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Pastor's Report for 2007 Annual Financial Report (January 27, 2008)

  The Rev. Sharyl B. Peterson, Ph.D., Senior Minister

It’s been a remarkable year for our church. While I was away on sabbatical (and I thank you again for your support for that - it was a wonderful experience), our members did a fabulous job of assuming leadership here, and not just maintaining status quo, but growing programs, doing new outreach, and more. I know that sometimes folks here get discouraged about this or that, but I say very sincerely, we have a huge amount to be proud of!

It was a thrill to return, and within a month of coming back, celebrate with you the burning of our Building Loan note from Cornerstone! The completion of our building remodel and addition was a historic event for this congregation, as was paying off the loan in substantially less than the five years we were allotted. The project - and everyone's support of it with their treasures and their energies - was truly an act of faithful response to what our God is calling our church to do and to be.

You also give so faithfully to support both our church's operations and missions. Many of our members pledge, and you faithfully pay those pledges, along with your special gifts to the church. I know it's not "exciting" to pay the gas-bill or to stripe the parking-lot, but they're both an important part of our stewardship too, and your giving makes it possible for us to maintain a lovely physical plant, and to employ our excellent staff.

I was also delighted to see not one, but four Mission Trees in our Gathering Space during Advent, along with our food-filled Sukkoth booth, the kids' Blanket Project blanket that was filled with coins, bills, and checks, your contributions of salads, casseroles, cakes, and canned goods for Homeward Bound, and the many other ways you have contributed to the way we care for others. We are truly doing good work here, and living out our faith not just with words, but with our very real commitments.

As we think about our proposed budget for 2008, let us continue to pray and to listen for how our God is calling us to be faithful UCC folks in this place and time.

 

  TREASURER'S REPORT for 2007 Annual Financial Report


This will be my last Report as my tenure ends in May. One reason I accepted this position in 2002 was to try to make the financial picture of our church more obvious to the Council, Boards, and Members. Endowments, Trusts, and Memorials were moved to separate investment accounts so they could be more easily tracked. The Endowment Fund policy was established with the result being funds invested with the United Church Foundation. To accountants, what I have done may appear to be confusing but to others it is clearer.

Your suggestions are always welcome. Do not hesitate to speak up or ask questions about any of the church’s finances and reporting.

This year, thanks to your extra giving in December, we had a surplus. This has helped "bail out" the 2008 budget and also has given an opportunity to have more of a cushion of cash in the bank.

Yours in Christ,

David Hoefer, Treasurer
 

To view the following FCUCC Financial Documents, click on one of them:

      Assets/Liabilities December 31, 2007     

 FCC Trust Account

Building Reserve

 Endowments

Legacy Circle

Memorial Funds

  Memorial Fund Policy

Final Building Campaign Report

Endowment Fund Resolution

ASSETS
Current Assets - December 31, 2007
Operating Fund - Bank of Colorado $ 26,342.51
Trust Fund - Bank of Colorado $ 17,120.29
Operating Money Market - A.G. Edwards $ 11,107.61
Trust Money Market - A.G. Edwards $ 12,451.73
Memorials Money Market - A.G. Edwards $ 16,497.09
Endowments - United Church Foundation
General Endowment (Market value) $162,569.44
Building Reserve - United Church Foundation (Market value) $ 38,069.52
Safeway Grocery Cards On Hand $ 3,296.25
Total Current Assets $287,454.44

Fixed Assets
Church Building & Property $3,688,000.00

TOTAL ASSETS $3,975,454.44

LIABILITIES
Long Term Liabilities $ 0.00

TOTAL LIABILITIES $ 0.00

TOTAL EQUITY $3,975,454.44

TOTAL LIABILITIES & EQUITY $3,975,454.44

 

Trust Account

The Trust Account holds specific funds that are not part of the Operating Account and which can be carried over year to year. Examples are the Finishing Touches Birthday Fund, Handbell Maintenance Fund, and the Bereavement Fund. In recent years the funds of various organizations have been included rather than each group's having separate checking accounts, including Men’s Breakfast, Altar Guild, and Women’s Fellowship. Remaining funds from Fellowship Supper Club also remain in the Trust Account.

