the baptist foundation of oklahoma

T H E
FALL 2008
B APTIST
FOUNDA TI ON
OF
OKLA H O M A
VOLUME TWO, ISSUE TWO
GENEROSITY
Your Foundation
Fall 2008 | Volume 2, Issue 2
T
he Foundation’s first full-time Executive Secretary-Treasurer, Dr. Auguie
Henry, served with a strong conviction that Oklahoma Baptists could take
care of their agencies, institutions, and ministries. He never lost sight of
that belief in his almost 20 years of service. Dr. Henry saw Oklahoma Baptists repeatedly respond from their hearts to meet needs in our state, across the nation,
and around the world.
Dr. Henry believed in Oklahoma Baptists, which are the Foundation, said Mrs.
Bette Graham, Dr. Henry’s oldest daughter (see related story on Page 4). Once
he began his term, he served with fervor, spending most Sundays in the pulpit,
encouraging and educating the state’s congregations about the Foundation’s purposes and services to Southern Baptist ministries.
His leadership left an indelible mark on the Foundation; his footsteps still serve
as a guide for those of us who have followed him.
In honor of the late Dr. Auguie Henry and his commitment to furthering gifts for
Southern Baptist ministries from 1949-1967, the Foundation has created the Auguie Henry Society. This society comprises those very people Dr. Henry believed
in: Oklahoma Baptists who support in their estate plans the agencies, institutions, and ministries that further the message of Christ.
Auguie Henry Society
Dr. Henry’s legacy is interwoven in the stories in this issue of Generosity: the
story of a military family who created an estate plan and kept in mind the needs
of children at the Boys Ranch Town; a widow who honored her late husband’s
wish to begin a scholarship fund for students who want to go into the ministry;
and a church that chose to build its new facility with funds it borrowed from the
Foundation in order that the interest would go back to Baptist causes.
In addition, read more about Dr. Auguie Henry on Page 4 and celebrate with us
the list of causes the 170 members of the Auguie Henry Society have designated
in their estate plans.
Dr. Henry’s conviction was on target and
The Foundation continues to hold his belief that Oklahoma Baptists have a generous heart for causes that improve and
influence the lives of people they will perhaps never meet.
Robert Kellogg
Foundation President & CEO
A magazine for clients and stakeholders who
support The Baptist Foundation of Oklahoma’s
mission to promote Christian stewardship and
provide financial management for the gifts
that strengthen Southern Baptist ministries. Production
Barros Design Group| Design Layout
Bill Pope| Photographer
Taprina Milburn| Editor
Send questions/comments to:
Editor, Generosity
3800 N. May Avenue
Oklahoma City, OK 73112
[email protected]
Administration
Robert Kellogg| President & CEO
Jim Wilsie| Executive Vice President & CFO
Janna Charles| Executive Assistant to the President
Dan Allen| Senior Vice President Donor Services & Tulsa
Regional Office
Shryln Treadwell| Senior Vice President Beneficiary
Services
Jerry Vaughan| Senior Vice President Foundation Loan
Services & Real Estate
David Depuy| Vice President, Controller
Michael Romero| Vice President, and Trust Counsel
John Schantz| Vice President, Operations
Area Managers
Curt Gathright| Northwest Area Manager
Kathy Lee Hatchett| Estate Stewardship
Counselor, Central OKC Area
Paul Kersh| Southwest Area Manager
David Polk| Southeast Area Manager
Jerry Zumwalt| Northeast Area Manager
Generosity is published in the fall and spring
by The Baptist Foundation of Oklahoma,
Oklahoma City, Oklahoma. Recipients include
approximately 10,000 clients, stakeholders,
and churches in Oklahoma. To request a copy
or to update mailing information, please call
405.949.9500.
“…through us your generosity will result in
thanksgiving to God.” II Corinthians 9:11
CONTENTS
COVER STORY
2
Protecting Family and Country
Deployment Spurs Couple to Take Care of Business
FEATURES
4
6
2
8
6
Anguie Henry
A President’s Legacy Rooted in Desire to Give Back
A Wish Becomes Reality
Wife Creates Scholarship Fund in Husband’s Name
Estate Planning for Every Season of Life
More than Wills
THE
FALL 2008
BA P TIST
FOUNDATION
OF
OKLAHOMA
VOLUME TWO, ISSUE TWO
ON THE COVER
Joy, Jackson and Will Doggett.
