Endowment Minutes June 9, 2008

In attendance:

Bob Brundage (council liason), Luanne Crockett, LaJean Wenzel, Susan Prosser

Absent: Jesus Duran, Martin Nehring

(action items in bold)

-As we gathered each member read through the three scholarship applications we received

-Pastor Erik opened with prayer at 12:15pm

-reviewed the change in our by-laws for the endowment that was passed at the annual meeting, cleaned up language to say each member who joins does so for a 3 year commitment and added language about a liason being appointed from the council for a one year term, LaJean made a comment about changing a couple words to make it sound smoother

Pastor Erik to check on annual meeting minutes to confirm the final phrasing

-We reviewed the current financial statements. There was a lengthy discussion trying to re-confirm since last year the cycle we are on in terms of what quarterly distributions are included in our total so we would know how much we can withdraw and have accurate numbers. It was finally concluded that the committee would use four quarterly statements to determine the total amount available for distributions. Because of our emphasis on scholarships for graduating seniors the committee decided the cycle would include statements from June of the previous year to March of the current year. Using this guideline the committee decided that $6,600 would be available to distribute for this year. (June ’07-March ’08)

-In addition to the scholarship applications, Pastor Erik handed out several appeal letters from different organizations we have supported in the past. After discussing how we could divide up the total amount available the committee came up with the following decision:

Scholarships for Graduating Seniors from Mount Cross…………$3,000

LRCC (El Camino Pines)…………………………………………$ 800

ELCA Missionary…………………………………………………$1,000

PLTS (Lutheran Seminary in Berkley…………………………….$ 400

Mount Cross Youth (for National Gathering)…………………….$ 1,200

New City Parish…………………………………………………..$ 100

Teen Challenge……………………………………………………$ 100

Total…………………………….$6,600

-members signed the withdrawal form

Pastor Erik to mail in the withdrawal form to the ELCA and once the check comes in he will direct the Mount Cross treasurer to distribute it accordingly

-meeting was adjourned at 1:55pm