2023 ANNUAL REPORT
Greetings from the Executive Director
As followers of Jesus Christ, we are called to demonstrate love, justice, and compassion in serving one another. At IPC, these values are at the core of our church, shaping us into a family of faith that strives to make a positive impact in the world. We seek to identify and address the most pressing needs—and funding for mission journeys through the IPC Foundation is no different. By partnering with mission organizations, we can plan and carry out activities that will create a lasting impact in the lives of those we serve. These journeys offer us a unique opportunity to learn more about ourselves and our mission partners, while making a meaningful difference in the world.
Joining God’s work in the world, mission teams from IPC journeyed to Chiapas, Mexico; Kigali, Rwanda; and Mawandi, Zambia in 2023. The Chiapas team worked alongside beloved mission partners Dr. Salvador de la Torre, his wife, Irma, and the pastors of
several growing Presbyterian churches and attended the dedication of Presbyterian churches IPC helped to build and fund. In Rwanda, I was part of the team that worshiped at East African Christian College in the Chapel, which IPC helped to fund. Our team learned about plans to build a medical clinic on campus, which will provide practical experience for nursing students and offer health care to all Rwandans. The Mawandi team painted a preschool, ran an eye clinic, and served at the Orphans and Vulnerable Children’s Center and Kandiana care home for elder orphans.
Earlier this year, I also had the opportunity to travel to Forman Christian College located in Lahore, Pakistan. The college is known for educating people of different faiths including Christians, Muslims, and other faiths in the world’s second-largest Muslim nation. Friends of Forman College, a grant recipient, raises funds for the college to support Christian
Denise W. Moore
IPC Foundation Executive Director
students who come from the poorest levels of Pakistan’s society. About 80% of these students require scholarships to attend the college. My trip to Pakistan was an incredible experience. I visited a Christian family’s home and witnessed first-hand the fear and oppression they face due to religious persecution.
When we explore new destinations, immerse ourselves in diverse cultures, and witness the vast array of Christ-likeness across the globe, our understanding of God and the Christian community expands in powerful ways. This is evident in the mission journey photographs featured in this year’s report. Just as we enrich our spiritual journey by giving to glorify God, we can also support transformative experiences through donations to the IPC Foundation. In 2024, IPC will return to Chiapas and Mwandi, travel to Kenya for the first time in many years, and visit the Dominican Republic for the first time ever. Your financial contributions to IPC Foundation enable us to respond to the most pressing needs in these areas and beyond. We are deeply grateful for your support and generosity.
Denise W. Moore
IPC Foundation Executive Director
FOCUS ON GRANTS
Alabama Institute for Deaf and Blind
Alabama Prison Arts + Education Project,
Auburn University
Cornerstone Schools of Alabama.
HOPE International Rwanda
Food For Our Journey
Manna Ministries
Prescott House.
Travelers Aid
Investment Performance and Fees.
The Power of Endowments.
Independent Auditor’s Report.
2023 Grants and Unitized Summary.
Unitized Funds Purpose and Market Value
APPENDIX A
APPENDIX B The Henry M. Edmonds Society.
C
Focus On Grants
Alabama Institute for Deaf and Blind
The Alabama Institute for Deaf and Blind (AIDB) Foundation encourages private support for educational and training programs at AIDB, empowering the organization to transform the lives of Alabamians of all ages who are Deaf, Blind, or Deafblind.
• The grant from the IPC Foundation is providing funding to AIDB THREADS, a multi-faceted project designed to provide clothing and hygiene products to lowincome students attending AIDB while also providing vocational training. Once referred, students will visit an AIDB THREADS “store front,” and participate in an in-store consultation to determine sizes and needs.
• This model has been chosen over a clothes closet in order to model this into a business enterprise at which adult students in vocational training can gain learning experience and real-life entrepreneurial opportunities.
• The adult students will create a business model to include a business plan, referrals, inventory, purchasing, customer service, merchandising, product delivery, etc. with practical work experience and career development opportunities built in.
“
AIDB is incredibly grateful to the Independent Presbyterian Church Foundation for its support of AIDB THREADS. This is a new and innovative project that will allow our students who are in need to be supported in a meaningful way while also providing adult students with an opportunity to gain valuable hands-on business experience.