Will is serving in Iraq.
DEPARTMENTS
10
www.bfok.org
Donor Services
Revocable Living Trusts
How Endowments Minister to Future Generations
by Dan Allen, Senior Vice President, Donor Services
Investments
Market Commentary
Tale of Two Sectors
by Robert Kellogg, Foundation President & CEO
10
The Baptist Foundation of Oklahoma
12
More than Brick and Mortar
Generosity
11
Church Building Loans & Investment Funds
1
Protecting Country and Family
re of Business
Deployment Spurs Couple to Take Ca
“My faith makes this situation easier,” said Joy Doggett
This is his second tour of duty with the Army National
about her husband Will’s deployment to Iraq in October
Guard. The first was in Afghanistan in 2003-2004. He also
2007. He is currently serving as a platoon sergeant for the
served for six weeks in New Orleans after Hurricane Ka-
Intelligence, Surveillance, and Reconnaissance Platoon for
trina.
the 1-179 Infantry Battalion at Camp Bucca, Iraq.
The Baptist Foundation of Oklahoma
said.
Generosity
“I don’t understand how people without faith cope,” Joy
would be nearly impossible.”
2
“Serving my country means…protecting the people
of the United States, whether overseas or at home,” he
writes.
Responding in an e-mail from Iraq, Will Doggett told
Joy and Will live in Vinita and are active members of
Generosity, “My family is supportive of what I do. My
First Baptist Vinita. They met at Bluejacket High School in
church, I am sure, has kept me and the other deployed
Bluejacket, Oklahoma.
soldiers at the top of the prayer list. My faith has kept me
focused on the job at hand and the job of getting home.
Without the Lord I think keeping my sanity in this place
“We’ve pretty much known each other forever,” she
said.
After the couple married in 1995, Will was out of the
Army for a few years and then reentered military life when
Strength for today and tomorrow
he signed up for the Army National Guard, in which he has
served for nine years.
The first deployment certainly was not easy as a spouse, Joy
said. The second deployment
is different and has its own set
of challenges because she and
Will are now parents of threeyear-old Jackson. Joy spends
her days keeping up with her
energetic blond, curly-haired
January is Make a Will Month
“We chose to support our
church and the Boys Ranch
Do you have a will?
Town,” Will writes in his email. “The Boys Ranch Town
The Foundation reimburses a portion of your
legal fees if you choose to leave at least a 10
percent charitable gift to Baptist ministries,
including the Southern Baptist church where
you and your family worship each Sunday.
If you would like to make an appointment to
talk with a Foundation representative about
your estate plan, please call 800.949.9988 for
more information.
was a favorite of our late pastor, Larry Wallace, and we did
it in honor of him.”
It was a painless process, Joy
said.
“We had everything in line
so that Jackson would be provided for spiritually and physi-
son. When Jackson sees or
cally, and the financial part
hears a fire truck, he points and
would not be an issue for his
says, “That’s like Daddy.” Will’s “real-life”
guardian. It was a weight off our shoulders.”
job is as a firefighter for the Broken Arrow
Will added in his e-mail, “The will and estate
Fire Department. In the evenings Jackson
plan have given me a peace of mind while I have
listens to books read by Will that the couple
been here; one less thing to worry about. If some-
video recorded before he left. They are mak-
thing happens to me, my family is taken care of. I
ing the best out of the situation and anticipate
would tell people not to put off taking care of their
Will’s return in October 2008.
estate plan a moment longer. We aren’t guaranteed
“Last time I was only responsible for
tomorrow.”
myself,” Joy said. “The biggest pressure
now is that I’m the sole parent.”
This made contacting the Foundation to set up an estate plan important
before Will left for Iraq.
Jackson was our motivation, but the
deployment was the thing that really
forced us to take care of the will and
Joy and Jackson anticipate a reunion with Will
The will and estate plan have
given me a peace
of mind while I
have been here;
one less thing to
worry about.
Sgt. Will Doggett
this fall. They plan to take walks on the family
farm, have dinner together, and read stories to
Jackson at night.
“I’m just looking forward to sitting together
in church,” she said. “It’s the everyday things
that I really miss.”
not put it off any longer, Joy said.
