the first day of the invasion, were transformed into a place of refuge for those fleeing the war. With the help of a grant from the IPC Foundation, and the generous support of IPC members, about 20,000 adults and children have benefited from relief ministry of helping with evacuation from war zones; offering shelter in Church facilities; and providing medical care, meals, hygiene supplies, power generators, and clothing to IDPs and of regions in Ukraine, which have most suffered from rampant bombings and missile attacks by the Russian army.

The IPC Foundation grant has enabled us to continue to be a light that shines in the darkness brought about by a brutal war. For the second year, we continue to serve our bleeding nation and be a beacon of hope amid suffering because of the donations, the bulk of which comes from IPC.

~ Rev. Frederick Ankai-Taylor, Senior Pastor

Raleigh’s Place

Raleigh’s Place exists to Live the Gospel by Loving the Fatherless.

• Raleigh’s Place serves Chilton and surrounding counties as it provides and supports foster homes, hosts a free summer camp, provides clothing and other resources, trains foster parents, and equips teenage foster youth for life after care.

• Alabama regularly has close to 6,000 foster children in care on any given day. In Chilton County alone, there are nearly 150. Raleigh’s Place desires to serve foster children and foster families by providing direct resources and services to them. Foster children are severely underserved when it comes to community resources. Over the years, the organization has been able to serve well over 2,000 foster children through its programs and services.

• The grant received from the IPC Foundation in 2022 went directly to a project to build Transitional Living Apartments for young adults who have aged out of foster care. Specifically, these funds were used to help bring the sprinkler system up to date. Now that it has been completed, all that lacks is to finish the renovations is a Licensed General Contractor!

Scripture gives us a clear call to care for the Fatherless. Our desire at Raleigh’s Place is to do that in everything we do while giving God all the glory. The IPC Foundation has been instrumental in helping us Live the Gospel by Loving the Fatherless through their faithful giving over the last few years. Foster children all across Alabama are being shown the love of Christ because of our partnership.

~ Mike King, Executive Director

Jones Valley Teaching Farm

Jones Valley Teaching Farm (JVTF) uses food as a foundation so that young people can lead, create, and grow a healthy future for themselves and their community. The organization envisions communities inspired by food and transformed by youth.

• JVTF has worked closely with Birmingham City Schools (BCS) since 2012, operating seven studentcentered Teaching Farms. Annually, it serves 3,450 students at its BCS-based Teaching Farms and projects to engage over 3,550 students in 2023 via camps and field trips at its Center for Food Education.

• In 2022, the High School Internship and JVTF Apprenticeship expanded workforce development and certification opportunities while offering paid on-the-job training to 12 youth. Also in 2022, the organization harvested 21,000 pounds of produce, grew 44,000 seedlings, and launched Good Community Food to catalyze its food resiliency strategic goal. JVTF donated 19,974 pounds of produce and 16,000 seedlings via two Farm Stands and community partnerships.

• The IPC Foundation grant received supported the expansion of the JVTFGood School Food education and apprenticeship model.

Through Good School Food, our education and apprenticeship model, we see young people find wonder and curiosity in learning, create meaningful careers, and build skills to last a lifetime. This is big, important work, and we are grateful to have partners like the IPC Foundation as we watch youth discover the powerful act of growing their food, cooking their food, and sharing that harvest with others every day.

~ Amanda Storey, Executive Director

United Way Meals on Wheels

Meals on Wheels (MOW) is dedicated to improving the lives of homebound seniors throughout Jefferson County by delivering meals and hope to those who are unable to fulfill their nutritional needs. The program works with hundreds of volunteers each year to help deliver nutritious meals, companionship, and a safety check, allowing seniors to live independently in their homes.

• In FY22, MOW served 408,182 meals to 1,968 homebound seniors across Jefferson County. Additionally, groceries were provided to 1,140 seniors who reported being in extreme need.

