Long-time members of Springwood church are mostly familiar with the name of D. P. Foust. He was one of the founding members of Springwood, gave the land on which the church and cemetery sit, and provided the cemetery fence. In 1906, upon the death of his wife and at his request, his estate established among other bequests three Trusts to benefit Orange Presbytery. Orange Presbytery eventually became Salem and New Hope Presbyteries. Over the years these trusts have experienced varying success in fund growth and in being applied according to Mr. Foust's wishes; however, for the most part Springwood elders and sometimes Pastors have attempted to take an interest in seeing that the terms of the Trusts were honored.
Now, at the end of 2009, over 100 years after the establishment of the trusts, major developments are occurring "in God's time" that affect these trusts and Springwood Church.
The first trust was designated as "Home Missions." Although this trust has grown over the years, very little money has ever been disbursed from the fund. At this time there is approximately $100,000 in disbursements that will be divided between Salem and New Hope. This trust will still exist, and future trust earnings will also be disbursed when appropriate. The very exciting news is that Salem Presbytery has answered Springwood's grant request with $50,000 from this trust to go toward our water and sewer project. Sam Marshall, Executive Presbyter for Salem Presbytery, made the recommendation to the Presbytery Council following a meeting of representatives from Springwood, Salem Presbytery and New Hope Presbytery. Mr. Marshall felt strongly at that meeting--as did Springwood's participants--that "God's time" has been working for us through the history of this trust, its disbursements, and the coming together of the Trustees' efforts to resolve some of the trust issues, to create an outcome that provided significant funding toward an important project for D. P. Foust's home church. We are blessed!
The second of the trusts was designated as "Preaching to Weak Churches." Under North Carolina law, when the contents of a trust fall below a certain amount, the trustees can petition the court to dissolve the trust. Such dissolution is currently occurring with this trust. As of this year, once disbursements are made, there will be little left in the trust. Therefore, upon petition by current Trustee New Hope Presbytery, this trust will no longer exist. The remaining funds, approximately $23,000, will be given to New Hope and Salem Presbyteries (old Orange) and will still be subject to the same use restrictions that applied to the trust, that is, the funds must be used to help provide preachers for weak churches. The primary difference is that because there is no longer a trust, there will be no required yearly accounting to the Clerk of Court. Court costs and lawyer's fees will no longer have to be paid for these activities out of the Trust fund.
The third trust was established for the purpose of paying a preacher for Springwood Church. This trust followed Mr. Foust's desire to provide $300.00 each year--a generous salary for a preacher in 1906! Several years ago the courts agreed to change the terms of the trust in order to keep up with the differences in pastoral salaries after 100 years. Springwood currently receives 75% of the yearly earnings of the trust.
The change in this Trust is that New Hope Presbytery will no longer be the trustee. New Hope is voluntarily giving up their trusteeship, a role that will now be filled by Springwood Church. Springwood's long-held desire to be trustee of our portion of D. P. Foust's bequest has finally been answered. Beginning in 2010, Springwood will assume Trusteeship and will be responsible for filing annual accountings with the Guilford Clerk of Court. We will also be responsible for requesting annual disbursements from the Presbyterian Foundation, holder of the Trust monies.
The Session has named the Officers of Springwood Church Corporation to serve as Trustees of this Trust. Currently those officers are Mike Griggs, President; Barry Shelton, Vice President; and Cindy Ingle, Secretary.
