C5.05.01 This congregation establishes an Endowment Committee to carry out the activities of the Calvary Mission Endowment Fund (“Fund”)
a. This committee will be made up of 3-5 voting members of the congregation to be elected by the congregation. The term of office will be three years with the first slate of members serving staggered terms to be determined by lot. Members are eligible for only two consecutive full terms. Vacancies on the committee shall be filled by appointment by the Council, with the appointee filling the elected term of the individual being replaced. Any vacancy appointment within the first 18 months of a term will be considered a full term. The pastor and the congregation council president shall be non-voting advisory members of the committee.
b. The Treasurer of the congregation shall maintain the accounts of the Fund and shall report on its behalf to the Congregation Council and Congregation. The committee shall elect officers annually from its membership, including a chairperson and a recording secretary, and others as the committee may decide. The committee shall meet at least annually, or more often as circumstances dictate, with the meeting schedule to be determined by the committee.
c. A quorum shall consist of three members. When only three members are present a unanimous vote shall be required to carry any motion or resolution.
C5.05.01.A25: The Endowment Committee is charged to implement the following duties and
guidelines of the Fund:
a. Grow the Fund through investment and receiving new gifts.
(i) Investment. The committee has the responsibility to determine how the Fund assets will be invested. All investments shall be invested in federally regulated institutions, with a preference for investments that also do ministry, such as the ELCA Mission Investment Fund and/or the ELCA Endowment Fund Pooled Trust. No committee member shall invest the assets in a way that would bring private benefit to that individual. The committee shall report at least quarterly to the Congregation Council, through the Congregation Treasurer, on any and all activity within the Fund. Current balance, additions, distributions and any other activity should be included with the report. Year-end balances and a report of ministries supported through the Fund shall be included in the annual report to the Congregation.
(ii) Receive and celebrate gifts given for ministry to the Fund. The committee will develop and maintain a gift acceptance policy approved by Congregation Council which will include guidelines for acceptance of gifts designated for the Fund such as, but not limited to, donations, bequests, life insurance proceeds, and remainders from life income agreements. The policy will include discretion to decline acceptance of a gift if deemed to be in the best interest of the Fund and the congregation, and will exclude committee acceptance of gifts of tangible real and personal property, a power reserved to the congregation in *C5.03g.
b. Fulfill the ministry purpose of the Fund. Recommend to the congregation periodic distributions beyond the operating budget of this congregation based on the annual total earnings of the invested funds as determined on the final day of the preceding year The committee’s distribution recommendations for ministries beyond the congregation’s operating budget will follow the following guidelines:
i. Minimum of 25% of the annual distribution amount for outreach into the local community or synod as the Committee determines;
ii. Minimum of 25% of the annual distribution amount for ELCA churchwide ministries as the Committee determines;
iii. Minimum of 25% of the annual distribution amount for capital improvements or mortgage or loan debt reduction within this congregation;
iv. Remaining 25% of the annual distribution amount to be distributed in any of the above categories. The proposal for distribution from the Fund is to be presented by the Congregation Council and approved by the congregation at a congregation meeting.
c. Communicate the impact of the Fund and encourage gifts to the Fund through education and promotion to the congregation.