• 681 service-minded individuals volunteered their time to make MOW a reality. Of those, 214 prepared and packed meals in the new MOW kitchen, while 467 picked up meals and made deliveries to homebound clients.

• Through the generous support of IPC, MOW was able to:

- Reach some of the most food-insecure communities in our service footprint, including Kingston Village and Woodlawn, where both new and returning IPC volunteers continue to serve.

- Expand the volunteer program, including service opportunities for groups.

- Sustain a Covid-19 response, providing emergency meals to waitlisted seniors and delivering shelfstable groceries to supplement the most in-need seniors.

- Add key personnel to our team. The addition of qualified and passionate case managers and MOW drivers is vital to accomplishing our goals, reducing our waitlist, and ensuring that our community’s most vulnerable are not left hungry or isolated.

Because of the IPC Foundation, Meals on Wheels is better positioned to make meaningful connections with our elderly, homebound clients, creating hope and security where there was once doubt and fear. The IPC Foundation’s generous support and commitment to our mission helps to provide high-quality service, which so many have grown to expect from UWCA’s Meals on Wheels; for that, we are endlessly grateful.

~ Becky Wright, Director

Unitized Funds

Paul Romjue Focus on Faith Fund Established in 2000

The Paul Romjue Fund in the IPC Foundation provides funding support for IPC’s annual Focus on Faith lectures. Focus on Faith brings renowned speakers on matters of Theology, Biblical Studies, and the many ways our faith informs our public and private daily living.

Our church places a high value on the deepening of faith and our understanding of it through educational opportunities for adults, youth, and children. Focus on Faith, largely geared toward adults in our congregation and community, has been a source of great learning and inspiration over the years.

In 2022, IPC invited The Rev. Dr. Charles Wiley to be our Focus on Faith speaker. Dr. Wiley serves currently as Director of Major Gifts at Columbia Theological Seminary (PCUSA) in Decatur, Georgia, as well as serving as Adjunct Faculty in the area of History and Doctrine. Previously, he served as Coordinator for the Office of Theology and Worship for the General Assembly, in our PCUSA offices in Louisville, Kentucky. His books include New Worshiping Communities: A

Theological Exploration, written with co-author Vera White; and as one of the editors of Theology in the Service of the Church.

In his Focus on Faith lectures at IPC, Dr. Wiley discussed the topic of Immigration and the way in which immigrant communities have affected churches and faith traditions in the United States. He also discussed how immigration has affected new worshiping communities across our country, as people of many different cultures and worshiping traditions come together as part of the Body of Christ.

We are grateful to the Paul Romjue Fund for making Focus on Faith possible, so that this long and rich tradition of inviting expert speakers from many different places, backgrounds and perspectives can continue to impact the faith of IPC members and friends from the community each year.

Rev. Dr. Charles Wiley

Virginia Talbot Markle Fund

By: Denise W. Moore

The Virginia Talbot Markle Fund was established by Melanie Talbot and her husband Tom Booker, in loving memory of Melanie’s daughter. Virginia was an active member of IPC and enjoyed many activities including Sunday School, Wednesday night Logos and Choristers. She looked forward to Bibletimes Marketplace every year and was scheduled to attend on the day that she passed away from a fatal brain aneurysm at the age of eleven. She is remembered as a kind girl who had a concern for those who were suffering or left out. As a result of this concern, the family established this fund to honor her memory and to help people in need by providing financial support to the IPC Foundation Emergency Fund.

On a personal note, I remember June 28, 2004, like it was yesterday because it’s the day that Virginia grew her wings. Anyone who knew Virginia would describe her as an angel, but that didn’t lessen the shock and despair when God called her home. That morning started just like any other morning and Virginia was excited to be going to Bibletimes Marketplace. However, as Virginia was putting on her shoes, the aneurysm ruptured and she was taken from us immediately.