The Trust Account also is used for Pass-Through or In/Out monies, such as One Great Hour of Sharing and CROP. Some funds, like those earned in yard sales or other events, are held until transferred to their intended purposes. Interest earned from the General Endowment Fund that is earmarked annually for specific purposes is distributed initially into the Trust Account and then allocated to appropriate Trust or Operating Accounts. Examples are monies for camp scholarships, the library, landscape improvement, and local or wider missions.

Some changes are being made to simplify the Trust Accounts. One change is: when monies are earned or received for regular budget purposes, they will be transferred to the Operating Account rather than be held in the Trust Account. Some accounts have also been combined. Most of these changes will show in next year’s Annual Report.

The Trust Funds Report, which follows on the next page, shows the major account categories and names in 2007. Shown are incomes received during the year, amounts dispersed, and balances remaining for 2008. Also within the Trust Fund as of 12/31/07 is $5,205 in Prepaid Pledges for 2008, and these will be transferred to the Operating Account in January 2008.

A complete list of all the Trust Funds in this Account is available from the Treasurer.


TRUST ACCOUNT FUNDS
Account Name                                         Available Jan ‘07     Income     Disbursements     Available Jan ‘08

1-Church Council
Altar Guild (Transferred to Trust 6/07)            0.00                810.27                496.88                     313.39
Fellowship Supper Club                             2,151.81               221.50             1,653.85                     719.46
Men’s Breakfast                                            1,119.29               500.00                368.00                   1,251.29
Women’s Fellowship                                   1,610.96               986.50                835.47                   1,761.99
Bereavement                                                    112.18            1,541.00                683.49                      969.69
2-Board of Trustees
Building Campaign Residual Fund                 0.00             2,443.25                 481.63                  1,961.62
Grocery Store Income
     Albertson’s Fund                                        637.22               210.56                  637.22                     210.56
     City Market Fund                                        634.00                559.00                 634.00                      559.00
     Safeway Fund                                             648.56                772.50                 648.56                      772.50
Houser Trust (Endowment) Note 1            816.90                 847.82              1,664.72                          0.00
Special Funds
     Finishing Touches Birthday Fund      1,957.27            4,180.44               2,124.41                  4,013.30
     Handbell Maintenance                               152.36               250.00                  402.36                           0.00
     Labyrinth (Canvas) Maintenance            290.00                                                                                290.00
     Landscape & Beaut. Fund Note 2             25.00                   9.00                    34.00                            0.00
     Sound System/Hearing Assistance        250.00                                            214.98                          35.02
3-Christian Education Board
Camps & Retreats (non-Endowment)        128.31                590.00                   350.00                      368.31
Christian Education Funds                        1,160.44               144.00                   282.71                   1,021.73
Fund Raisers                                                         0.00            1,058.64                 1,058.64                          0.00
La Foret Scholarships
     Todd Carie Scholarship Fund                     0.00                155.00                    155.00                          0.00
     Edfast (Endowment)                                 227.60                   72.68                                                      300.28
Monroe Library Fund (Endowment)          760.07                 315.15                   110.83                      964.39
Stained Glass Scholarship (Endow)      1,893.77                 658.39                   200.00                   2,352.16
Youth Mission Fund                                   1,251.99                                                500.00                       751.99
4-Mission & Outreach Board
CROP                                                                    0.00                 156.00                   156.00                            0.00
FCUCC Mission Trips                                  833.86                                                                                     833.86
Stained Glass Mission (Endowment)      727.86                  658.39                     11.66                     1,374.59
Fund Raisers                                                 704.00               1,333.00               2,037.00                             0.00
Local Special Offerings                                 95.00                 357.00                   257.00                         195.00
5-Deacons Board                                            20.00                 210.00                                                        230.00
6-Church Growth Board
Special Contributions (Yard Sale)                0.00               1,515.05               1,000.00                         515.05
7-Fellowship Board                                          0.00                  642.35                   436.04                        206.31
8-Pastoral & Personnel Accts.
Mitzvah Fund-Assistant Minister                75.00                 200.00                    141.61                        133.39
Mitzvah Fund-Senior Minister                   407.55                 130.00                   348.46                         189.09
Note 1 Accumulated interest in the Houser Trust (Endowment) was placed into
             the General Endowment Fund with Council approval.
Note 2 The Truman Parks Family Trust was placed into the A.G. Edwards Memorial
            (noted under MEMORIAL FUNDS), and previous interest earned was transferred into
            the Landscape & Beautification Fund (as will be further annual interest).
            With Council approval, the principal of this Trust also may be used for major
            landscape and beautification projects.

