Charter Endowment
MOUNT VERNON UNITARIAN CHURCHCHARTER OF THE ENDOWMENT COMMITTEE
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 MVUC Endowment Fund.
DEFINITIONS:
The MVUC Endowment Fund is composed of property (cash, stocks, bonds, real estate, life insurance, etc.) that has been contributed or bequeathed to the Fund.
MEMBERSHIP:
Membership of the Endowment Committee is composed of six MVUC resident members who serve three-year staggered terms, i.e., two new members are selected for the Endowment Committee each year.(The MVUC Bylaws specify the process for selecting Endowment Committee Members.)Advisory (non-voting) members of the Endowment Committee are the Chair of the Finance Committee, the 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:
1. Advertise the Endowment Fund.
a. Prepare articles for the Newsletter, providing Fund status and describing ways to contribute to the Fund.
b. Hold informational seminars for Members/Friends, describing ways to contribute to the Fund.
c. Maintain the Endowment Fund brochure.
d. Maintain the Endowment Committee section of the MVUC web site to include notes from the Newsletter and other information on making donations/bequests to the Endowment Fund.
2. Maintain Endowment Fund Administrative records.
a. Reports from brokerage companies, investment managers, etc.
b. Status of contributions that have been made to the Endowment Fund.
c. Status of pledges that have been made to the Endowment Fund.
d. Status of estates currently being administered.
3. Review status of investments at least quarterly.
4. Prepare semi-annual financial reports.
5. Promote and encourage contributions and accumulate assets in the Endowment Fund.
6. Once the Endowment Fund liquid assets reach the value specified by 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:
1. 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.
2. 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 BOT.
REPORTS
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 April 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 BOT
The BOT retains sole fiduciary authority for the expenditure of Endowment Fund assets, with the exception of minor expenses for administration of the Endowment Fund.The BOT appoints persons to the Endowment Committee based on recommendations from the Nominating Committee, in accordance with the Bylaws.
Date last reviewed and approved by the BOT: March 2006