A Foundation representative sat
down with the Doggetts and walked them
they had a firm plan in place.
firm plan in place, they signed their documents and paid
their attorney. The Foundation reimbursed a portion of
the couple’s legal fees. This is the arrangement made available by the Foundation if clients leave at least a 10 percent
charitable gift to Baptist ministries in their estate plan.
www.bfok.org
The Baptist Foundation of Oklahoma
Once the Doggetts met with the Foundation and had a
Generosity
through the process step-by-step. When the couple left,
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3
“My father’s beginnings with the Foundation came
about through a lot of prayer,” said Bette Graham, Bar-
“I had a hard time planning a wedding because be-
tlesville, daughter of the late Dr. Auguie Henry, the Foun-
tween May and September that year there were only two
dation’s first full-time Executive Secretary-Treasurer. “He
weekends he would be available,” she said with a laugh.
prayed about it a lot and we as a family joined him in
“I think because of his dedication to the Foundation and
those prayers.”
its purposes we learned in our family the needs of Bap-
Dr. Henry accepted the position and served the Foun-
Generosity
The Baptist Foundation of Oklahoma
dation from 1949-1967. He came to the organization
4
pew the Foundation’s purpose, Graham said.
tists and the necessity of the Foundation’s support of those
causes.”
with strong convictions that fueled his dedication to the
Jeanne Palmer, Owasso, Dr. Henry’s youngest daughter,
Foundation long after his retirement. One conviction was
agreed, “He taught us the importance of leaving a legacy
that Oklahoma Baptists were able to provide the neces-
through the Foundation. He was a wonderful Christian
sary endowment and funds to help Baptist agencies, in-
father dedicated to his family and home. The work of the
stitutions, and ministries. And, that the Foundation could
Foundation meant a great deal to him too and he was
provide responsible administration and distribution of
dedicated to helping people.”
these funds.
In his autobiography “My Life and Labors Among Okla-
During his tenure, Dr. Henry helped to increase the
homa Baptists,” Dr. Henry writes of his years with the
Foundation’s assets from $xxx to $xx million. He ap-
Foundation: “One is never satisfied with accomplishments,
proached the churches throughout the state, preaching
but we are grateful for the privilege of pioneering in a new
almost every Sunday and explaining to the people in the
work, involving an important part of biblical stewardship,
Strength for today and tomorrow
and for the opportunity of helping to grow an organization
plans.
that has the respect of Oklahoma and Southern Baptists.”
Currently, the Auguie Henry Society has 170 mem-
In honor of Dr. Auguie Henry and his dedication to
bers who as a group have named more than 80 charitable
furthering gifts for Southern Baptist ministries, the Foundation’s Auguie Henry Society was formed in 2006. The
causes in their estate plans.
“I really believe my father felt the Foundation
Auguie Henry Society recognizes those families who have
could enrich the lives of our Oklahoma Baptist institu-
taken an additional step of stewardship by including a
tions through Oklahoma Baptist people. They are the
gift to their favorite Baptist ministry as part of their estate
Baptist Foundation,” Mrs. Graham said.
Auguie Henry Society
The following are organizations supported by the Foundation’s Auguie Henry Society. The conviction Dr. Auguie Henry brought with him to the Foundation continues today: Oklahoma Baptists can and will provide for
their agencies, institutions and ministries.:
Baptist General Convention of Oklahoma
Associations
Baptist Village Retirement Communities
International Commission Foundation
•Chaplaincy Ministry
•Edna McMillan State Missions Fund
•Falls Creek
•Baptist Collegiate Ministries
•Cooperative Program
•Needy Widows of Ordained Ministers
Oklahoma Baptist Homes for Children
•Guidestone, Retired Minister’s Support Fund
Churches
First Marietta
First Muskogee
First Shattuck
First Wetumka
First Mooreland
First Missionary Baptist Church, Ardmore
First Southern Baptist, Del City
First Southern Baptist, Eudora, KS
First Stillwater
Grace Place Baptist, OKC
Goldsby Baptist
Immanuel Baptist Church, Ardmore
Madisonville Baptist, Madisonville, LA
Meadowood Baptist, Midwest City
Mentor Baptist, Rogersville, MO
Norwood Baptist, Norwood, LA
Northeast Baptist, Norman
Northeast Baptist, Ponca City
Olivet Baptist, OKC
Quail Springs Baptist, OKC
Rancho Village Baptist, OKC
Second Baptist, Okmulgee
Southern Hills Baptist
Victory Baptist, OKC