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BUILDING RESERVE
In 1997 the Trustees voted to establish the Building Reserve Fund as a separate account to hold monies that might be quickly needed for major building repairs. This account was originally part of the Trust account but was moved to the United Church Foundation (UCF) so it could gain greater earnings. The Building Reserve Fund receives income from two sources: Interest from the Capital Improvements portion of the General Endowment Fund (previously 1/3 of interest from Stained Glass Endowment) and monthly Royalty Income from a portion of an Encana gas well which was donated to the church. The Building Reserve is now in a Moderate Balanced Fund at the UCF with 60% in stocks. Previously it was in a Fixed-Income Fund. There were no expenditures from the Building Reserve in 2007.

Market Value of Building Reserve Fund Increased Withdrawals Market Value
January 1, 2007 December 31, 2007
$33,306 $4,763 $0 $38,070
Deposits included reinvested interest earned and monthly Encana income (except for November's income to be deposited in January 2008).


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ENDOWMENTS    (Click to see  Endowment Fund document below)


The Endowment Fund has been modified this year. There is now one Endowment fund, The General Endowment Fund. All endowment monies in this fund are still invested with the United Church Foundation, including the redistributed Stained Glass Endowment, the Munro Library Fund, and Edfast LaForet Scholarships. The General Endowment Fund now has five sub-categories, as noted below, with an explanation of their purpose and how the funds may be used. Gifts to the Endowment Fund will be spread between these sub-categories (20% to each) if not designated otherwise.

Category 1. Christian Education. Grants may be made for special programs for children, youth, and adults enabling them to grow in their understanding of the Christian faith. Moneys may be used for the purposes of attending college and seminary to prepare for a church-related vocation and for church camping, retreats, and leadership conferences.
Category 2. Community Service and Outreach. Grants may be made for programs and services through social service agencies, community action groups, and ecumenical agencies relating to the spiritual, social, and economic needs of persons in the community the Church serves.
Category 3. Wider Mission of the UCC. Grants may be made for the work of the UCC in the USA and overseas in such areas as new church development, professional leadership, educational ministries, evangelism, and world mission.
Category 4. Building Reserves. Grants may be made to provide for major capital improvement of facilities, building programs, and debt reduction that cannot be expected to be raised adequately by annual giving and capital campaign efforts. These funds will be maintained in the UCF Building Reserve Fund noted above until drawn upon for such purposes.
Category 5. Annual Church Program. In situations when annual giving does not suffice to fulfill ministerial needs, income from the Endowment Fund may be utilized for the annual operating budget approved by the congregation. Initial funds that began this category were earmarked to help assure funding for the Assistant Minister's salary. Other funds were later added.


The purposes of original designated endowments are still retained and distributed within each sub-category. That is, the Munro Library endowment interest and the Edfast LaForet Scholarship interest are available under Christian Education. Stained Glass Endowment interest was spread into three areas: Scholarship Funds, Building Reserve, and Mission Funds. These have now been deposited into Christian Education, Capital Improvements, and Community Service. Houser Trust Funds were divided equally into the five Categories. As our General Endowment Fund grows, there will be an increase of interest into the various subcategories. At the present time, 5% of all earnings are reinvested.
Another change in 2007 was a move of the Endowment from a fixed income fund to a conservative balanced fund. The earnings may fluctuate more, but in the long term they will better keep up with inflation through greater earnings.

 

UCF GENERAL ENDOWMENT FUND
 



 

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LEGACY CIRCLE

The Legacy Circle was established this year.   It is a part of the Endowment Fund that recognizes those who have made a commitment to leave assets to the church upon their death.    It does not compete with our annual stewardship drives or occasional capital campaigns.   It does not ask for present gifts to the Church, but rather for bequests that benefit the Church beyond one's lifetime.  It encourages planned giving with benefits to the giver and the Church.

