First Congregational United Church of Christ - Grand Junction, CO

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Pastor's Report for 2008 Annual Financial Report (January 25, 2009)

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

“And again Jesus said, ‘To what should I compare the reign of God?  It is like yeast that a woman took and mixed in with three measures of flour until all of it was leavened.’”

What our Christ is talking about here is how God’s yearning – God’s vision – God’s hopes for how we will live our lives works like yeast… invisible perhaps to the naked eye, but if we let it, pervading our entire lives, giving them a whole new quality.  This year, I’ve seen a lot of yeast at work, and a whole lot of bread rising, in our church.

            We continue to take good care of our own members and friends.  Cards, phone-calls, notes of concern, prayers (including our Prayer Chain), and visits (even overnight stays with people who needed that special care), abound.  Our Prayer Shawl ministry has now provided over 150 shawls and lap-robes (preferred by men) to people we’ve learned need support and encouragement.  Our Shepherds continue to provide regular caring visits to shut-ins, and help them remember that they are still part of our church family.  Our “official” ministers offer individual pastoral care and counseling, hospital and other crisis visits, we’ve added a new Caregivers’ Support Group, a Longest Night Service, and we offer support for those who are dying, and for those who are grieving, as do those on our Bereavement Committee, and everyone who volunteers to help them.  All of these provide support, encouragement, and love, to those who need it most.

            We have also, to my great excitement, kept expanding our outreach to others.  We continue our on-going ministries of supporting the Community Food Bank with our monthly Fourth Sunday contributions of non-perishable food items, as well as participation in the Alternative Christmas Fair , ( “our” project was one of the top money-raisers), the Child & Migrant Center, Latimer House, Respite Night (for families with special-needs children), and Souper Bowl of Caring.  In addition, many people donated linens, dishes, and other necessities to the new apartments for the homeless at St. Benedict House.  The group of those participating in cooking and/or serving at the Homeless Shelter has expanded, and many of you who can’t do hands-on service there are supporting the program through your gifts of cakes, salads, and finances.  Our Women’s Fellowship has led us into supporting third-world farmers through the Fair Trade Coffee Project, and we’ve just added participation in Holy Joe’s Café, to provide coffee fellowship support for our troops abroad.  A brand-new group here has taken on a new ministry of providing Emergency Shelter for the homeless men for whom there isn’t room in the “inn” (i.e., Shelter) during the coldest months of the year.  Again, many who cannot do sleep-overs here at the church have offered to help in many other ways.  This year we sponsored seven different mission projects during the Advent season, which were enthusiastically supported by so many of you.  And, we support all five special offerings collected by the denomination, which provide care and nurture for persons across the country, and across the world.

We’re doing a really good job of being Christ’s hands and feet, both locally and in the wider world community.  I love seeing the enthusiasm and passion so many have developed for hands-on service to our sisters and brothers who need to experience the Good News first-hand.  Our challenge for the coming year is how we get that word out into the wider community.  There are so many in the Valley who would thoroughly enjoy the wonderful and varied worship we have, and to hear about God’s love for everyone.  The question is, how do we make that happen?  The answer?  By every one of us taking the responsibility to invite others – just tell them what you love most about our church, maybe how it makes a difference in your life, and invite them to come find out for themselves.  Let’s be vibrant, active yeast in our community, and see how we can grow!

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

      Assets/Liabilities December 31, 2008 

     Operating Fund Account    

 FCC Trust Account

Building Reserve

 Endowments

Legacy Circle

Memorial Funds

  Memorial Fund Policy

Endowment Fund Resolution

Abbreviated Balance Sheet

As of December 31, 2008

ASSETS

   Current Assets

            Operating Fund - Bank of Colorado                                            $  11,260.66

            Operating Money Market - A.G. Edwards/Wachovia               $  26,434.88 

Trust Fund - Bank of Colorado                                                    $  12,685.03

            Trust Money Market - A.G. Edwards/Wachovia                        $  12,180.54 

Memorials Money Market - A.G. Edwards/Wachovia              $  19,417.22             

            General Endowment United Church Foundation (Mkt value)           $143,077.32

            Building Reserve - United Church Foundation (Mkt. value)  $  37,447.88 

Total Current Assets                                                                                                         $262,503.53

Total Fixed Assets

            Church Building & Property                                                                              $3,688,000.00

Total Other Assets

Safeway Grocery Cards On Hand                                                                                    $    3,500.00