~ Dennis Gilliam, Ed.D., President
Alabama Prison Arts + Education Project, Auburn University
The Alabama Prison Arts + Education Project (APAEP) at Auburn University offers access to educational opportunities to people currently and formerly incarcerated across the state. The APAEP community cultivates inclusive, student-centered spaces for creativity, exploration, and lifelong relationships with learning. We value respect, dignity, equity, compassion, and innovation.
• APAEP has offered over 500 classes inside of Alabama state prisons through the Community Education and College Programs.
• IPC Foundation is making it possible for students at Tutwiler Prison for Women to pursue a bachelor’s degree from Auburn University by supporting tuition.
• There are currently 75 students working on undergraduate degrees while incarcerated at Staton and Tutwiler, with the first graduation happening in December of 2023 when 11 students received their degrees.
“The Alabama Prison Arts + Education Project at Auburn University works to make pathways in education and the arts available to people incarcerated here in Alabama. We believe intensely in the power of community building as a way to develop not only educational and creative endeavors, but engagement with communities inside and outside of places of incarceration. IPC is a vital part of our community and with their support and partnership, we work together to make a better Alabama. Our first graduation at Tutwiler, supported by the IPC Foundation, is scheduled for 2026.
~ Kyes Stevens, Founding Director
Cornerstone Schools of Alabama
Cornerstone Schools of Alabama’s mission is to inspire and develop critically thinking and compassionate young people in a Christcentered learning community that is committed to academic excellence and character development. We strive to empower students to be responsible and productive citizens of the world, all to the glory of God.
• As the largest private Christian school in Birmingham, we partner with families and supporters to make sure every child knows the love of Christ, benefits from academics that are world-class, enjoys a culture where good character is valued, and can learn in an environment that’s safe and full of hope.
• We provide school choice for students zoned to under-performing schools in our city. Over the last decade, Cornerstone has grown to serve about 700 students in K4-12th grade. Today, we have three campuses: an elementary school in Woodlawn and middle and high schools in Roebuck.
• Test scores show Cornerstone students perform above the average national standard and the state average for ACT scores. Cornerstone has a 100% graduation rate with 100% of our students’ receiving scholarships for higher education.
For decades, IPC has helped move Cornerstone’s mission forward. Through the goodness of the church, you have seen us through growth and facility updates, and have sustained us through your faithful giving and service. We are eternally grateful for your continued partnership.
~ Dr. Nita Carr, President
HOPE International Rawanda
HOPE International Rwanda invests in the dreams of families in the world’s underserved communities as it proclaims and lives the Gospel. The organization shares the hope of Christ as it provides biblically-based training, savings services, and loans.
• HOPE Rwanda uses church-based savings groups to equip Rwandans to break the cycle of poverty and experience the Gospel. In savings groups, people study Scripture, save money, and make loans to one another. HOPE Rwanda has equipped 2,518 churches to serve over 700,000 people since 2007.
• Jacqueline Nyirasindikubwabo, a volunteer savings group leader, started the Haranirakubaho savings group which has grown from 12 to 30 members for Deaf and non-speaking community members. These members are also receiving training in income-generating skills like creating handcrafts and tailoring.
• Last year, savings groups and churches served 28 marginalized families through housing repairs and food distribution. One community member shared, “I have never been to church ... Now, for what you have done for me, I want to join the church and be baptized.”
We continue to be hands and feet of Jesus Christ as we serve the underserved through proclaiming and living the Gospel. Dreams of those who had been neglected are seen to come true. Sounds of hope are heard from communities. Thank you to IPC Foundation for continuing to walk with us in this journey and for your endless support to us.
~ Robert Gonza, HOPE Rwanda Operations Manager
Food For Our Journey
Food for our Journey (FFOJ) is a 501(c)(3) street outreach that exists to deliver meals to those experiencing homelessness and food insecurity, eliminating the need for transportation and reducing food waste by partnering with local restaurants, hotels, catering companies, churches, businesses and individuals who donate/prepare the meals.
• Existing to deliver meals to the hungry, putting God’s love into action, FFOJ uses a “food truck” to carry food, water, hygiene, etc. to different sites in Birmingham where our unhoused brothers and sisters live.
• The organization serves seven days a week, building relationships with friends allowing trust to develop where they feel safe to share their immediate needs with FFOJ. From needing assistance obtaining medicine, clothing, and hygiene to obtaining IDs, employment, and housing, FFOJ partners with sister agencies to connect its friends ensuring these needs can be met, helping them toward their ultimate goal of securing safe, affordable housing thus ending their homelessness.