 

People who joined the Legacy Circle in 2007 include:

Marion Broughton, Bruce & Frances Crowell, Dorothy Evans, Don & Dorothy Everhart, Gilbert Gordon, Donna Hochmuth, David & Nancy Hoefer, Irene Learn, Brian & Linda Mahoney, Rev. Sharyl & Bob Peterson, and Janet Scheevel

 


MEMORIAL FUNDS    (Click to see Memorial Fund Policy below)

Memorial Funds are held separately from the other Trust Funds and are transferred to a Money Market Account with A.G. Edwards after initially being placed in the Trust Account. (Rounded to nearest dollar) :

 

1   Donations & Transfers: Residual Trust funds, Donations, Interest Earned
2   Expenditures: Velma Bilger Memorial (Bench $2,000, Bereavement Fund $375)
3   Designated Memorials:
          Todd Carie La Foret Scholarship: ($1,600 less $155 for 2007 scholarships) = $1,445
          Helen Overdorf (for retrival of church bell) = $510
          Velma Bilger Fund Balance (as requested, to be transferred into Undesignated in Jan 2008) = $1,150
          Science & Faith Library Resources ($100, used as designated in 2007 with minimal balance) = $7
          Balance (to be remaining after transfer of unallocated Designated funds to Undesignated funds in Jan 2008) = $1,955.
4   Truman Parks Family Trust: Part of the annual Interest Earned is transferred to the Trust Landscape and Beautification account. As noted, the principal of this trust also will be available, with Council approval, for further major landscape and beautification projects in the future.
Donations to the Memorial Funds in 2007 were made in the memory of:
          Bob Scheevel           Helen Overdorf           Eleanor & Larry Reed
          Tom Elder                  Betty Wubben             Harold Hamel

FINAL BUILDING CAMPAIGN REPORT   

TOTAL Income Received During Campaign                                                                      UCF Cornerstone Loan
Bequests $211,857                                                                                     In 2007, $32,678 was sent to the UCC Cornerstone
Memorial Gifts $ 38,715                                                                             Fund and a final check in May paid off our building
Pledges/Donations $786,712                                                                   loan. These payments included $13,816 in Memorial
Other Income $ 32,908                                                                               Gifts in the names of the following: Tom Elder, Harold
Interest Income $ 66,430                                                                           Daniels, Jacqueline Pyle, Wes Edfast, Ruth Land,
          Total Income $1,070806                                                                   Robert Broughton, and Eleanor & Larry Reed. Our
TOTAL Expense During Campaign                                                       "Fun-Draiser" in January for the Building Fund also raised
Interest on Loan $ 38,405                                                                          $3,319. A worship service celebration was held in August
          Total Expense $1,070,806                                                                as the Treasurer burned the mortgage loan note!
 

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RESOLUTION CREATING

THE FIRST CONGREGATIONAL CHURCH

UNITED CHURCH OF CHRIST

of

GRAND JUNCTION, COLORADO

ENDOWMENT FUND

 

OUR PURPOSE

It is the purpose of this Church to be a community of Christian love, freely committed to the search of God’s truth as expressed in Christ’s ministry through Christian Fellowship, union in prayer, praise, and worship, reaching out in caring service and mission; in all enabled by the indwelling Holy Spirit. (FCC Constitution, Revised, May 23, 2004)  [Click here to view full text of the FCC Constitution for current revision.]

          To help facilitate our Purpose, there is hereby created the First Congregational Church Endowment Fund for the First Congregational Church United Church of Christ of Grand Junction, Colorado.

 

PURPOSE

          The purpose of the fund is to provide a means whereby gifts to the church may be held with income and/or principal used to fulfill the purposes of the church in Christian ministry and mission. The Church in this construction means the First Congregational Church; any of the ministries of the Rocky Mountain Conference of the United Church of Christ; and any of the ministries of the United Church of Christ, nationally and the world.

 

MANAGEMENT OF THE FUND

          Responsibility for investment and management of the Fund shall be vested in the Board of Trustees subject to the direction of the Church Council as prescribed by the by-laws of First Congregational Church. To assist the Board of Trustees in the investment and management of the Fund, there will be created a standing committee called the Endowment and Financial Advisory Committee.

