Sydenstricker United Methodist Church Endowment ...
Resolution Creating Sydenstricker United Methodist Church Endowment Program Introduction Endowment giving is a special program of giving above and beyond regular contributions to the church. Endowment gifts can be any amount of money (small or large) or other asset, such as personal property, life insurance, bequest in a will, or real estate. Endowment gifts can be given to create a legacy or endow the church’s ministry. Contributions can be made to an undesignated Endowment fund or it can be designated to a specific area, such as: supporting new and expanding church ministries, a mission project, a scholarship, or a physical project at the church. This list of specific or designated areas could be endless. The Endowment fund will generate income to fund programs, projects, missions, etc. The Endowment Committee will be comprised of members of the Sydenstricker UMC congregation as well as a representative from the Finance Committee, Stewardship Committee, and Trustees. It will make decisions regarding using the assets from the undesignated Endowment funds as well as the designated funds and giving advice to potential donors. The Endowment contributions will be invested as deemed appropriate by the Endowment Committee with the Virginia (VA) United Methodist (UM) Foundation considered for investments. The VA UM Foundation exists to invest monies for local churches and Conference Districts and agencies in accordance with the socially responsible investing principles of the United Methodist Book of Discipline. Endowment gifts shall be above and beyond regular giving. Contributions shall be made in accordance with the Sydenstricker UMC Endowment Program Gift Acceptance Policy. Endowment gifts shall be used to fund areas that support SUMC and allows the Church to live out our mission of making Disciples of Christ by Bringing God to people and people to God. Purpose The purpose of the SYDENSTRICKER UNITED METHODIST CHURCH ENDOWMENT FUND (hereinafter referred to as the “Fund”) is to provide a means for donors to leave a legacy through Sydenstricker United Methodist Church. These gifts may outlive the donor through succeeding generations. A financial endowment is a donation of money or property for the ongoing support of the church. It is generally structured so that the principal amount is kept intact while the investment income is available for use. The donor may specify an endowment as either “Nonexpendable” with a “Designated” purpose or “Expendable” with either a “Designated” or “Undesignated” purpose. Nonexpendable endowments will be structured so that the principal value of the gift is kept intact while the investment income is available for use. Nonexpendable endowments allow the donation to have an impact over a longer period than if it were spent all at once. Expendable endowments will allow both the principle value of the gift and the investment income to be used. The “Expendable” category allows for the REVISION 5 – 20 March 2017
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establishment of an endowment designed to be fully expended for a specified purpose, i.e. purchase of a new organ or if accumulated in an unspecified use fund may be used to address pressing church needs not met by any other source to continue the life of the church. Endowment Program Principles 1. Management of the Fund a. Responsibility for management of the Fund shall be vested in the Endowment Committee. b. The Endowment Committee (herein referred to as “the Committee”) shall consist of selected members (no less than three / no more than five) of the congregation of Sydenstricker United Methodist Church and the chairpersons of the Church Council, Finance Committee, Stewardship Committee, and Trustees. c. The Senior Pastor will be a member of the committee. The Assistant or Associate Pastor (if assigned) may also be on the committee. d. The standard terms of office for committee members are three years; however, that could be more or less depending on the position held by a member. e. At the first meeting of the committee following each annual Charge Conference, a committee chairman will be determined. The chairman shall preside at all meetings and shall report to the church council through the Finance Committee. f. The Committee shall meet at least quarterly, or as often as necessary to conduct business of the fund. g. A majority of the Committee shall be required to conduct a business meeting. A majority of the committee members in attendance at any meeting shall be required to carry any motion or resolution. h. The Committee shall make an annual report to the Charge Conference. 2. Investment of the Fund a. All assets are to be held in the name of the SYDENSTRICKER UNITED METHODIST CHURCH ENDOWMENT FUND. b. The Fund assets will be transferred and invested at the direction of the Endowment Committee in accordance with the Social Principles of the United Methodist Church, as set forth in the Book of Discipline. c. Income to the Fund will be determined in accordance with generally accepted accounting procedures, principles and applicable legislations. Income is considered to be interest, dividends and realized capital gains generated by the Fund. REVISION 5 – 20 March 2017
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3. Merger or Dissolution of the Church a. If at any time, the Church is lawfully merged or consolidated with any other church, all provisions of the Fund shall be deemed to have been made in behalf of the merged or consolidated church which shall be entitled to receive all the benefits of the Fund and shall be obligated to administer it in accordance with the terms of this resolution. b. In the event of the dissolution of the Church, The Virginia Conference of the United Methodist Church or its successor shall receive the benefits of the Fund and shall be obligated to administer it in accordance with this resolution. 4. Amendments The terms of this Resolution may be amended only be a two-thirds (2/3) vote of those present at the annual Charge Conference of the Church duly called according to the Book of Discipline of the United Methodist Church for the specific purpose of amending the terms hereof. 5. Fund Dissolution The Committee may recommend the dissolution of the Fund, if it is decided that it would be in the Fund’s best interest to do so and to direct, with the approval of the Charge Conference of the Church, how the assets of the Fund are to be distributed.
