A. Resolution to Implement the JRUUC Endowment Fund
Stewardship involves the faithful management of the gifts of time, talent, and money, including accumulated, inherited, and appreciated resources; and,
We can support the religious mission and work of this congregation through transfers of property (cash, stocks, bonds, real estate), charitable bequests in wills, charitable remainder and other trusts, pooled income funds, charitable gift annuities, and assignment of life insurance and retirement plans; and
It is the desire of the congregation to encourage, receive, and administer these gifts in a manner consistent with the loyalty and devotion expressed by the grantors and in accord with the policies of this congregation:
THEREFORE BE IT RESOLVED, that
This congregation at the annual meeting assembled on May 15, 2016, approve and establish on the records of the congregation a new and separate fund to be known as the JRUUC Endowment Fund (the “Endowment Fund”);
No disbursements may be made until the Endowment Fund holds an amount equal to 100% of the previous year’s operating budget. After reaching that threshold, the Board of Trustees may direct the Endowment Committee to withdraw up to one-half the value of the investment income (dividends and interest) earned by the Endowment Fund, averaged over the previous three years.
The Endowment Committee shall be the custodian of the Endowment Fund and will operate within policies and procedures to be adopted by the Board of Trustees. The Policies and Procedures document shall specify the professionally managed funds in which the Endowment Fund will be invested.
The following Plan of Operation sets forth the administration and management of the Endowment Fund.
B. Plan of Operation
1. The Endowment Committee
The Endowment Committee shall consist of 3 members, all of whom shall be voting members of JRUUC. Upon adoption of this resolution by the congregation, the Board of Trustees shall appoint 3 members to the Endowment Committee: one for a term of 3 years; one for a term of 2 years; and one for a term of one year.
Beginning July 1, 2017, the Board of Trustees shall appoint one new member to the Endowment Committee each year. The term of each Endowment Committee member appointed after July 1, 2017, shall be 3 years. The minister and the president or president-elect of the congregation’s Board of Trustees shall be advisory members of the Endowment Committee.
No member shall serve more than 2 consecutive 3-year terms. After a lapse of one year, former Endowment Committee members may be re-appointed.
In the event of a vacancy on the Endowment Committee, the Board of Trustees shall appoint a member to fill the vacancy. The newly-appointed member shall serve the remainder of the term of the member they are replacing.
No member of the Endowment Committee shall be personally liable for any losses incurred due to the investment of the assets of the Endowment Fund except to the extent the losses were caused by the member’s own bad faith, gross negligence, or willful misconduct. No member of the Endowment Committee shall be liable for the acts or omissions of any other member. No member shall engage in any transactions with the Endowment Fund in which the member has a direct or indirect financial interest, and each member shall refrain from any conduct in which the member’s personal interests would conflict with the interest of the Endowment Fund.
2. Asset Management
All assets are to be held in the name of the JRUUC Endowment Fund.
The Endowment Committee shall manage new and existing Endowment Fund assets by investing in Board of Trustees approved funds as in their judgment and discretion they deem wise and prudent. Upon recommendation by the Endowment Committee, the Board of Trustees may approve additional professionally-managed funds for investing all or part of the assets of the Endowment Fund.
3. Disbursements and Reporting
The Endowment Committee shall abide by and keep a record of the terms and restrictions of all gifts to the Endowment Fund and shall determine what is principal and income according to accepted accounting procedures. This information shall be reported to the Board of Trustees in a manner specified in policies and procedures adopted by the Board of Trustees.
The Endowment Committee shall execute disbursements from the Endowment Fund as specified in policies and procedures adopted by the Board of Trustees.
4. Disposition or Transfer of the Endowment Fund
In the event JRUUC ceases to exist through merger or dissolution, disposition or transfer of the Endowment Fund shall be at the discretion of the governing body in conformity with the approved congregational bylaws. The governing body shall consult with the Unitarian Universalist Association regarding continuation of Endowment Fund obligations to grantors of gifts.
C. Adoption of Resolution
This resolution, recommended by the Board of Trustees and accepted by the congregation at a legally called congregational meeting, is hereby adopted.
James Reeb Unitarian-Universalist Congregation
Date: May 15, 2016.