• FFOJ has served at least 144,000 meals annually since 2020 to the unhoused and/or food insecure in the Birmingham area.
• The IPC grant allows FFOJ to continue its outreach to provide the consistency of service that fosters the relationships in which it can nourish the whole person, body, mind, and soul, loving them through what can be the most difficult time of their lives.
“
With the support of the IPC Foundation, we are able to actively love our friends who many times feel invisible. We can journey with them at a time where they can feel so alone. Because of your generosity, we are blessed to be able to share with them God’s love of them and hope for them and the future that is before them. We can hold their hand as they navigate the journey that we are all on together, and we can answer the call that Jesus spoke of in John 4:34, ‘My food is to do the will of the one who sent me and to finish His work.’ Thank YOU, for the generosity of IPC to bring these blessings to the most vulnerable among us, our friends who call our streets home.
~ Kelly Harden Greene, Founder and Executive Director
Manna Ministries
Manna Ministries is dedicated to combating food insecurity in Chilton, Jefferson, and Shelby counties, Alabama. Manna strives to provide essential sustenance to individuals and families facing economic challenges while fostering a sense of community and dignity. Through monthly food distributions and collaborative partnerships, the organization aims to create a future where no one goes to bed hungry.
• Through weekly food distribution channels, Manna serves approximately 800 families and distributes to over 2,000 individuals every Saturday, providing essential sustenance to combat food insecurity.
• It’s collaborative partnerships leverage relationships with local vendors like Publix, Aldi, and Walmart, along with the Community Food Bank of Central Alabama, to maximize community support and resources.
• Through grants like the one received from the IPC Foundation, Manna can expand our services to meet the growing needs of our local community.
“At Manna Ministries, we believe in the transformative power of compassion and community. Every day, we witness the impact of hunger on individuals and families, and through our steadfast dedication and the generosity of supporters like IPC’s Foundation, we’re able to extend a lifeline to those in need.
~ Loralyn Watson, Board Member
Each day, Prescott House aimes to restore hope and reduce trauma to child victims of abuse in Jefferson County, AL, by providing compassionate and comprehensive services that promote healing and prevent future harm.
• During the first half of the 2023-2024 grant cycle, Prescott House has provided forensic interviews for 113 children and provided crisis intervention and family advocacy for 140 nonoffending caregivers. We also provided 519 counseling sessions for 37 clients.
• We receive federal funds through the Victims of Crime Act; however, these funds have been gradually decreasing since 2019. Funding from IPC has allowed us to continue providing services to our clients without a reduction in quantity or quality.
• We are using funds from IPC to support our counseling and forensic interviewing programs so that children continue to have an opportunity to heal and find hope even after experiencing indescribable trauma.
Prescott House
“Our stories tell who we are. But what if your story feels broken? What if it’s difficult to describe the indescribable? Some stories are hard to tell and hard to hear but they must be told, and they must be heard. Because of funding from IPC, Prescott House continues to provide children in our community a place to tell their indescribable stories and begin their healing journeys.
~ Maribeth Thomas, M.A., LPC-S, Executive Director
Travelers Aid Society of Birmingham
Travelers Aid Society of Birmingham exists to provide the services necessary to aid people in transitioning from a state of crisis to one of sustained stability. It’s Senior Ride Program connects low-income elderly and adults with disabilities to medical care, independence, and a healthier quality of life.
• Senior Ride is a purchased ride, nonemergency medical transportation program funded through grants, donations, and United Way. IPC Foundation funds, along with other community grants, are leveraged as match for a federal elderly and disabled transit grant. For every dollar spent, federal funds provide 80 cents to every 20 cents in community funds.
• In 2023 Senior Ride provided 12,310 free nonemergency medical rides for 774 low-income elderly and disabled Jefferson County adults. Eligible rides include, but are not limited to, primary physician visits, medical specialists, vision, dental, and psychiatric care.
• Accessible transportation services are critical for enabling older adults to live independently. Without accessible, reliable, and affordable transportation, many older adults could face medical crises, isolation with its physical and mental health consequences, and the real possibility of placement in a long-term care facility.
A time comes, when because of age or health, we have to turn to others to meet our basic need for transportation. Without it we are unable to fully participate in services and activities, including accessing health care. For those who have no one to depend on and who lack the income to pay for rides, Senior Ride is a practicable and tangible solution. We are grateful to the IPC Foundation for supporting Senior Ride and helping us be a transportation lifeline for so many in our community.
