22.12.2006
LWF Treasurer Stoll Thanks Churches for Support to Endowment Fund
First Goal of CHF 10 Million AttainedGENEVA, 22 December 2006 (LWI) - The Treasurer of the Lutheran World Federation (LWF) Mr Peter Stoll has thanked the LWF member churches for their support toward the LWF Foundation-Endowment Fund, which reached its first goal of CHF 10 million in October 2006.
"We are grateful and proud that the Endowment Fund reached its first capital target of CHF 10 million (USD 8.2 million) in October 2006. The Fund now makes a notable contribution to financing the essential core functions of the LWF communion," Stoll said in an interview with the Lutheran World Information (LWI).
The LWF treasurer stressed the need to build up the Fund's assets and expressed confidence in the "help and support of the member churches to reach our next target."
He noted that in the short-term, "the LWF we will have to get used to the idea that the financial contributions of member churches which have paid more than their fair share will not longer be so high." He said the next realistic target is to double the CHF 10 million by the Reformation anniversary in 2017.
The LWF Foundation-Endowment Fund was established in 1999 to supplement financial support for the work of LWF. The fund's long-term goal is CHF 50 million. (223 words)
If you want to edit this article yourself and adapt it to a given format, follow our editing information