Verdigris Baptist, Claremore
•Southern Baptist Convention
•Women’s Missionary Union
•North American Mission Board
•Annie Armstrong Offering
Village Baptist, OKC
Woodland Acres Baptist
Colleges, Universities & Seminaries
Baylor University
Moody Bible Institute, Chicago, IL
Oklahoma Baptist University
Ouachita Baptist University, AR
Southwestern Baptist Theological
Seminary
Southwest Baptist University, Bolivar, MO
University of Central Oklahoma
William Jewel College, Liberty, MO
Ministries
Billy Graham Evangelistic Association
Baptist Medical Center, Kansas City, MO
Dennis Swanberg Events
Fellowship of Christian Athletes
Gideons International
Katie Cemetery, Katie, OK
Salvation Army, OKC
Salvation Army, Tulsa
The Baptist Foundation of Oklahoma
www.bfok.org
•International Mission Board
•Lottie Moon
•World Hunger
•North American Mission Board
Generosity
Baptist Temple, OKC
Capitol Hill Baptist
Council Road Baptist
East 7th Street Baptist Church, NYC
Emmanuel Baptist Church, Enid
Enon Baptist Church, Pittsville, MO
First Baptist Rolling Hills, Catoosa
First Cleveland
First Commerce
First Crescent
First Durant
First Elmore City
First El Reno
First Inola
First Grove
First Midwest City
First Oklahoma City
First Ponca City
First Tulsa
First Wanette
First Enid
First Kingfisher
First Owasso
First Port Aransas Texas
•Capital Baptist Association
•Cimarron Baptist Association, Camp Lela
•Tulsa Metro Association
5
Generosity
The Baptist Foundation of Oklahoma
He asked me to marry him
before he left for the war.
We were married almost 63
years and that wasn’t nearly enough time.
Mary Jo Russell
6
Strength for today and tomorrow
Wife Honors Husband’s
Wishes with Scholarship
M
ary Jo Russell’s home is filled with
boys would have problems in their lives they’d come
handcrafted items her late husband
and talk to him about it.”
L.A. Russell made for her through-
L.A. developed Alzheimer’s in the latter years of
out the years—a wooden train set, toy
his life, was bedfast, and at times did not recognize
cars, and a miniature church.
“These are little things, but they make me think of
him every time I look at them,” Mrs. Russell said.
Mary Jo and L.A. met when L.A.’s dad was the pas-
“That’s awful when it gets to that place. And sometimes Alzheimer’s patients have a look about them
that is just blank,” Mrs. Russell said.
tor of First Baptist Purcell. L.A. lived in Oklahoma
That’s why a particular day still stands out in her
City and visited his parents in Purcell on the week-
memory. One day L.A. called to her and when she
ends. Mary Jo had become close friends with L.A.’s
entered the bedroom he was sitting on the edge of
mother and was at the house often when he visited.
the bed.
Eventually she and L.A. became friends, started dating, and fell in love.
“This day his eyes were bright and sparkly. He said
‘You know what I want to do? I want us to establish
“He asked me to marry him before he left for the
a scholarship fund for boys who want to be preach-
war,” she said. “We were married more than 60 years
ers,’” she recalled. “I didn’t think we had that kind of
and that wasn’t nearly enough time.”
money because I thought to start a scholarship and
The couple married on January 17, 1944. They had
to have enough in there to go on for years would
two daughters, Pat and Gwen. After the war, L.A.
take lots and lots of money. So I really didn’t think
started an insurance agency in Purcell, which he ran
about it much any more.”
until his retirement. Mary Jo assisted her husband
for years in the family business.
After L.A. died in the summer of 2006, Mrs. Russell went over her finances with her daughter and
As they raised their children, the Russell home
decided to make a gift to First Purcell, the church
was the setting for many church youth activities. In
in which she and her husband had met, raised their
fact, their den was equipped with a ping pong table
family, and attended all their married life. The Foun-
and L.A. was often a champion, Mrs. Russell said.
dation invests and manages the L.A. Russell Scholarship Fund for Mrs. Russell.
“I just pray that through the scholarship some boy
posite of what it was for a right-handed person. He
or girl who wants to go into the ministry will bring
loved that,” Mrs. Russell said with a smile. “L.A. felt
glory to God. That’s my prayer,” she said. “I know
a friendship with those kids. Many of them would
L.A. would be so happy about this because this is
come back to town and visit. Sometimes when the
what he wanted.” she said.
The Baptist Foundation of Oklahoma
get used to his serve because the cut on it was just op-
Generosity
“He was left handed and it was hard for people to
www.bfok.org
his wife.
