-- A --
Mount Cross
Lutheran Church
Annual Meeting of
the Congregation
January 19, 2003
RESOLUTION TO IMPLEMENT THE MISSION ENDOWMENT FUND
(Mission and Ministry Fund)
WHEREAS, Christian stewardship involves the faithful management of all the gifts God has given to humankind -the created world, the gospel, life, time, abilities, money, including accumulated, inherited and appreciated resources; and
WHEREAS, the scriptural principle of proportionate giving, to return to the Lord a portion of the gifts God has first given to his beloved children, is both a privilege and an appropriate response in all times and circumstances; and
WHEREAS, Christians can give to the work of the church through bequests in will, assignment of life insurance, charitable gift annuities, charitable remainder and other trusts, assignment of certificates of deposit, and transfers of property such as cash, stocks, bonds and real estate; and
WHEREAS, it is the desire of Mount Cross Lutheran Church to encourage, receive and administer these gifts in a manner consistent with the loyalty and devotion to our Lord expressed by donors and in accord with the policies of this congregation:
THEREFORE BE IT RESOLVED, that this congregation in meeting assembled on January 19,2003 approve and establish on the records of the church a new and separate fund to be known as THE MISSION ENDOWMENT FUND (hereafter called the "FUND" of the Mount Cross Lutheran Church 102 Camino Esplendido, Camarillo, California 93010-1717; and
BE IT FURTHER RESOLVED, that the purpose of this FUND is to enhance the mission outreach of Mount Cross Lutheran Church apart from the general operation of the congregation; that no portion of the income generated by the FUND shall be used for the annual operating budget of the congregation; and
BE IT FURTHER RESOLVED, that the Mission Endowment Fund Committee shall be the custodian of the FUND in regards to disbursements, and
BE IT FURTHER RESOLVED, that a Plan of Operations will be set forth in regards to the administration and management of the FUND by the Endowment Task Force in time for a congregational meeting in April, and
BE IT FURTHER RESOLVED, that the money for this fund will come from the line item 14.4 under "Assets" in the budget as well as those designated line items which have been marked for the endowment fund.
-- B --
Mount Cross
Lutheran Church
Special Meeting of
the Congregation
April 27, 2003
AMENDMENT TO THE CONGREGATIONAL BYLAWS
Mission Endowment Fund
A Mission Endowment Fund, whose purpose, governance and operational procedures shall be defined by special resolution adopted by the congregation, shall be established.
The endowment fund is to provide the means and structure for members who have the ability and desire to benefit Mount Cross Lutheran Church through charitable giving that is consistent with its mission of witnessing to the message of salvation through Jesus Christ on both a local and global level. The purpose of the Endowment Committee is to enable Mount Cross Lutheran Church to promote funding of specific needs that support its mission and ensure its financial stability. The committee will seek to provide a perpetual source of income to benefit five current categories (not in order of importance):
1. Missions: local, regional and world projects.
2. Education: college and seminary scholarships.
3. Children and Young Adult Ministry.
4. Worship and Music: support for the worship life of Mount Cross.
5. Capital Projects: major renovations and building of new facilities.
The committee shall consist of five members, all of whom shall be voting members of Mount Cross Lutheran Church. Except as herein limited, the term of each member shall be three (3) years. Upon adoption of this resolution by the congregation, it shall elect five (5) members to the COMMITTEE: two (2) for a term of three (3) years: two (2) for a term of two (2) years, and one (1) for a term of one (1) year. Thereafter, at each annual meeting, the congregation shall elect the necessary number for a term of three (3) years. 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. A pastor and the president and/or vice president of the church council shall be advisory members of the COMMITTEE. The church council of the congregation shall nominate the COMMITTEE, which shall report at the annual congregational meeting in the same manner as other offices and committees. 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 fill 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 (3) members. When only three (3) members are present a unanimous vote shall be required to carry any motion or resolution.
The committee shall elect from its membership a chairperson, recording secretary and financial secretary. The chairperson, or member designated by the chairperson, shall preside at all committee meetings.
The recording secretary of the COMMITTEE shall maintain complete and accurate minutes of all meetings and supply a copy thereof to each member of the committee. The recording secretary shall also supply a copy of the minutes to the church council.