TOTAL ASSETS                                                                                                             $3,954,003.53

LIABILITIES

   Long Term Liabilities                                                                                                     $            0.00

TOTAL LIABILITIES                                                                                                          $            0.00

TOTAL EQUITY                                                                                                              $3,954,003.53

TOTAL LIABILITIES & EQUITY                                                                                  $3,954,003.63



 

First Congregational UCC OPERATING Fund Account

The Operating Fund Account is maintained as the church's Annual Budget account.  In addition to weekly deposits and disbursements, an amount remains annually as "previous earnings" which is utilized as "carry-over income."  Monthly reports of the account are provided by the Financial Clerk to the clergy, church officers and Board chairpersons, and the Financial Clerk and Treasurer are available to any member with specific questions regarding a budget account.  A copy of the 2008 Operating Account Report is provided in this report.

During 2008, a portion of the total Operating Account funds remained in an A.G. Edwards/Wachovia Securities Grand Junction (Centennial) Money Market Account to realize some interest on funds not being utilized in current transactions.  This Operating Money Market (noted above) was established with a $25,000 deposit.  Subsequently, $15,000 was utilized in 2007 and replaced in 2008, and the account now totals $26,434.88.

 

Trust Account

The Trust Account holds specific funds that are carried over from year to year.  For example: Interest earned from a major portion of the UCF General Endowment is designated to be used for specific purposes (to be explained).  These dollars are moved to the Trust Account the year after the interest is earned.  The funds can then be spent or held over if there are no plans for the money to be used at the present time.  For example, interest earned from the Munro Library Endowment is placed in the Trust for use in the library.  If not used in one year the funds can be held until a future year.  Another example is the Handbell Maintenance Fund.  Money earned from Handbell events is held in the Trust Account until enough money is available for the bells to be maintained at one time.  Similarly, money that has been earned or donated for our children to go to La Foret and for members to attend retreats are held for those uses, and if all is not spent the remainder is carried over to the next year.   

Grocery Store Income (including from Safeway gift cards), Royalty Income, and Finishing Touches Birthday Funds are maintained in the Trust Account until they are transferred or spent according to their purposes.  Some funds held in the Trust Account continue year after year.  Others end when a project is completed or the funds are depleted.  An example of the latter was funds received from Bob Boberg's recital and CD sales in 2007, which were used in 2008 towards the purchase of a dolly for moving our sanctuary piano.  The accounts for Altar Guild, Men's Breakfast, and Women's Fellowship (including Bereavement Fund) are in the Trust Fund rather than having separate checking accounts for these groups.

Special offerings also are placed in the Trust Account and disbursed to the Rocky Mountain Conference or elsewhere for further use.  For example, funds sent to RMC include Neighbors In Need, Christmas Fund, One Great Hour of Sharing and others.  Moneys raised in fund-raising events are also held in the Trust Account until they are sent to organizations identified by M&O and other boards, such as Homeward Bound, Community Food Bank, Catholic Outreach,  and Latimer House.  Key and building use deposits are held in the account until refunded.  Prepaid pledges go into the account, and then are transferred to the Operating Budget the following year.

The Trust Account Funds Available page, which follows, shows the major funds held in the Trust Account in terms of beginning and ending totals.  For details regarding income and disbursements during 2008, the Financial Clerk provides monthly reports to the clergy, church officers and Board chairpersons, and the Financial Clerk is available to any member with specific questions regarding a Trust fund.

During 2008, a portion of the total Trust funds remained in an A.G. Edwards/Wachovia Securities Grand Junction (Centennial) Money Market Account to realize some interest on funds not being utilized in current transactions.  This Trust Money Market - A.G. Edwards (noted on page 5) was established with a $12,000 deposit in 2007, earned $451.73 in 2007 which was transferred as income to Operating account in January 2008.  With accrued interest this year it now totals $12,180.54.  

The Memorial Funds (Memorials Money Market - A.G. Edwards/Wachovia Securities hold three funds: Designated Memorials, Undesignated Memorials, and the Truman Parks Family Trust.  As memorials are received, they first go into the appropriate Bank of Colorado Trust Account.  From time to time they are then transferred to the appropriate Money Market Account.  Interest earned during the year in the latter account is distributed between the remaining Undesignated Memorial account and the Landscaping/Beautification Trust account.  With Council approval, the Parks Trust funds may also be used for major landscape and beautification projects. 

