CouncilEndowmentPolicy

Proposal

It is proposed to establish the Glen Waverley Uniting Church Endowment Fund (“The Fund”), the proceeds of which will be used only for particular ministries and missions projects recommended by the Council and approved by the Congregation.

Justification

In past years GWUC has received several bequests which have been used to “seed” projects or meet some one-off need. Also we regularly receive donations from families who have experienced the ministry of the church, often via weddings and funerals. Additionally following our Growing Generous Givers campaign in 2009, our consultant presented various ideas for spreading the sources of funds for our Congregation. The Fund provides for these aspects and formally establishes a method by which giving from bequest and donations can be recognised and utilised appropriately and transparently.

Details

Earnings

The Fund will earn interest by investing in an appropriate investment vehicle administered by the Synod of Victoria and Tasmania through its UCA Funds Management arm. An appropriate fund at this time would be the UCA Growth Fund, which is eligible as a Tax Concession Charity Fund.

Use of the Fund

Only the earnings of the Fund will be used on the projects. The capital is to be held in perpetuity. The earnings cannot be used for building development or maintenance, but might be used to buy labour, materials and equipment for a particular project. The projects to receive funds may be supported by a once off contribution from the Fund or may be supported over a period of years. There is no restriction on how often a project is funded. A case would have to be presented to Council for support.

Contributions to the Fund

The Fund would seek contributions from unencumbered Bequests (i.e. which do not specify moneys be used for a particular use) and, from gifts. Contributors may elect to have their names and/or amount donated listed in the Fund Register and published in the public Annual Report. Names may also be those of late family members. Contributions to the Fund are not redeemable.

Advertising

The existence of the Fund will be advertised to the congregation generally at least once a year, probably at the same time as the GGG annual campaign is run. Material would also be given to those attending or participating in various services of the congregation e.g. weddings, funerals, seniors service, baptisms, etc

Administration

An Endowment Fund “board” (of say 3 members of and elected by the Congregation) would be established to oversee the proper operation of the Fund according to these agreed terms. The day to day running of the Fund will be conducted by the Treasurer who is not a member of the Board. The Board does not recommend projects or approve these. The accounts of the Fund are separate from the Church operating accounts. Earnings of the Fund will be transferred at the start of each year to the Congregation accounts and ONLY sufficient to meet the agreed project costs. The Board would prepare an Annual Report for all in the congregation to see. It will be audited. The annual report would show the performance of the Fund during the year, the Projects funded, Contributions received by way of bequest or Gifts during the year.

Establishment

It is proposed the Fund be established from January 1^st 2011 or as soon as practicable thereafter. Further it is proposed that the Fund be initially “seeded” by the residual funds held in several bequests the Congregation has held and which have not been drawn on for several years. (It is noted that these have been held as UCA CMA deposits and are earning interest in the same manner as outlined above. The amounts are: Note: Since these bequest were not given to be used in such a manner it is proposed that they be progressively drawn down in line with the build up of other bequest and gifts so that the earnings potential of the Fund are not affected.

Closure of Fund

By Vote of the Congregation and Distribution of any Funds back to the General Church Funds.