MOUNT VERNON UNITARIAN CHURCH CHARTER OF THE ENDOWMENT
TITLE OF GROUP: The Endowment Committee
TYPE AND PURPOSE: The Endowment Committee is a standing committee responsible to the Board of Trustees for management, administration, and promotion of the Mount Vernon Unitarian Church (MVUC) Endowment Fund.
DEFINITIONS: The Mount Vernon Unitarian Church Endowment Fund is composed of property (cash, stocks, bonds, real estate, life insurance, etc.) that has been contributed or bequeathed to the Fund.
Membership of the Endowment Committee is composed of the Treasurer and six Mount Vernon Unitarian Church resident members who serve three-year staggered terms, i.e., two members are selected for the Endowment Committee each year. Advisory (non-voting) members of the Endowment Committee are the Chair of the Finance Committee, the Assistant Treasurer, the Administrative Program Coordinator, and the Minister.
TERM OF OFFICE OF THE CHAIR:
The Chair is appointed by the Board of Trustees for a one-year term. The Chair should ordinarily not serve more than three consecutive one-year terms.
ACTIVITIES: The functions and tasks of the Endowment Committee include:
- Advertise the Endowment Fund.
- Prepare articles for the Newsletter, providing Fund status and describing ways to contribute to the Fund.
- Hold informational seminars for Members/Friends, describing ways to contribute to the Fund.
- Maintain the Endowment Fund brochure.
- Maintain the Endowment Committee section of the MVUC web site to include notes from the Newsletter and other information on making donations/bequests to making donations/bequests to the Endowment Fund.
- Maintain Endowment Fund Administrative records.
- Reports from brokerage companies, investment managers, etc.
- Status of contributions that have been made to the Endowment Fund.
- Status of pledges that have been made to the Endowment Fund.
- Status of estates currently being administered.
- Manage and administer all aspects of the Legacy Circle (see addendum A).
- Review status of investments at least quarterly.
- Prepare semi-annual financial reports.
- Promote and encourage contributions and accumulate assets in the Endowment Fund.
- Once the Endowment Fund liquid assets reach the value specified by Board of Trustees (BOT) policy (currently $1,000,000), provide data to the BOT regarding funds available for property maintenance, capital improvements, or church programs.
DUTIES AND RESPONSIBILITIES:
- The Endowment Committee has fiduciary responsibility for management of Endowment Fund assets. The Endowment Committee shall adopt an investment plan that helps the church meet its fiduciary obligations. This plan shall be developed by assessing goals, risk tolerance and time horizon; include an investment policy statement; ensure due diligence requirements are met; require measurement of performance quarterly; and require periodic evaluation of progress towards the goals, making any adjustments that may be necessary.
- The Endowment Committee is responsible for complying with Virginia’s Legal Code regarding management of endowment-type funds.
REVIEW OF CHARTER:
The Endowment Committee shall review and revise, as necessary, this charter every two years or on request of the Board of Trustees.
The Endowment Committee shall prepare an annual report due March 15th, reporting on accomplishments, plans, or changes for inclusion in the annual report book given to the congregation at the annual meeting. The annual report shall include a financial report for the preceding calendar year that summarizes assets, contributions, and investment income (loss).
AUTHORITY DELEGATED TO THIS COMMITTEE:
The Endowment Committee has authority to solicit and accept gifts, invest funds, and expend funds required for administration of the Endowment Fund.
AUTHORITY OF THE B:OARD OF TRUSTEES
The Board of Trustees retains sole fiduciary authority for the expenditure of Endowment Fund assets, with the exception of minor expenses for administration of the Endowment Fund. The Board of Trustees appoints persons to the Endowment Committee in accordance with the Bylaws.
Date last reviewed and approved by the BOT: March 2016