The church office will keep a complete collection of the minutes, and the minutes will be available to the successors of the COMMITTEE.
The financial secretary of the COMMITTEE shall work with the congregation's treasurer in maintaining and coordinating complete and accurate accounts for the FUND 'and shall sign checks and all other necessary documents on behalf of the congregation in furtherance of the purposes of the FUND. An appropriate person or a certified public accountant shall audit the books annually, and the person shall not be a member of the COMMITTEE.
The COMMITTEE shall report on a quarterly basis to the church council and at each annual meeting or duly called special meeting of the congregation. At the annual meeting, the COMMITTEE shall render a full and complete audited account of the administration of the FUND during the preceding year .
The COMMITTEE may request other members of the congregation to serve as advisory members and, at the expense of the FUND income, may provide for such professional counseling on investments or legal matters as it deems to be in the best
interest of the FUND .
Members of the COMMITTEE shall not be liable for any loses which may be incurred upon the investments of the assets of the FUND except to the extent such losses shall have been caused by bad faith or gross negligence. No member shall be personally liable as long as he or she acts in good faith and with ordinary prudence. Each member shall be liable only for his or her own willful misconduct or omissions, and shall not be liable for the acts or omissions of any other member. No member shall engage in any "self dealing" or transactions with the FUND in which the member has direct or indirect financial interest and shall at all times refrain from any conduct in which his or her personal interests would conflict with the interest of the FUND.
All assets are to be held in the name of the Evangelical Lutheran Church in America (or other brokerage or financial institution), for the benefit of the Mount Cross Lutheran Church Mission Endowment Fund.
Principal And Income
The COMMITTEE shall determine what is principal and income according to accepted accounting procedures. Income may include realized and unrealized capital gains in the portfolio.
Gifts and bequests to the fund shall accumulate until principal amount of $100,000.00 is achieved, after which the income generated from the investment of the principal may be expended.
Distribution Of Income
Income from the FUND shall be distributed annually and at such other times as deemed necessary or feasible to accomplish the following purpose:
The distribution of income for the year may be given to a minimum of usually two (2) or up to five (5) of the following categories: missions, education, children and young adult ministry, worship and music and capital projects. The congregation may submit requests to the COMMITTEE each year for the distribution of the endowment fund income. If no requests are received, the COMMITTEE will decide which category, or categories, should be funded according to the COMMITTEE'S best judgment. The endowment distribution will be publicized in the church bulletin, church newsletter and at the annual meeting.
After requests have been submitted, by the pre-determined dateline, and the , COMMITTEE has recommended programs for support, the recommended programs will be approved by the church council for funding, according to the guidelines established by the congregation.
Total disbursement of income from the FUND need not occur annually if, in the judgment of the COMMITTEE, total annual disbursement of income is not recommended.
Distribution Of Principle
When, in the opinion of the COMMITTEE, circumstances are so dire and of such an emergency nature that the future of the congregation is at stake, and that the only recourse seems to be the use of the FUND principal, the COMMITTEE may, upon two- thirds majority vote, recommend such authorizing action to the congregation.
Management of funds will be by an independent foundation, outside of Mount Cross Lutheran Church. The COMMITTEE'S recommendation for the foundation will be presented for approval to the church council. The independent foundation shall be reviewed annually.
Amending The Resolution
BE IT FURTHER RESOLVED, that any amendment to this resolution that will change, alter or amend the purpose for which the FUND is established shall be adopted by a two-thirds vote of the members present at an annual meeting of the congregation or at a special meeting called specifically for the purpose of amending this resolution.
Disposition Or Transfer Of Fund
BE IT FURTHER RESOLVED, that in the event Mount Cross Lutheran Church ceases to exist either through merger or dissolution, disposition or transfer of the FUND shall be at the discretion of the church council in conformity with the approved congregational constitution and in consultation with the bishop of the synod to which this congregation belongs at such time. Consultation with the Evangelical Lutheran Church in America may be desirable for continuation of Mission Endowment Fund obligations.
Adoption Of
Resolution
This resolution, recommended by the church council and accepted by the
congregation at a legally called congregational meeting, is hereby adopted.
Mount Cross Lutheran Church
By: Members of the Committee for the Endowment Fund: Luanne Crockett, Jesus Duran, Eric Goehner, Stephanie Golnik, Jodell Johnson and Paul Reigstad.
