ENDOWMENT FUND BYLAWS UPDATE
The draft copy of the bylaws combines the bylaws for the current endowment funds – Special Gifts Fund and Endowment Fund (renamed to Priest Endowment Fund) and adds a Maintenance Endowment Fund. The Maintenance Endowment Fund was created by Vestry as separate fund so as to meet the wishes of a bequest. Changes to bylaws from 1998 are also included. The purpose of the change is to make bylaws consistent for all funds. These amended bylaws have been submitted to one of our diocesan chancellors to be checked prior to approval by the vestry at the January 12th meeting. The bylaws will then be presented at the annual meeting on January 23rd for approval by parishioners.
Planned Giving Committee Chair
DRAFT
The Endowment Funds of Trinity Episcopal Church Pocatello, ID, Incorporated January 2011
These bylaws consolidate the bylaws of the Special Gifts Fund and the Endowment Fund (now renamed the Priest Endowment Fund) and create bylaws for a Maintenance Endowment Fund. Together these funds are referred to in this document as the Endowment Funds.
Purpose
The purpose of the Special Gifts Fund is to enhance the mission outreach of Trinity Episcopal Church apart from the general operation of the parish. No portion of this income generated by this fund shall be used for the annual operating budget of the parish. Expenditures from this fund are outlined in the plan of operation section.
The purpose of the Priest Endowment Fund is to totally sustain a priest or priests at Trinity Episcopal Church, Pocatello Idaho. Expenditures from this fund are outlined in the plan of operation section.
The purpose of the Maintenance Endowment Fund is for the upkeep and maintenance of the church building and parish hall of Trinity Episcopal Church Pocatello, Idaho,[ 248 North Arthur, Pocatello, Idaho] The income and principal shall not be used for the construction of other buildings nor the upkeep of other buildings. Expenditures from this fund are outlined in the plan of operation section.
Plan of Operation
1. The Planned Giving Committee
The Planned Giving Committee shall consist of five elected members, all of whom shall be voting members of Trinity Episcopal Church, Pocatello, Idaho. The term of each member shall be three years. Terms are staggered such that no more than two committee members are typically elected at each annual meeting. No member shall serve more than two consecutive three-year terms. After a lapse of one year, former committee members may be re-elected. The rector or vicar and senior warden shall be ex-officio members with voice and vote. In the event of a vacancy on the committee the vestry 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 fulfill the term of the vacancy. No more than two of the elected members may be current vestry members.
The committee shall meet quarterly or more frequently as deemed by it in the best interest of the funds.
A quorum shall consist of four members. A majority present and voting shall carry any motion or resolution.
The committee shall elect from its membership a chairperson, financial secretary, and recording secretary. The chairperson, or member designated by the chairperson, shall preside at all committee meetings.
The recording secretary shall maintain complete and accurate minutes of al meetings of the committee and supply a copy thereof to each member of the committee. The secretary shall also supply a copy of the minutes to the parish.
The financial secretary shall maintain complete and accurate books of the accounts for the funds. The books shall be audited annually by a certified public accountant or other appropriate person who is not a member of the committee.
The committee shall report on a quarterly basis to the vestry and, at each annual or special meeting of the congregation, shall render a full and complete audited account of the administration of the funds 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, provide for such professional counseling on investments or legal matters as it deems to be in the best interest of the funds.
Members of the committee shall not be liable for any losses which may be incurred upon the investments of the assets of the funds 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/she acts in good faith and with ordinary prudence. Each member shall be liable only for his/her own willful misconduct or omissions, and shall not be liable for the acts or omissions or transactions with the fund in which the member has direct or indirect financial interest and shall at all times refraining from any conduct in which his/her personal interests would conflict with the interest of the funds.
All assets are to be held in the name of the Trinity Episcopal Church, Pocatello, Idaho, Incorporated, for the respective Endowment Fund. Recommendations to hold, sell, exchange, rent, lease, transfer, convert, invest, reinvest, and in all other respects to manage and control the assets of the fund, including stocks, bonds, debentures, and discretion they deem wise and prudent, are to be made by the committee for approval by the vestry with subsequent execution by the delegated member of the committee.
2. Distribution of Income
The committee shall determine what is principal and income according to accepted accounting procedures.
Special Gifts Fund
Income generated from investment of the gifts and bequests to this fund when distributed shall be for the following purposes:
Capital improvements, debt reduction, or the building program of Trinity Episcopal Church, Pocatello, Idaho.
Scholarships or grants to members of Trinity Episcopal Church, Pocatello, Idaho for the purpose of attending college, seminary, nursing or medical school; for church-related camping or leadership conferences; or such other training which enables members of this congregation to grow in Christian faith and service to God’s people.
Outreach into the community, including, but not limited to, grants to Episcopal colleges and seminaries, social service agencies, institutions and agencies to which this parish relates, and to special programs designed for those persons in our parish area who are in spiritual and/or economic need.
Projects of the Episcopal Church at home and/or overseas, including, but not limited to, grants to The Domestic and Foreign Missionary Society of the Protestant Episcopal Church in the United States of America for new mission development, professional leadership, educational ministries, world mission and ecumenism, TV evangelism, and stewardship.
Programs for support shall be recommended by the committee and approved by the vestry for funding.
Priest Endowment Fund
This fund is established for the purpose of sustaining a priest or priests in the Trinity Episcopal Church, Pocatello, Idaho. The income from this fund shall be delivered to the treasurer of the Church for the exclusive purpose of supporting a priest or priests of the Church. The income shall be used to pay salary, housing expense, pension, and all other expenses associated with the total support of the priest or priests if more than one priest is deemed necessary.
The committee shall determine at which intervals the income from the fund shall be delivered to the Church treasurer (monthly, quarterly, semi-annually, annually).
If not immediately needed in annual budget, funds can be accumulated to allow for enough funds to support a
priest in the future. If at some time in the future, the fund produces more income than is necessary to sustain a priest or the vestry decides the annual budget is sufficient to sustain the total support of the priest or priests without undue hardship to the Church finances, then surplus finds shall be distributed for the purposes as specified in Special Gifts Fund section.
Maintenance Endowment Fund
Income from the Maintenance Endowment fund shall be used for upkeep and maintenance of the church and parish hall. The income from this fund cannot be used for construction of other buildings or the upkeep of other buildings. Original funds are from bequest of Sally Johnson and rules are in accordance with her wishes. Other donations may be added to this fund.The committee shall determine at which intervals the income from the fund shall be delivered to the Church treasurer (monthly, quarterly, semi-annually, annually).
3. Expenditures of Principal
All principal amounts will be preserved and only the income expended.
4. Amending the Bylaws
Any amendment to these bylaws which will change, alter, or amend the purpose for which the funds are established shall be adopted by a 2/3 vote of the members present at an annual meeting of the Parish or at a special meeting called specifically for the purpose of amending these bylaws.
5. Disposition or Transfer of Funds
In the event that Trinity Episcopal Church ceases to exist either through merger or dissolution, disposition or transfer of the funds shall be at the discretion of the vestry in conformity with the approved congregational constitution and in consultation with the Bishop of the Diocese of Idaho.