 

THE ENDOWMENT AND FINANCIAL ADVISORY COMMITTEE

          Hereafter known as the committee, this shall consist of five members, all of whom shall be voting members of the First Congregational Church. The Committee shall consist of the chairperson of the Board of Trustees, the Church Treasurer, and three other members elected at large from the active membership of the congregation. Except as herein limited, the term of each member elected at large shall be three (3) years. Upon adoption of this resolution, the congregation shall elect members of the Committee: One for a term of three (3) years, one for a term of two (2) years, and one for a term of one (1) year. Thereafter, at each annual meeting, the congregation shall elect one member for a three (3) year term. No member shall serve more than two consecutive three (3) year terms. After a lapse of one (1) year, former Committee members may be re-elected. In the event of a vacancy on the Committee, the Church Council shall appoint a member to fill the vacancy until the next annual meeting of the congregation, at which time the congregation shall elect a member to fulfill the term of the vacancy.

 

          The Committee shall meet at least quarterly, or more frequently as deemed by it in the best interest of the Fund.

          A quorum shall consist of three members. A majority present and voting shall carry any motion or resolution.

          The Committee shall report on a quarterly basis to the Board of Trustees.

          The Committee will create specific categories for distribution of income from endowment funds that are not restricted to specific purposes.

          The Senior Minister and the Moderator of the Church Council shall be advisory members of the Committee. In addition to these two individuals, the Committee may request other members of the congregation to serve as advisory members.

 

SALE OF NON-CASH GIFTS (STOCKS, LAND. ETC.) IMMEDIATELY VS. INDEFINITE HOLDING

          It is preferred all certificates of stock, bonds, personal or real property, etc. accepted by the Committee as gifts to the Endowment Fund, be liquidated and proceeds deposited as close to the date of the gift as possible; however, the Committee reserves the right to evaluate each gift for its long-term investment value rather than immediate sale.

 

TRANSFER OF FUNDS FOR INVESTMENT PURPOSES

          The principal of gifts, devises, and bequests received and accepted by The Endowment Fund, shall be transferred to the United Church of Christ Foundation or a local depository for investment and management purposes. At the direction of the Board of Trustees, all such funds shall be returned to the local Church for investment and management purposes.

 

DISTRIBUTION OF INCOME

          The Committee shall determine what is principal; and income according to accepted accounting procedures. Income received from the Fund shall be distributed as follows: In accordance with the direction of the donor, or, if undesignated, according to the decision of the Board of Trustees on a year-to- year basis. No income received from the Fund shall be used to pay ongoing operating expenses (i.e. utilities, salaries, maintenance, etc.) unless designated or permitted by the donor. In order to maintain the value of the principal with regard to inflation, the Committee will determine appropriate procedures to maintain the value of the principal. As a minimum, an amount equal to 5% of the annual income shall be returned to the principal.

 

DISTRIBUTION OF PRINCIPAL

          The principal of all gifts, devises, and bequests received and accepted by The Endowment Committee of First Congregational Church, shall remain untouched and shall not be withdrawn from Endowment Funds except as follows:

1.  In accordance with the direction of the donor; or

2.  If undesignated by the donor, in very unusual circumstances, up to 25% of the principal of said Endowment Funds may be withdrawn from the Endowment Fund and expended, after obtaining approval from all of the following for the withdrawal and expenditure:

a.  Majority vote approval by the full Committee;

b.  Majority vote approval by the full Board of Trustees;

c.  A four-fifths vote approval of the full Church Council, and

d.  A two-thirds vote approval of the active membership of the Congregation.

POWERS AND DUTIES OF THE ENDOWMENT AND FINANCIAL ADVISORY COMMITTEE

          The Committee shall have the following powers and duties pertaining to the Endowment Fund:

1.  To promote giving to the Fund.

2.  To recommend to the Board of Trustees whether to accept or reject any gift, bequest, or devise.

3.  To investment and management the Fund, which shall include: Proper acknowledgment of the gift; payment of local, state and federal taxes and fees when applicable; keeping a record of donors and gifts; recording receipt and expenditures from the Fund; distributing income; and maintaining a record of assets in the Fund.

4.  To follow directions of the donor in the use of principal and income.

5.  To recommend to the Board of Trustees the use of the undesignated income.

6.  To present to the congregation at its annual meeting, a full and completed account of the administration of the Fund during the preceding years.