~ Mollie Hester, Manager
Unit ized F unds
Jere White Children’s Minsitry Fund
By: Maegan McRoberts, Director of Catechesis
Established: 2014
Purpose: Support children’s Christian Education at IPC, particularly the Catechesis of Good Shepherd program
The Jere White Children’s Ministry Fund was established in 2014 in memory of Jere F. White, honoring his commitment to IPC and the Christian nurture and spiritual development of children. Specifically, the fund supports IPC’s Catechesis of the Good Shepherd program, the primary faith formation program for our church’s children.
The Catechesis of the Good Shepherd program is a unique approach to Christian formation for children. Based on Montessori principles, it provides a hands-on, experiential learning environment known as the Atrium, where children can explore their faith and relationship with God. Children and trained adults, called catechists, explore scripture together, focusing on topics like Jesus’s teachings, His life, and Old Testament scripture studies.
In addition to building a personal relationship with God, the Catechesis of the Good Shepherd program aims to further children’s participation in worship. Children at IPC learn about the structure of worship, communion, and baptism, as well as the deeper meanings behind our church’s liturgy.
In 2023, the Jere White Children’s Ministry Fund helped us to provide training for additional catechists and new materials for the atrium’s environment. Seven new catechists went through 90 hours of study to be able to serve in the Level 1 atrium for our three- to six-year-
old children. In addition to hosting a training, the Fund helped support new materials in the atria. For example, we were able to buy the necessary materials needed for a new “City of Jerusalem” work that was handcrafted by a catechist at IPC.
IPC takes the spiritual development of our children seriously. Our catechesis program seeks to honor children by knowing and respecting their current developmental stage and tailoring our lessons to reflect that. Whether it’s a four-year-old child wondering what Jesus meant when He said that He is the Good Shepherd, a twelve-year-old digging deep into a Moses scripture study, or a 73-year-old catechist looking at communion in a new light, IPC’s catechesis program strengthens its participants’ foundation for their lifelong journey of faith.
Sue Aldridge Newton Fund
By: Becky Wright, Director of the Children’s Fresh Air Farm
Established: 2012
Purpose: Music and Fine Arts for underprivileged youth
In the heart of every community lies the potential for greatness, often untapped due to the barriers of circumstance and inequality. Yet, amidst these challenges, there are beacons of hope—individuals who dedicate their lives to breaking down barriers and providing opportunities for those who need them most. Sue Aldridge was one such beacon, whose legacy continues to shine brightly through the Sue Aldridge Newton Fund.
Established 2012 with the noble purpose of elevating the access of music and fine arts to youth, this fund has become a lifeline for countless Children’s Fresh Air Farm students, offering them the chance to explore art classes, experiential learning, music education, and theater, opening up a world of possibilities. Just this past year, our summer learning students were able create and express themselves through weekly art and music programming, as well as excursions to places like the Birmingham Museum of Art.
The Sue Aldridge Newton Fund embodies the spirit of generosity and compassion that defined Sue’s life. Her passing this past fall was felt by so many, but it also served as a poignant reminder of the profound impact one person can have on their community. As we mourn the loss of such a faithful servant, we also celebrate her remarkable legacy—a legacy that lives on through every note played, every brushstroke applied, and every young life transformed by the power of the arts.
“
Parents frequently compliment the Summer Learning Program for its well-rounded programming, especially with art, dance, drama, and music. Many of the student’s parents are aware of the lack of arts opportunities in the schools, and they see how much the students enjoy the offerings at the Summer Learning Program. The students have wonderful imaginations and are very creative. To be able to nurture those qualities is truly gratifying.
~ Evelyn Puckett, IPC Social Services Coordinator
2023 ANNUAL REPORT OF THE PRESIDENT FOUND AT IO N
Board of Directors
Tom Adams
Win Baird
Margaret Brunstad, President
Susan Dulin
Patricia Harper
John Johnson
Kevin Long, IPC Pastor Head of Staff
Amy McCain
Denise W. Moore, Executive Director
John Norris, Vice President
Melissa Patrick, Reverend
Jean Shanks
Jim Shepherd
Sumner Starling
Merrill Stewart
Melanie Talbot
Carrie Walthall
Will Wykle, Treasurer
2023 FINANCIAL HIGHLIGHTS
$70.9 MILLION NET ASSETS
IPC Foundation Total Return
YTD Dec. 31, 2023
Our Purpose
The Foundation currently manages $73.6 million in assets. It is one of the largest foundations in the Presbyterian denomination. The largest fund providing donations to the Foundation is the Beeson Fund. In addition, there are 44 active unitized funds created primarily by church members to support specific objectives of the donors. The Foundation also receives undesignated donations to the Covenant
The purpose of the Foundation is to extend IPC’s ministries through the use of endowments.