Many of us will always remember Virginia as an 11 year old who truly was angelic in every way, but she was also full of life, kind, sweet, and loved everyone – especially her mother. Upon reflection, Melanie knows that God was preparing her for Virginia’s departure as the week before, they had spent a lot of one-on-one time together doing special things like going to the movies and playing tennis.

Today, Virginia’s legacy lives on. Her fund will help provide emergency relief ranging from those hurting from natural disasters to those simply needing a helping hand to survive.

Virginia Talbot Markle

The Troop 28 Fund

A Century of Scouting at IPC

In 2023, we will celebrate the 100th anniversary of Scout Troop 28 at IPC, the oldest Troop in the Vulcan district of the Greater Alabama Council. Over these decades, the Troop has contributed to Birmingham’s rich history and aided in the development of countless leaders, including many who have achieved the rank of Eagle Scout.

Monday meetings are hosted in our new Scout Hut located on the IPC campus. Made possible with the support of the IPC Foundation, the new hut was purchased in 2022. During these weekly meetings Scouts work on advancement, have fun, and help plan the monthly Troop Outings. Depending on the time of the year, monthly outings range from hikes, including places like the Smokies, canoe, rafting and cycle trips, and camping, to mention a few. Over the years, the Troop has gone as far as Normandy, France, and to both Scout High Adventure bases (Sea Base and the Philmont Ranch) as well as to the summer camp in the northwestern parts of the United States.

Beyond everything else, a unique component of Troop 28 is that our scouts come from several schools across our communities allowing Scouts to meet new friends. Simply put, beyond having fun and learning outdoor skills, the goal of being a Scout and Troop 28 is to develop character as boys transition to young adults. It’s a growing experience.

At IPC, Troop 28 is in a unique position to serve Scouts and their parent or parents from several zip codes. I’ve been involved in our troop since the early ‘90s and can speak to the impact of this program when it comes to building confidence, learning life skills, making friends whose backgrounds might be different than our own, and creating memories to last a lifetime. Troop 28 is actively seeking participants, both Scouts and parent leaders (including Scouter training), and hope you’ll consider joining us on the trail.

~ Merrill Stewart, IPC Member and Former Troop 28 Member

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Board of Directors

Beth Adams

Tom Adams

Win Baird

Margaret Brunstad, Vice President

Susan Dulin

John Johnson

Patricia Harper

Bud Keller, President

Kevin Long, IPC Pastor

Head of Staff

Denise Moore, Executive Director

John Norris, Treasurer

Melissa Patrick, Reverend

Jean Shanks

Jim Shepherd

Donna Smith, Past President

Sumner Starling

Melanie Talbot

Carrie Walthall

Will Wykle

$68.3

Our Purpose

The purpose of the Foundation is to extend IPC’s ministries through the use of endowments. The Foundation currently manages $68.3 million in assets and is one of the largest foundations in the Presbyterian denomination. Two funds, the Beeson and Meyer Funds, are closed and don’t accept new donations. The 43 unitized funds, however, do accept donations from individuals, primarily church members. Undesignated donations go to the Covenant Fund to support IPC and/or the Felix Yarboro fund to support service to the community. Also, the Henry M. Edmonds Society recognizes those who have named the IPC Foundation in their wills.

There are four committees in the IPC Foundation: grantmaking, finance, development, and governance. In addition, a liaison committee reports to the Session on Foundation matters.

Here are the IPC Foundation details from last year.

The Year in Review

The Grantmaking Committee oversees distribution of funds, including the Beeson Fund and the 44 Unitized Funds. In 2022, the committee chaired by Jean Shanks:

• Conducted the annual IPC Foundation grants cycle. Reviewed 117 applications (31 from new applicants) and awarded 100 grants for $2.1 million. The grants will be distributed in mid February, and funding comes from the Beeson and Yarboro Funds.

• Managed a Youth Grant team of 16 junior and senior high school students charged with researching and recommending distributions totaling $20,000.

• Approved 31 grant requests for small grants totaling $169,800.

