GIBSON CITY UNITED METHODIST CHURCH MEMORIAL FUND ...
GIBSON CITY UNITED METHODIST CHURCH MEMORIAL FUND POLICY (10/26/14 Draft) PURPOSE The purpose of the Gibson City United Methodist Church Memorial Fund (hereinafter referred to as the Memorial Fund) is to provide members and friends of the United Methodist Church of Gibson City with the opportunity to make designated and undesignated gifts to the church in which both principal and income are available to support the ministry of the church. Gifts may be made in memory of, in honor of, or just as a gift to the Fund. NOTE: All other gifts in which the principal is to be held in reserve should be directed to the GCUMC Permanent Endowment Fund. ADMINISTRATION The Board of Trustees, according to Sec. 2533.5 of the 2012 Book of Discipline, “shall receive and administer all bequests made to the local church; shall receive and administer all trusts; and shall invest all trust funds of the local church in conformity with laws of the country, state, or like political unit in which the local church is located.” Furthermore, the Board of Trustees is encouraged to invest in institutions, companies, corporations, or funds that make a positive contribution toward the realization of the goals outlined in the Social Principles of the United Methodist Church, but shall not use that criterion exclusively in making investment decisions. To aid the work of the Board of Trustees, the Memorial Committee of the United Methodist Church of Gibson City shall help administer the Memorial Policy and Fund. The committee members must be members of the local church, nominated and elected according to the Book of Discipline. The committee is entrusted with the following duties: 1
1) Keeping an accurate record of the Memorial Fund gifts and donors. The records shall divide the fund into Undesignated and Designated categories and amounts. The Designated category shall keep a separate line item for each designated purpose and amount. These records shall be kept in perpetuity. 2) The Memorial Committee shall keep an updated record of the contact person(s) for each designated gift, if the donor requires approval of the expenditure of their gift. 3) The Memorial Committee shall receive all requests for expenditures from the fund. 4) The Memorial Committee shall generate a list of special needs and projects to be preapproved by the Trustees. 5) The Memorial Committee is authorized to approve expenditures from the preapproved project list, and approve expenditures from the undesignated fund up to an amount of $500 without preapproval from the Trustees. 6) The Memorial Committee shall report records, updates and activity of the Memorial Fund to the Board of Trustees. REQUESTS FOR EXPENDITURES For undesignated funds, requests for expenditures of the Memorial Funds should be made to the Memorial Committee. Any member, work area, committee, staff member, Sunday School class, spiritual growth group, circle, or club, or other group appropriately a part of the United Methodist Church of Gibson City may propose a use of the Memorial Fund which has not been previously designated.
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REPORTS The Trustees are subject to all the requirements of the Book of Discipline of the United Methodist Church, and are responsible to the direction of the Charge Conference as specified in Sec. 2529.2-5 the 2012 Book of Discipline; (as allowed by the Book of Discipline, a Church Conference may be held instead of a Charge Conference). The Trustees shall report on the Memorial Fund at the regular meetings of the Covenant Council. CHANGES TO THE MEMORIAL FUND POLICY This policy shall not be altered except by concurrence of the Board of Trustees, and a threefourths (3/4) majority vote of the Covenant Council, or by a three-fourths (3/4) majority vote at a duly announced Church Conference of the United Methodist Church of Gibson City. OVERSIGHT AND LIABILITY OF TRUSTEES AND MEMORIAL COMMITTEE In absence of gross negligence or fraud, no member of the Committee or Board of Trustees shall be personally liable for any action taken or omitted with respect to the Memorial Fund. SEVERABILITY If any provision or any application of any provision of this Memorial Fund shall be held or deemed to be illegal, inoperative, or unenforceable, the same shall not affect any other provision or application of any provision herein contained or render the same invalid, inoperative, or unenforceable.
THIS MEMORIAL FUND AGREEMENT WAS ADOPTED THIS _____ DAY OF _________, 20___, BY A DULY AUTHORIZED CHARGE/CHURCH CONFERENCE OF THE GIBSON CITY UNITED
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METHODIST CHURCH, GIBSON CITY, ILLINOIS BY A VOTE OF _____ FOR, _____, AGAINST, AND _________ ABSTAINED. Secretary ____________________________________________ District Superintendent _________________________________ Pastor _______________________________________________
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1) Keeping an accurate record of the Memorial Fund gifts and donors. The records shall divide the fund into Undesignated and Designated categories and amounts. The Designated category shall keep a separate line item for each designated purpose and amount. These records shall be kept in perpetuity. 2) The Memorial Committee shall keep an updated record of the contact person(s) for each designated gift, if the donor requires approval of the expenditure of their gift. 3) The Memorial Committee shall receive all requests for expenditures from the fund. 4) The Memorial Committee shall generate a list of special needs and projects to be preapproved by the Trustees. 5) The Memorial Committee is authorized to approve expenditures from the preapproved project list, and approve expenditures from the undesignated fund up to an amount of $500 without preapproval from the Trustees. 6) The Memorial Committee shall report records, updates and activity of the Memorial Fund to the Board of Trustees. REQUESTS FOR EXPENDITURES For undesignated funds, requests for expenditures of the Memorial Funds should be made to the Memorial Committee. Any member, work area, committee, staff member, Sunday School class, spiritual growth group, circle, or club, or other group appropriately a part of the United Methodist Church of Gibson City may propose a use of the Memorial Fund which has not been previously designated.
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REPORTS The Trustees are subject to all the requirements of the Book of Discipline of the United Methodist Church, and are responsible to the direction of the Charge Conference as specified in Sec. 2529.2-5 the 2012 Book of Discipline; (as allowed by the Book of Discipline, a Church Conference may be held instead of a Charge Conference). The Trustees shall report on the Memorial Fund at the regular meetings of the Covenant Council. CHANGES TO THE MEMORIAL FUND POLICY This policy shall not be altered except by concurrence of the Board of Trustees, and a threefourths (3/4) majority vote of the Covenant Council, or by a three-fourths (3/4) majority vote at a duly announced Church Conference of the United Methodist Church of Gibson City. OVERSIGHT AND LIABILITY OF TRUSTEES AND MEMORIAL COMMITTEE In absence of gross negligence or fraud, no member of the Committee or Board of Trustees shall be personally liable for any action taken or omitted with respect to the Memorial Fund. SEVERABILITY If any provision or any application of any provision of this Memorial Fund shall be held or deemed to be illegal, inoperative, or unenforceable, the same shall not affect any other provision or application of any provision herein contained or render the same invalid, inoperative, or unenforceable.
THIS MEMORIAL FUND AGREEMENT WAS ADOPTED THIS _____ DAY OF _________, 20___, BY A DULY AUTHORIZED CHARGE/CHURCH CONFERENCE OF THE GIBSON CITY UNITED
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METHODIST CHURCH, GIBSON CITY, ILLINOIS BY A VOTE OF _____ FOR, _____, AGAINST, AND _________ ABSTAINED. Secretary ____________________________________________ District Superintendent _________________________________ Pastor _______________________________________________
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