TRUST ACCOUNT FUNDS AVAILABLE

Name

(Amounts Rounded Nearest $)

Available

Jan '08

Available

Jan '09

Notes

1  Church Council

 

 

 

  Altar Guild

313

183

 

  Fellowship Supper Club

719

72

(Being phased out)

  Men's Breakfast

1,251

501

 

  Women's Fellowship

 

 

 

      Bereavement Fund

970

1,229

 

      Contribs,, Coffee/ Book Sales

1,762

771

 

2  Board of Trustees

 

 

 

      Finishing Touches BD Fund

4,013

1,524

($3,691 was contributed)

      Grocery Stores Income

1,542

1,280

 

      Handbell Maintenance

402

652

 

      Labyrinth (canvas) Maint'ence.

290

340

 

      Landscape/Beautification

146

1,218

($1,461 went into fund)

      Undesignated Memorials Fund

135

4,702.98

 

      New Sound System

0

484

($6,575 was raised)

3  Christian Education

 

 

 

  Camps & Retreats

368

1,933

 

  Christian Education Funds

1,022

0

(2008 Moved to Oper.Budget)

  Edfast Scholarship Fund

300

438

 

  Munro Library Fund

964

1,041

 

  Youth Mission Fund

752

752

 

4  Mission Funds

 

 

 

  Community Outreach Fund

0

1,954

 

  FCUCC Mission Trips

834

834

 

  Wider Missions UCC

0

140

 

8  Pastoral Accounts

 

 

 

  Senior Minister's Mitzvah Fund

189

440

 

  Asst. Minister's Mitzvah Fund

133

0

 

90  Miscellaneous IN/OUT Acct.

 

 

 

   Homeward Bound Food Acct.

175

263

 

   Latimer House

0

25

 

   Local Food Bank

20

20

 

A.G. Edwards/Wachovia Memorial Accounts

Name

(Amounts Rounded Nearest $)

Available

Jan '08

Available

Jan '09

Notes

Designated Memorials

3,642

1,790

 

Undesignated Memorials

6,054

10,752

(See Page 8 for inform.)

Truman Parks Family Trust

6,801

6,875

 

Interest Earned in 2008

 

246

(To be moved in Jan 2009)

Designated Memorials: $1,445 Todd Carie LaForet Scholarships (10% of original $1,600 is transferred to C.E. Camps & Retreats  each year for a child going to LaForet); and, $510 in name of Helen Overdorf for retrival of one of our church's original bells which is now in a building in Paradox, Colorado! (David Hoefer is in charge of this effort.)

 

Undesignated Memorials:  Memorials received by the church in the name of a deceased member are deposited in the Trust Account and periodically transferred into the A.G. Edwards/Wachovia (Money Market) Memorial Account.  If a specific use for a memorial has been established in advance or upon notice to the Senior Minister or the church office from a surviving spouse or other family member, disbursements from this account to specific funds may be made upon approval of the Treasurer.  Written agreements (such as with the Todd Carie LaForet Scholarship Trust) are encouraged when designations are established.  In the event that no designation has been established with memorials, the funds will be kept as Undesignated Memorials. 

 

The Endowment and Financial Assistance Committee may recommend to the Trustees where Undesignated Memorial Funds shall be spent and/or the Trustees may seek such a recommendation as special needs of the church are determined.

 

Memorials received in 2008 totaled $10,223 and were contributed in the names of the following:

 

Named Memorial

Designation of Funds

Disposition of Funds

John McKean

Landscape/Beautification

Landscape/Beaut Acct.

Eleanor McKean

New Sound System

New Sound System

John & Eleanor McKean

(divided as above)

(divided as above)

Florence/Harold Hamel

New Sound System

New Sound System

Lois Teed

Landscape/Beautification

Landscape/Beautific. Acct.

Arvo "Bud" Seppa

Undesignated to date

Undesignated Acct.

(Marlene Bilger Family)

Undesignated to date

Undesignated Acct.

(Ida Roe Estate balance)

Undesignated to date

Undesignated Acct.

Roger/Dorothy Green

Undesignated to date

Undesignated Acct.