ACCEPTANCE: This revision to the “Resolution Creating Sydenstricker United Methodist Church Endowment Program” was presented to the Sydenstricker UMC Church Council and accepted by the Church Council on 20 March 2017. Sydenstricker United Methodist Church
By: ____________________________________________ Chairman, SUMC Church Council
____________________________________________ Secretary, SUMC Church Council ADOPTION AND ENACTMENT: The resolution was presented at a session of the Charge Conference of Sydenstricker United Methodist Church, Springfield, Virginia on _______________ 2017 and adopted and enacted by the Charge Conference. Alexandria District United Methodist Church
By: ____________________________________________
REVISION 5 – 20 March 2017
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establishment of an endowment designed to be fully expended for a specified purpose, i.e. purchase of a new organ or if accumulated in an unspecified use fund may be used to address pressing church needs not met by any other source to continue the life of the church. Endowment Program Principles 1. Management of the Fund a. Responsibility for management of the Fund shall be vested in the Endowment Committee. b. The Endowment Committee (herein referred to as “the Committee”) shall consist of selected members (no less than three / no more than five) of the congregation of Sydenstricker United Methodist Church and the chairpersons of the Church Council, Finance Committee, Stewardship Committee, and Trustees. c. The Senior Pastor will be a member of the committee. The Assistant or Associate Pastor (if assigned) may also be on the committee. d. The standard terms of office for committee members are three years; however, that could be more or less depending on the position held by a member. e. At the first meeting of the committee following each annual Charge Conference, a committee chairman will be determined. The chairman shall preside at all meetings and shall report to the church council through the Finance Committee. f. The Committee shall meet at least quarterly, or as often as necessary to conduct business of the fund. g. A majority of the Committee shall be required to conduct a business meeting. A majority of the committee members in attendance at any meeting shall be required to carry any motion or resolution. h. The Committee shall make an annual report to the Charge Conference. 2. Investment of the Fund a. All assets are to be held in the name of the SYDENSTRICKER UNITED METHODIST CHURCH ENDOWMENT FUND. b. The Fund assets will be transferred and invested at the direction of the Endowment Committee in accordance with the Social Principles of the United Methodist Church, as set forth in the Book of Discipline. c. Income to the Fund will be determined in accordance with generally accepted accounting procedures, principles and applicable legislations. Income is considered to be interest, dividends and realized capital gains generated by the Fund. REVISION 5 – 20 March 2017
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3. Merger or Dissolution of the Church a. If at any time, the Church is lawfully merged or consolidated with any other church, all provisions of the Fund shall be deemed to have been made in behalf of the merged or consolidated church which shall be entitled to receive all the benefits of the Fund and shall be obligated to administer it in accordance with the terms of this resolution. b. In the event of the dissolution of the Church, The Virginia Conference of the United Methodist Church or its successor shall receive the benefits of the Fund and shall be obligated to administer it in accordance with this resolution. 4. Amendments The terms of this Resolution may be amended only be a two-thirds (2/3) vote of those present at the annual Charge Conference of the Church duly called according to the Book of Discipline of the United Methodist Church for the specific purpose of amending the terms hereof. 5. Fund Dissolution The Committee may recommend the dissolution of the Fund, if it is decided that it would be in the Fund’s best interest to do so and to direct, with the approval of the Charge Conference of the Church, how the assets of the Fund are to be distributed.
ACCEPTANCE: This revision to the “Resolution Creating Sydenstricker United Methodist Church Endowment Program” was presented to the Sydenstricker UMC Church Council and accepted by the Church Council on 20 March 2017. Sydenstricker United Methodist Church
By: ____________________________________________ Chairman, SUMC Church Council
____________________________________________ Secretary, SUMC Church Council ADOPTION AND ENACTMENT: The resolution was presented at a session of the Charge Conference of Sydenstricker United Methodist Church, Springfield, Virginia on _______________ 2017 and adopted and enacted by the Charge Conference. Alexandria District United Methodist Church
By: ____________________________________________
REVISION 5 – 20 March 2017
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