7.  In the event that the services of the United Church of Christ Foundation are not used for investment and management purposes, the Committee shall:

a. Provide a detailed list of all trusts in which the local Church is a beneficiary,

specifying where and how funds are invested and in what matter the income there from is expended or applied.

b. Maintain a reasonable balance in investing among security, potential for growth, and income.

c. Avoid any conflict of interest between management and investment of the Fund and personal interests of the Trustees.

FREEDOM TO EMPLOY COUNSEL

          The Board of Trustees, at its discretion, is free to employ counsel in the management and investment of the Fund that may include but not be limited to legal advice, help of a Certified Public Accountant, or guidance from investment counsel.

 

 

DISPOSITION AND TRANSFER OF FUND

          If, at any time, the First Congregational Church be lawfully merged or consolidated with any other church, all the provisions thereof in respect to the Endowment 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 said Endowment Fund and shall be obligated to administer the same in all respects and in accordance with the terms thereof.

 

          In the event of the dissolution of the First Congregational Church, the Rocky Mountain Conference of the United Church of Christ shall receive the benefits of said Endowment and shall be obligated to administer the same in all respect and in accordance with the terms thereof.

 

AMENDMENTS

          The Church Council may amend this resolution by a majority vote of the full duly called Church Council according to the by-laws of the First Congregational Church.

 

 

ADOPTION

          This resolution, recommended by the Board of Trustees, is hereby adopted.

 

 

First Congregational Church UCC

 

 

By

 

__________________________ ______________________________________________

Clerk                                             Moderator

 

Dated this day, October 27, 2002.

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MEMORIAL FUND POLICY
October 2003 (Revised November 2007)
 

The primary purpose of the Memorial Fund policy is to establish a method for administering and allocating special designated and undesignated (also known as restricted and unrestricted), non-budgeted gifts to be used by and for The Church.


1.   Receipt of Funds. All monies and real or personal property received or designated for the Memorial Fund from its members, or from other individuals or entities, shall be accepted by The Endowment and Financial Advisory Committee (The Committee), subject to the following:

a.   Non-budgeted Special Needs: Donors who desire to specifically designate Memorial Gifts shall be encouraged, but not required, to designate such gifts to a list of special needs and opportunities that are beyond the reach of the Church’s annual budget. The Committee shall, subject to the Trustees’ approval, establish and annually review this list of special needs and opportunities.

b.   Authority to Refuse Donations: Memorial Fund donations may be made by any person, persons, or entity, but The Committee, subject to Trustees’ approval, may refuse to accept as a donation, any item of property or monetary donation which it deems inadvisable or improper to accept due to the type of property or the terms and/or restrictions of the donation or for any other reason.

2.    Designated. A Memorial Gift, whether in the form of money or other property (real or personal), specifically designated in writing by the donor(s) to be used or expended solely for a particular purpose or purchase, shall be used and expended solely in accordance with the specific designation, subject to the requirements above. If the gift is to be administered over a period of time exceeding one year from the date of the gift, The Committee shall approve, in writing, a plan of administration for the gift. The plan shall include, without limitation, specifications as to the use of principal and/or income. Designated Memorial gifts should be greater than $100; however, gifts may be combined if the designation is on the list of special needs and opportunities approved by the Trustees. Gift designation should occur within three months of the donation.

3.   Undesignated. A Memorial Gift, whether in the form of money or other property (real or personal), for which the donor(s) does not specifically designate, in writing or otherwise, a particular purpose or purchase, shall be placed in the general or unrestricted Memorial Fund.

4.   Use of Memorial Fund. Gifts allocated to the Memorial Fund for designated purposes shall be administered and expended in accordance with the designated purpose or in accordance with the plan of administration adopted by The Committee. Gifts allocated to the Memorial Fund for undesignated purposes may be expended for any purpose approved by the Trustees upon recommendation of The Committee. Designated fund remainders less than $100 will be placed in the undesignated fund. Remainders greater than $100 may be placed in undesignated funds upon the approval of the donor.

5.   Other Charities. The Memorial Fund may accept and administer gifts designated for other charities. There may be a fee charged for the administration of the fund.

6.   Investment Philosophy. Memorial Funds will be accounted separately from other Church funds. Funds will be invested to achieve competitive returns without undue volatility. A balanced or growth and income type of fund would be preferred (but not limited to). A separate checking account may be used for operating the Memorial Fund. Interest received will normally be distributed to the undesignated Memorials.

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