• Approved 6 emergency grants for 36,500 to assist with natural disasters in Alabama, Kentucky and Haiti, to provide wartime relief to Church of the Risen Christ in the Ukraine, to assist with the economic crisis in Syria and Lebanon, and to purchase new batteries and a charger for the golf cart donated a few years back to Hayes K-8.

• Approved distributions from 34 Unitized Funds totaling $706,000, benefiting mostly IPC in addition to other organizations such as STAIR, Kirkwood, SOZO – a family-style home for children in Uganda – and The Wellhouse, an organization that rescues female victims of human trafficking.

• Conducted site visits, both virtually and in person, of organizations requesting large grants.

• Began receiving applications online. This development has been tremendously useful for the Foundation in determining which organizations receive funding and, we believe, is more efficient for those organizations seeking funding.

The Finance Committee actively oversees financial matters, with its major focus being the investment of Foundation endowments. In 2022, the committee, chaired by John Norris:

• 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.

• Reviewed and set spending policy for 2022 – reaffirmed 4% disbursement for all Funds.

• Received the annual financial audit, which had no findings. The audit is conducted independently.

The Development Committee oversees efforts to publicize the Foundation and grow the endowments. In 2022, the committee, chaired by Melanie Talbot:

• Published the 2021 Annual Report

• Held six lunch and learns including Alabama Interfaith Refugee Partnership, Build Up, Church of the Risen Christ, Friends of Forman College, Lift Up the Vulnerable and Raleigh’s Place.

• Approved the Virginia Talbot Markle Fund established by Melanie Talbot and Tom Booker in loving memory of her daughter, Virginia Talbot. The primary purpose of the fund is to provide financial support for the IPC Emergency Fund.

The Governance Committee handles matters which span multiple committees. In 2022, the committee chaired by Bud Keller:

• Nominated 2022 officers and proposed new directors to replace those whose terms end in 2022.

As you can imagine, serving on the Foundation Board is both rewarding and depressing. All Foundation members get a great deal of satisfaction from making a difference in the lives of the neediest people locally, nationally, and internationally. On the other hand, it can be humbling to make only a small dent in the needs of so many deserving people.

On a personal note, both I and IPC owe a tremendous debt of gratitude to Denise Moore and Patricia Harper who help administer the funds on behalf of the Foundation.

Bud Keller, 2022 President

The Independent Presbyterian Church Foundation

Overview 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.

A History of Major Giving & Fund Creation

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.

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 makes this fund the second largest that the Foundation manages.

Since this time, the Foundation has steadily grown every year. For a complete list of funds and descriptions, see The Unitized Funds on page 35.

The IPC 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 41 for a list of its 146 members.

Honoring Founding Pastor Dr. Henry M. Edmonds

The Grants Process

During 2022, grants were awarded totaling $2.1 million. Income is distributed in accordance with the 2014 Restated Trust across the following categories: Missionary support for up to eight families to spread the gospel, 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, members from IPC’s Community Ministries Team, and members at large. 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 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 needs-based 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 2022 are less than 0.4% of total assets. As of December 31, 2022, the asset balance in the Fund was $206,375.

Investment Performance and Fees

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 .19% of assets are well below the average median for a foundation our size. For foundations of similar size, the average fees are .42%.

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:

• $2.56 has been withdrawn to support the ministries specified by the Beesons

• $2.55 remains in the Fund to generate income for future support of those ministries.

Independent Auditor’s Report

The annual independent audit for 2022 is in the process of being prepared by Haley & Woods, LLP.

Mission Statement IPC Foundation

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.

2022 GRANTS AND UNITIZED SUMMARY

The Unitized Funds

Purpose and Market Value

The Community Ministries Funds

The Christian Education Funds

The IPC Day School Funds

The Pastoral Care Funds

Appendix A | 2022 IPC Foundation Grant Awards

Appendix B | The Henry M. Edmonds Society

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

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

Hobart* & Ellen McWhorter

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.

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

Robin & Jim Sulzby

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)

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