Our Mission

	*Preserving the Past - Protecting the Future*
	St. Olaf Lutheran Church Endowment Fund P.O. Box 148 Cranfills Gap, TX 76665	Now there are varieties of gifts, but the same Spirit; and there are varieties of service, but the same Lord; and there are varieties of working, but it is the same God who inspires them all in every one. *1 Cor. 12:4-6*
OVERVIEW: In July 1998 the membership of St. Olaf Lutheran Church, Cranfills Gap, Texas voted to amend the by-laws of its Constitution to establish an endowment fund for the maintenance and preservation of all its facilities, including the historic Rock Church. Below are some questions and answers that help describe the endowment process.
What is an endowment?
An endowment is a body of money, the principal of which is not used. Financial resources are invested to produce a combination of income and growth to benefit our church according to the By-laws set by the elected Endowment Fund Committee.
What is the purpose of this fund?
St. Olaf congregation was established more than 100 years ago and in order to continue its ministry effectively for the next 100 years, it must have a careful and thoughtful plan. At some point in time, this fund will provide money for maintenance, enhancement and historic preservation of all facilities.
How is my donation used?
The principal shall not be used, loaned, or transferred to the general operating fund. It is to grow and produce an annual income available to spend as outlined in the purpose of the fund.
Who decides how the income is utilized?
The Endowment Committee, with approval of Church Council in accordance with the St. Olaf Constitution, will manage and administer the funds and make reports to the congregation at the semi-annual meetings.
*What types of contributions can be made?*
There are various types of giving: outright gifts or memorials, bequests, life insurance, property, stocks, bonds, real estate, retirement accounts, or a percentage of chosen assets may be used rather than dollar amounts. Your gift does not have to be restricted to cash.
How may contributions be made?
A contribution may be made at any time by contacting a member of the Endowment committee. Please specify that you wish to contribute to the Endowment Fund OR the General Memorial Fund. General Memorial Fund gifts are given for a specific purpose. Endowment funds go into the Endowment account.
Do I need to make a new will?
Not necessarily. If you have a will, a simple supplement (codicil) to the will may be all that is necessary to make a change.
What are the benefits?
There can be significant estate, gift, inheritance, and federal income tax advantages making a gift of appreciated property. A charitable donation may be deducted from the fair market value for either your estate or current income tax. You are encouraged to seek professional advice from someone with expertise in tax, estate, and financial planning.
Who can give me information?
Questions may be directed to any member of the Board of Trustees, Deacons, or the Endowment Fund Committee. In many cases they may advise that you consult with your accountant or attorney. The members of the St. Olaf Endowment Fund are: Geneva Finstad (Chairperson) 254-597-2453, Wayne Rohne (Advisor), Barbara Lee, Marc Johnson, Elaine Moore and Gerald Nelson.
Will this fund also benefit the Rock Church?
The congregation of St. Olaf Rock Church was established in 1886. As the congregation grew in numbers and the population increased westward, the need for a larger church resulted in the building of St. Olaf at Cranfills Gap in 1917. Both churches are now used and maintained by St. Olaf members. This Endowment Fund will be beneficial for the maintenance, enhancement and historic preservation of both facilities. For some time there has been a specific fund for preservation and maintenance of the Rock Church and also for the cemetery. You may continue to specify that your donation go directly to either of these funds. However, this Endowment Fund has been established for the needs of all facilities of St. Olaf Lutheran Church.