7
Estate Planning for Every Season of Life:
More than Wills
Bob and Nancy Lee knew in the early 1970s the impor-
the idea of staying active. Bob works in his yard and helps
tance of making a will. They were raising two children and
a few widowers, and Nancy is confident that she will find
had the same concerns most parents have, “What would
“meaningful work” to do as a new retiree.
happen to our children if something happened to us?” the
Generosity
The Baptist Foundation of Oklahoma
Lees said.
8
Both acknowledge that in this stage of their lives, the
basic will they created decades ago is not enough. They
Therefore, they met with The Baptist Foundation of
expanded their estate plan by creating a Revocable Living
Oklahoma and secured their plans for the children, Kathy
Trust. They are surprised that, “… people don’t realize that
and Kevin.
not only does the Foundation help families create wills
“We have tried to spread the word that families need
but also helps Oklahoma Baptists create trusts,” Bob said.
to take care of these things—wills and trusts,” Nancy
In both wills and trusts, the Foundation reimburses
said, “because it has helped us so much to have a peace
a portion of a client’s legal fees. This is an arrangement
of mind.”
made available by the Foundation if clients leave at least
Today Bob and Nancy are in a different season of their
lives. Their children grew up, went to college, moved out,
a 10 percent charitable gift to Baptist ministries or to the
Southern Baptist church where they attend each week.
and started families of their own. Bob retired in 2004 after
What are the advantages of a Revocable Living Trust?
33 years as the Baptist General Convention of Oklahoma’s
“While the terms of a trust read very similarly to a will,
Baptist Collegiate Ministry specialist, and Nancy recently
in that it distributes assets at your death, the legal distinc-
retired after 35 years as a professor at Rose State College.
tion of the two documents is significant,” said Dan Allen,
They have grandchildren and enjoy travel. The Lees like
Foundation Donor Services senior vice president. “When
Strength for today and tomorrow
a person dies the assets owned in their individual name
about that.”
must be probated before they can be distributed. Since the
The Lees also know that the Baptist ministries and oth-
trust entity does not die, the assets it owns are rarely sub-
er causes important to them are supported by their Revo-
jected to the probate process.”
cable Living Trust. Baptist collegiate ministries are dear to
In addition, a Revocable Living Trust:
Bob, and Nancy established a scholarship provision in the
• Permits a prompt distribution of trust assets. The plan
trust for the non-traditional female student who returns
of distribution you designed in your trust is set in motion
to college at Rose State College.
immediately upon your death.
• Allows flexible planning and control. The trust may be
Nancy explained that the steps taken to create a trust
opened their eyes.
amended or revoked. The owner can name beneficiaries
and successor trustees.
“Ordinary people would not know the ins-and-outs.
However, the people at the Foundation take the time to
• Allows investment management input.
explain everything to you and walk you through the pro-
“This has provided a peace of mind. We don’t have to
cess. And they continue to help you even after the trust
worry about all the probate issues,” Bob said. “I’ve known
is set up,” she said. “We talk up the Foundation to every-
a number of people who did not have a trust in place and
body. People need to know how much service they get
when a death occurred, I saw all the wrangling they had
back from the Foundation and that establishing a trust, if
to go through as far as the courts are concerned. It was a
done properly, can be an easy process. There’s a peace of
mess. I feel comfortable that if anything happened to me,
mind that comes with that kind of help.”
Nancy would not have to worry about that. If anything
happens to us, Kathy and Kevin wouldn’t have to worry
It cements your future and that of your children and
grandchildren, she said.
Your Charitable Gift Has A Foundation
Charitable Gift Annuity
Secure fixed payments for life
Charitable income tax deduction
Worry-free investment management
A meaningful gift to Southern Baptist ministries
800.949.9988 w 405.949.9500
www.bfok.org
Your Baptist Foundation
CHURCH BUILDING LOANS & INVESTMENT FUNDS
More than Brick and Mortar
Last spring, Immanuel Baptist Church opened the doors
to its new facility, a place that is more than brick and mortar, said Pastor Todd Fisher.