 

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ENDOWMENTS

UCF GENERAL ENDOWMENT FUND

The General Endowment Fund is where endowment gifts to the church are retained.  An endowment is generally a gift where the principal is held intact and only the interest or a portion of the interest may be used.  The current practice is that 5% of the interest earned is reinvested into the Fund, which is administered under the Endowment and Financial Assistance resolution approved November 8, 2002.  The Endowment was first invested in a Fixed-Income Fund with the United Church Foundation.  However, the Endowment/ Financial Advisory Committee proposed to Council in July 2007 that this fund be moved to a Conservative Balanced Fund with the potential for higher earnings.  With Council approval, the transfer was made July 17, 2007. Because of the market conditions in 2008, the fund has lost Market Value, in spite of earning $6,083.55 interest over the course of the year.

Market Value of General Endow. Fund

Market Value

January 1, 2008

December 31, 2008

$162,569.44

$134,056.06

There are five categories within the General Endowment Fund, as established in October 2006. Gifts can be made to a specific category or spread equally between the following five. 

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.

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.

3.      Wider Mission of the U. C. C.  Grants may be made for work of the U.C.C. in the USA and overseas in such areas as new church development, professional leadership, educational ministries, evangelism, and world mission.

4.      Capital Improvements.  (Building Reserve) 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.

5.      Annual Church Program.  In congregational matters, when annual giving does not suffice to fulfill the need to minister, income from the Endowment Fund justifiably may be utilized for the annual ongoing program of the congregation.

Prior to the establishment of the General Endowment Fund, there were the Stained Glass, Munro Library, and Edfast La Foret Scholarship Endowments.  These were incorporated with the Categories above and sub-accounts established to retain their original purpose.  In 2007, interest in the Stained Glass Endowment was split 3-ways: 1/3 to Local Missions, 1/3 to Building Reserve, and 1/3 to Camp Scholarships. 

For purposes of spreading the interest to the intended use of the original endowments, there are sub-accounts established within the five categories above.  At the end of the calendar year, 95% of earned interest and dividends are spread proportionally among the categories and sub-accounts based on the amount of funds in each account. 

 

Market Value of Specific Funds in Genl. Endow. at End of 2008

Based Upon Percents of Total 7/07 When Funds Begun

12/31/08 Balances of Funds' Market Values

95% of Interest ($5,779.37) Distributed to each fund by %

95% of 2008 Income Earned will be Transferred in January 2009 to these Accounts (using the 7/07 Percents):

1-Christian Education - Other

2.6591%

$3,564.68

$153.68

Trust-CE: For 2009 Expenses

   Edfast LaForet Scholarships

1.0867%

$1,456.79

$62.80

Trust-CE: Edfast LaForet Acct.

   Munro Library Funds

4.7117%

$6,316.32

$272.31

Trust-CE: Library Acct.

   Camps & Retreats

10.1876%

$13,657.10

$588.78

Trust-CE: Camps & Retreats

2-Community Service/Outrch.

12.8468%

$17,221.91

$742.46

Trust-M&O: Local Ministries

3-Wider Mission of UCC

2.6592%

$3,564.82

$153.69

Trust-M&O: Wider Missions

4-Building  Reserves

12.8468%

$17,221.91

$742.46

UCF Building Reserve Acct.

5-Annual Church Program

2.6592%

$3,564.82

$153.69

Operating-Trustees

   Assistant Minister Salary

50.3429%

$67,487.71

$2,909.50

Operating-Trustees

 

100.0000%

$134,056.06

$5,779.37

 

LEGACY CIRCLE

The Legacy Circle was established in 2007.  It is 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.

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UCF BUILDING RESERVE FUND
The Trustees established the Building Reserve in 1997 as a separate Trust account to hold monies that may be needed in the future for major building repairs.  In 2007 there were two sources of income additions for the UCF Building Reserve Fund: (1) annual interest from the "Stained Glass Endowment for Building"--Renamed "Capital Improvements" in the UCF General Endowment Fund, and (2) monthly Royalty income (Encana gas).  In turn, the quarterly interest earned in this account is reinvested.  The UCF Building Reserve was first invested in a Fixed-Income Fund with the United Church Foundation.  However, the Endowment/ Financial Advisory Committee proposed to Council in July 2007 that this fund be moved to a Moderate Balanced Fund with the potential for higher earnings.  With Council approval, the transfer was made July 17, 2007.  Because of the market conditions in 2008, the fund has lost Market Value, in spite of earning $1,144.36 in interest over the course of the year.

Market Value of Building Reserve Fund

Market Value

January 1, 2008

December 31, 2008

$38,069.52

$34,022.24


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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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