Fund to support the many ministries of IPC, and the Foundation’s Henry M. Edmonds Society recognizes those who have named the Foundation in their wills.
The 18 members of the Foundation Board are assigned to serve on four committees: Grantmaking, Finance, Development, and Governance. The Foundation also has a Liaison Committee of three members who report to the Session on Foundation matters.
The Year in Review
The Grantmaking Committee oversees the distribution of funds from the Beeson Fund and the Unitized Funds. The committee includes ten members of the Foundation Board, two members of the IPC Community Ministries committee and six Congregation members-at-large. This committee, chaired by Jean Shanks:
• Conducted the annual grants cycle, which began in February and concluded in November. The committee reviewed 120 applications, conducted site visits with 27 new applicants, and awarded 98 grants for $2.1 million. Funding for these grants comes from the Beeson and Yarboro funds.
• Managed the Youth Grant team of 13 junior and senior high students who recommended distributions totaling $20,000 to 5 agencies.
• Approved 31 grant requests for small grants totaling $166,500.
• Approved 6 emergency grants for $37,600 to assist with natural disasters in Selma, Turkey and the Dominican Republic, to provide ambulance maintenance for a Mwandi Hospital, to provide emergency relief for three children in South Sudan needing critical medical care, and to assist emergency relief efforts for the people of Israel and Palestine.
• Approved distributions from 37 Unitized Funds totaling $731,300, mostly benefiting IPC ministries but also organizations such as STAIR, Kirkwood- by-the River, and SOZO, a familystyle home for children in Uganda.
The Finance Committee actively oversees financial matters, and its major focus is the investment of Foundation endowments. This committee, chaired by Will Wykle:
• 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. The committee ended the year with a composite return of 12.5%, slightly ahead of the 11.8% benchmark.
• Reviewed and set spending policy for 2023, and reaffirmed a 4% disbursement for all Funds.
• Received the annual financial audit for 2022.
The Development Committee oversees efforts to publicize the Foundation and grow the endowments. This committee, chaired by Melanie Talbot:
• Published the 2022 Annual Report
• Hosted two “Lunch and Learn” events with Teach for America and the Medical Benevolence Foundation, where members of the congregation were invited to learn more about each organization.
• Coordinated five “Moment for Mission” Sunday worship presentations with several organizations that are supported by the Foundation: Jones Valley Teaching Farm, Boy Scouts Troop 28, STAIR, the IPC Youth Grant Team, and the Presbyterian Home for Children.
The Governance Committee handles matters which span multiple committees. This committee, chaired by Margaret Brunstad:
• Nominated the 2024 IPC Foundation officers and proposed new directors to replace those whose terms ended in 2023.
I am very grateful to the IPC members who have given their time and expertise to serve on the Foundation Board; to Denise Moore and Patricia Harper, our outstanding IPC staff members who administer the funds on behalf of the Foundation; and to our church families and individuals who continue to give gifts that grow the endowments of the remarkable IPC Foundation.
Margaret Brunstad, 2023 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.
Honoring Founding Pastor Dr. Henry M. Edmonds
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.
The Grants Process
During 2023, 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 2023 are less than 0.5% of total assets. As of December 31, 2023, the asset balance in the Fund was $176,258.
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 .20% 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:
• $2.68 has been withdrawn to support the ministries specified by the Beesons
• $2.73 remains in the Fund to generate income for future support of those ministries.
Independent Auditor’s Report
The annual independent audit for 2023 is in the process of being prepared by Haley & Woods, LLP.
IPC Foundation
Mission Statement
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.
The Unitized Funds
The Music & Fine Arts Funds
Appendix A | 2023 IPC Foundation Grant Awards
Independent Presbyterian Church - Mission Journeys
Independent Presbyterian Church - Financial
Independent Presbyterian Church - Troop 28
Kirkwood by the River
Living
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)
Appendix C | Financial Information
