Endowment
The Calvary Lutheran Church Endowment Fund was established in 1985. Until 2017, the funds were held in a local bank and managed by a committee elected by the church membership. In 2017, the funds were moved to allow the ELCA Endowment Fund to manage the investments. With this move, the committee was able to change its focus to education and to develop and implement strategies to increase the donor base and donations overall.
The Calvary Lutheran Church Endowment Fund was established in 1985. In 2017, the funds were moved from Wells Fargo bank to the ELCA Endowment Fund. Oversight is provided by a five-member elected committee made up of Calvary Church members. All gifts to the endowment are tax deductible. Up to five percent of the fund’s value at the end of the calendar year is available for distribution the following year.
In 2022 the committee established 2 additional options for endowment donations to provide additional options for donors. These are with the Black Hills Area Community Foundation and the South Dakota Community Foundation. Similarly, up to five percent of the fund’s value at the end of the calendar year is available for distribution the following year. Since these funds are still relatively small distributions have not been made from these funds.
Current Endowment Committee Members: • Matt Odden – Chair (Term expires 2024) • Ed Toms – Secretary (Appointment expires 2024) • Peg Seljeskog - Treasurer (Term expires 2026, eligible for additional term) • Jennifer Baloun (Term expires 2024) • Holli Mitchell (Term expires 2025, eligible for additional term)
Since the management of the actual funds were handled by the ELCA Endowment Fund, SD Community Foundation, and Black Hill Community Foundation during 2024, the committee focused most of its work towards developing and implementing strategies for distributions as well as preparing information to increase education of church members.
The current balances of the funds are:
• ELCA Endowment Fund: $532,654.86 (12/31/2024)
• SD Community Foundation Fund: $1,175.48 (12/31/2024)
• Black Hills Community Foundation Fund: $16,217.53 (12/31/2024)
The Endowment Committee recommends that in 2025, 5% of the value of the funds in the ELCA Endowment Fund as of December 31, 2024, be distributed. Since final numbers were not available when the committee determined recommendations, the recommendations are by percentage and will be applied based on the year-end dollar value of the fund, as provided by the ELCA.
These percentages are as follows:
25% ELCA support
• Lutheran Social Services (LSS) – 12.5%
• Outlaw Ranch – 12.5%
25% Community Outreach in SD
• Church Response – 12.5%
• One Heart Campus – 12.5%
50% Calvary Lutheran Church
• Confirmation/Middle School Youth request – 15.4%
• High School Youth requests – 25.9%
• Summer Camp Scholarships request – 8.70%
The committee recommends that in 2025, no distributions be made from the South Dakota Community Foundation & Black Hills Area Community Foundation funds to let them continue to grow for the future.
Reminder: The Generosity Forest, located in the Narthex (entry of the church) was unveiled in 2023. Names have started to be added to leaves, but we need your help! If you know of someone who donated $2000 or more to the endowment fund, any of the capital or remodeling campaigns, special youth programs/fundraising activities, memorials, or anything beyond regular stewardship donations for church operations; please contact the church or fill out a form to be recognized on the wall. You can find the forms on the church website on the Endowment page. https://www.calvaryrapidcity.org/media/Endowment/generosity-wall.pdf
The committee has worked hard over the past year and is committed to going forward in 2025. Respectfully presented by the 2024 Endowment Fund Committee Matt Odden, Ed Toms, Peg Seljeskog, Jennifer Baloun, Holli Mitchell