Greeters welcomed old-timers as well as many new fac-
million as we built. Then we planned to borrow $2 mil-
a culmination of years
is to pay off the loan
of discussions, plan-
within five years and
ning, and hard work.
then turn our focus to
Choir members, with
Phase II.”
a clear view of people
As Immanuel raised
filing into an already
money, it opened a
full sanctuary, wiped
Church Building Loan
tears from their eyes
Investment Fund with
as they sang before the
The Foundation, where
congregation.
the money grew un-
Some members will
til the church needed
say that talk about a
it. “We had incredible
new church building has been going on for more than 20
returns on our account. With the Foundation, you know
years, said Pastor Fisher.
that your money is going to be invested professionally,
you will have a nice return, and it will be invested with
standards,” Pastor Fisher said.
space. And as our church continued to grow, space be-
When it was time to borrow the remainder of the mon-
came even more of an issue. Our vision is to reach people
ey to complete Phase I, Immanuel chose the Foundation
and you can’t do that with physical limitations.”
for its loan. All interest paid on a church building loan is
In 1999 the church purchased 32 acres on 45th Street in
returned to Southern Baptist causes.
north Shawnee at a “God-thing price,” Pastor Fisher said.
“I think the hardest thing for a church in borrowing
But the church stayed in a “fund-raising holding pat-
money is the thought of paying interest,” Pastor Fisher
tern” because it was without a pastor for more than a
said. “If you have to borrow money, it takes a little bit of
year.
the sting away when you know that the interest you pay is
“Being without a pastor is tough on a building program.
Momentum is lost,” Pastor Fisher explained.
The Baptist Foundation of Oklahoma
raised,” Pastor Fisher said. “We knew we could raise $1
lion to finish. Our goal
“because we knew for a long time that we were out of
Generosity
“When we broke ground we had about half the money
es into the new church,
“The decision does have a long history to it,” he said,
10
worship center and a gym.
going back to ministry.”
Although the past years have been filled with a con-
Fisher was called as Immanuel’s pastor in July 2003
centrated effort on raising money for the building and
and helped revive the lost momentum, which included
completing Phase I, Pastor Fisher is quick to remind his
revamping the original plans. Instead of building the
congregation, “This church is not a monument to us and
church in its entirety, an expensive endeavor, the building
is more than brick and mortar. It’s about people and we
committee agreed on phasing the construction. The com-
are here to welcome people and see people’s lives trans-
pleted Phase I allowed the church to make the move from
formed.”
its Main Street location to 1451 45th Street. It is a 60,000-
For more information of the Foundation’s Church Build-
square-foot facility that includes education space and a
ing Loan Investment Fund or Church Building Loan pro-
temporary worship center. Phase II will be the permanent
gram, please call 800.949.9988 or visit www.bfok.org.
Strength for today and tomorrow
DONOR SERVICES
Making a Lasting Impact
How Endowments Minister to Future Generations
By Dan Allen
Senior Vice President, Donor Services
If we took the time to think of all the people in our lives
established in 1988 from an estate, that fund would have
that have made a positive impact on our Christian walk
distributed over one and a half times the original gift by
we would no doubt remember believers familiar and long
the end of 2007. More specifically, the ministry benefiting
forgotten. Either way, these people made an intentional
from these distributions would have received $178,656
investment of time and wisdom to help grow in our faith.
and the fund would have been valued at $263,584 at the
This type of investment is one that is truly selfless in that
end of 2007.
it is made with no expectation of return in the form of
I encourage you to consider what lasting impact you
profit or gratitude. Thankfully there are Christians sur-
want to have on God’s kingdom. In addition to the per-
rounding us who are willing to invest themselves in our
sonal investment you make in other believers, you can also
future. Paul assisted Titus, a Gentile, in this way by in-
make a lasting financial impact on ministries you love.
troducing him to a relationship with Christ and helping
An endowment gift, as part of your estate plan, is a simple
him prepare to minister in Crete. Paul wrote in Titus 1:4
way to provide a future gift of a percentage of your estate.
“To Titus, my true son in
Your gift does not have to
our common faith: Grace
be $100,000 as the example
and peace from God the
Father and Christ Jesus our
Savior. The reason I left
you in Crete was that you
might straighten out what
was left unfinished and ap-
“The initial value of the gift is not as
important as the knowledge that
your gift has a lasting impact on every
generation touched by the ministries
you love.”
point elders in every town,
as I directed you.
above. The initial value of
the gift is not as important
as the knowledge that your
gift has a lasting impact on
every generation touched
by the ministries you love.
My wife and I have made
Paul
similar arrangements in
must have known that he would not return to Crete to see
our estate plan for our church and several Baptist min-
Titus’ progress as he wrote but yet he was still willing to
istries that are special to us. We have even talked to our
mentor him.