Dated this 6th day of April, 2003
(Please note that these are just some specific examples to help clarify
what each category covers, it is in no way meant to limit the categories. Each
category may pertain to other ministries not listed.)
Missions
Local:
·
RAIN Project
·
CATS
·
St. Columba's
food pantry
·
California
Youth Authority
Regional:
·
Lutheran Social
Services
·
Habitat for
Humanity
·
Teen Challenge
·
Lutheran Border
Concerns
World:
·
Supporting an
ELCA missionary
·
World Hunger
Appeal
·
Lutheran
Disaster Relief
·
Church World
Service (they sponsor the CROP walk)
Education
· College and seminary scholarships
· Stephen Leadership training
Children and Young
Adult Ministry
· Camp scholarships
· Sending youth to synod, regional, or national gatherings
· Supporting youth servant trips
· Training for Sunday school teachers and youth leaders
Worship and Music
· Purchasing new or upgrading old instruments
· Incorporating arts into worship which may include helping to purchase banners or new paraments
· Upgrading sound technology to used in worship
Capital Proiects
·
major
renovations and building of new facilities seems self-explanatory
-- C --
Mount Cross
Lutheran Church
Endowment Fund
June 2003
The purpose of this Investment Strategy and
Policy is to specify the goals and objectives concerning the investment
portfolio of Mount Cross Endowment Fund. The Endowment Fund's portfolio
consists of socially responsible investments (listed under the Socially
Responsible Investment Guidelines).
Each fund has a unique background and purpose, which is described
be]ow. In genera], this Investment Strategy and Policy seeks to outline an
attitude and phi]osophy that will guide the management of the Mount Cross
Endowment Fund toward the desired results.
The Investment Strategy and Po]icy of Mount Cross Endowment Fund is:
1. To seek and select investment opportunities, which promote social and economic justice, life and human dignity in a manner that, is consistent with the overall vision and mission of Mount Cross Lutheran Church.
2. The endowment fund is to provide the means
and structure for members who have the ability and desire to benefit Mount
Cross Lutheran Church through
charitable giving
that is consistent with its mission of witnessing to the message '"t ~ of
salvation through Jesus Christ on both local and global level. t ~
3. To preserve and
grow each funds' principal annually.
Background &
Purpose Of Funds
1. The Endowment Fund started with anonymous
donations to Mount Cross Lutheran Church for the purpose of an Endowment Fund.
2. The fund's purpose is to annually generate interest income to support the missions of Mount Cross Lutheran Church in the following: The committee will seek to provide a perpetual source of income to benefit five current categories (not in order of importance):
a. Missions: local, regional and world projects.
b. Education: college and seminary scholarships.
c. Children and Young Adult Ministry.
d. Worship and Music: support for the worship life of Mount Cross.
e. Capital Projects: major renovations and building of new facilities.
Each Fund should be invested for the
long-term, but each fund requires a particular distribution schedule.
1. The fund requires an annually distribution of interest income to meet the requested needs of the congregation or 5%. The principal is intended for long- term growth.
The fund has a specific asset allocation
Asset Class
|
% of Portfolio |
U.S.
Equities
|
45-75
|
Fixed
Income/Bonds
|
25-55
|
Both U.S. and foreign equities require a mixture of large and small cap stocks in order to reach the investment goal. Neither fund will acquire more than 5% of any class or single issuer of securities. Neither fund will position more than 20% of the portfolio in anyone industry group {United States Government securities not included).
Each fund is restricted from engaging in the following:
1. Options or futures contracts, for hedging purposes only.
2. Margin transactions.
3. Non-rated commercial paper.
Consistent with ELCA social statements. (eg., not supporting alcohol, tobacco, gambling, Weapons of Mass Destruction, or environmentally destructive practices, hope to promote good labor and environmental practices and community investing)
The congregation may hire one or more Investment Manager(s) to achieve investment goals and objectives. Each Investment Manager must adhere to the following responsibilities:
1. The Investment Manager must follow the
Investment Strategy & Policy Statement.
2. The Investment Manager must keep the congregation informed in writing of a particular Investment guideline he/she believes should be altered or changed. The Investment Manager must report to Mount Cross Endowment Fund Committee quarterly (in writing) the progress of each fund.