13 year old son about these future gifts and why we value
these ministries. For us, our estate plan served as a teach-
helped me as I work with endowment donors at the Foun-
ing opportunity with our son. After we are gone, we trust
dation. These committed believers have made arrange-
that our gifts will minister to others and serve as a testi-
ments for gifts that will minister beyond their own lives.
mony of our life of service in Christ.
If you already have a will or revocable trust you can add
The principal gifts are invested for long term growth while
this type of gift through a codicil or an amendment. If
also providing income now for the ministries that benefit
you have not planned your estate, then the desire to leave
from them. As the value of the fund grows, the income
an endowment gift is one of several reasons you should
available to these ministries also increases. Over time, it
take care of this important step of stewardship. For more
is not unusual for these funds to distribute more than the
information on how you can make a lasting impact please
original gift. For example, if a $100,000 endowment was
contact us.
www.bfok.org
The Baptist Foundation of Oklahoma
An endowment gift is unique in that it is a perpetual fund.
Generosity
I am often reminded of those Christians who have
11
INVESTMENTS
Market Commentary
With Robert Kellogg
Foundation President & CEO
Tale of Two Sectors
Following a dismal first quarter in which the U.S. eq-
uity markets lost -9.94 percent as measured by the S&P
The current market downturn, which began in October
500 Index, the second quarter appeared to be poised for a
of 2007, officially became a bear market in early July. The
rebound with the index posting positive returns in April
economic outlook for the remainder of 2008 is tenuous
and May. However, the S&P 500 Index lost -8.34 percent
amid concerns about a recession and stagflation.
in the month of June alone resulting in a second quarter
The economic recovery will likely be gradual as the Fed-
loss of -2.73 percent, and a cumulative loss of -11.91per-
eral Reserve struggles to stimulate economic growth and
cent for the first half
8.00%
tion of the second
6.00%
quarter reveals a tale of
4.00%
two sectors. The ener-
2.00%
gy sector was the best
0.00%
20.16 percent for the
quarter bolstered by
$140 a barrel oil prices
and record corporate
4.21%
flation appear to be sta-
3.89%
bilizing. The downside
is that the extent of the
-1.11%
-0.61%
-1.21%
sub-prime
-1.07%
-1.81%
and consumer confi-
6.00%
-6.20%
dence remains shaken
-6.32%
8.00%
10.00%
-10.21%
12.00%
sector continued its
mortgage
crisis may not be over,
-3.13%
4.00%
the financial services
2Q
YTD
Spending Policy Pool
2Q
YTD
General Investment Pool
Foundation Portfolio
downward spiral in
the wake of the sub-prime mortgage crisis posting a loss
of -16.78 percent for the quarter.
The Baptist Foundation of Oklahoma
dollar, oil prices and in-
6.38%
2.00%
earnings. Conversely,
Generosity
good news is that the
As of June 30, 2008
A closer examina-
performing sector up
control inflation. The
Key Portfolio Performance
of 2008.
12
of 1.13 percent for the first half of 2008.
2Q
Total Equity Pool
Composite Index
YTD
as investors have seen
the value of their retirement portfolios and
home values decline as
the cost of food and
fuel has increased.
There is a silver lining among these storm clouds for
our clients. The performance of the Foundation’s spend-
The negative market performance experienced during
ing policy pool, general investment pool and total eq-
the first half of 2008 was not limited to the S&P 500 Index
uity pool significantly outpaced their industry accepted
but encompassed large and small company stocks, growth
benchmarks for the first half of the year. Most notably the
and value stocks, as well as domestic and international
Foundation’s investment performance ranks in the first
stocks. The fixed income markets failed to provide a safe
percentile among its peer group of other foundation and
haven for investors. As the yield curve steepened during
endowments with $100 to $500 million of assets.
the second quarter, bond returns went negative eroding
most of the first quarter gains. The Lehmann Brothers
Aggregate Bond Index, which posted a -1.02 percent for
the second quarter, managed to eke out a positive return
In the midst of this market volatility, the Foundation
continues to practice what we preach:
Diversification of assets, a disciplined investment process, and a long-term investment horizon.
Strength for today and tomorrow
Non-Profit
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PAID
3800 North May. Ave.
Oklahoma City, OK 73112
No. 1489
Okla. City, Ok