Mission Endowment Fund
Vision: To expand the mission of WPLC by providing for ministry beyond the scope of the general operating budget of the congregation
About the Mission Endowment Fund
Established in 2017, the WPLC Mission Endowment Fund (Endowment Fund) is an investment fund that allows donations to generate long-term income to support the work of WPLC in the community and beyond. The Endowment Fund is not used to support general day-to-day operational activities of the church. Instead, it is to support mission activities that go above and beyond the annual budget.
The mission activities the Endowment Fund supports include:
- Service – This may include, but is not limited to, support for programs and outreach into the local and global community
- Education – This may include, but is not limited to, scholarships for members and staff, vacation bible school, and expanding the ministry and educational resources.
- Building and grounds improvement – This may include improvements to the buildings, furnishings, and grounds owned by WPLC. It is for expenses above and beyond general maintenance.
Donations to the Endowment Fund allows your dollars and contributions to create a long-term legacy, one that will grow and survive even in the years after one ceases to be an attending member. A small donation today, when invested and managed properly in our endowment fund, can have a big impact in the future.
How To Donate Cash Gifts
When donating cash to the Endowment Fund, enter the amount in the “Endowment Fund” space, and include a dedication of the gift (optional) in the space provided next to the donation total.
Besides Cash, What Else Can I Donate?
The Endowment Fund may receive any of the following gifts by contacting the Financial Secretary (773-276-0263 or email@example.com):
- Beneficiary assignments of wills, trusts, retirement plans, life insurance, annuities, certificates of deposit, and transfers of property
- Stocks, bonds, and real estate
Constitutional Provisions of the WPLC Mission Endowment Fund
C5.05. This congregation shall have a mission endowment fund that will operate as specified in this congregation’s bylaws and continuing resolutions. The purpose of the mission endowment fund is to provide for mission work beyond the operational budget of this congregation.
C5.05.01. This Congregation has established the WPLC Mission Endowment Fund, an unincorporated nonprofit fund to engage God’s work in the world. The purpose of the Fund is to expand the mission of this congregation by providing for ministry beyond the scope of the general operating budget of the congregation.
- The Endowment Fund is a permanently restricted fund, that is, the Fund remains in perpetuity and only earnings may be disbursed. The Fund will be invested in a manner to generate distributable income and long term capital appreciation to keep pace with inflation.
- The Endowment Fund may receive gifts such as general cash contributions; beneficiary assignments of wills, trusts, retirement plans, life insurance, annuities, and certificates of deposit; and transfers of property including but not limited to stocks, bonds, and real estate if such gifts are in accordance with the purposes of the Fund and this congregation’s governing documents on gifts.
- Disbursements will be made based on the Fund’s value on December 31 of the prior year with consideration of the Fund’s previous and anticipated returns as well as rate of inflation. Between 2% and 6% of the rolling average value of the past 20 quarters of the Fund may be disbursed in any one year.
- Disbursements from the Endowment Fund may not be used for operational expenses of the congregation except in extreme emergencies. Such emergencies must first be declared by a three-fourths majority vote of the Congregation Council held at two separate meetings two weeks apart and then must be approved by the Congregation.
C5.05.02. The Endowment Fund Committee is established to carry out the purpose and activities of the Endowment Fund. The duties of the committee shall include:
- Make disbursements from the Fund for the following:
1) Service – This may include but is not limited to support for programs and outreach into the local and global community.
2) Education – This may include but is not limited to scholarships for members and staff, vacation bible school and expanding ministry and educational resources.
3) Building and grounds improvement – This may include improvements to the buildings, furnishings and grounds owned by WPLC. It is for expenses above and beyond general maintenance.
2. Determine annually the amount to be disbursed. A majority vote of a quorum of the Endowment Fund Committee shall recommend distribution recipients and amounts to the Congregation Council for final approval.
1) No disbursements shall be made from the Fund until the total value of the Fund reaches $25,000.
3. Choose the Fund investment manager by
1) majority vote of a quorum of the Endowment Committee with approval by the Congregation Council. The Committee will work with the Fund investment manager to ensure that the investment goals will provide long term growth and distributable income while assuring that the Fund will remain in perpetuity. Any expenses incurred for the management or investment of the Fund shall be paid by the Fund. Members of the committee shall be bonded and shall not be liable for any losses which may be incurred by the Fund investments, except to the extent that such losses are due to bad faith or gross negligence. No committee member shall engage in any self-dealing or transactions with the Fund that would bring private inurement to that individual. All committee members will at all times refrain from any conduct in which his or her personal interests would conflict with the interest of the Fund.
4. Encourage gifts through education and promotion of the Fund. The Committee may use the services of the ELCA in assisting members with the best way to include the Fund in their current giving and estate plans.
5. Receive and celebrate gifts to the Fund in a manner consistent with the desires of the donor. The Committee has the discretion to decline a gift if deemed not in the best interest of the Fund or congregation.
6. Receive and act upon grant applications in a timely manner. All groups and/or individuals are invited to apply annually for fund grants. However, all new programs must first be approved by the Congregation Council.
7. The Endowment Fund Committee shall report at least quarterly to the Congregation Council on any and all activity within the Fund. Current balance, additions, distributions and any other activity should be included in the report. The Committee shall provide an annual accounting and a report of ministries supported to the congregation at its annual meeting.
8. Follow the same fiscal and operational calendar as the Congregation Council and other church committees.
C5.05.02A17. The Endowment Fund Committee is responsible for carrying out the purpose and activities of the Endowment Fund.
- Membership. The committee shall be composed of five voting members: The senior pastor, three voting members elected by the congregation, and one member appointed by the Congregation Council. All members must be active confirmed members of the congregation who are of legal age. The voting members may invite additional members to participate as advisory members. A quorum consists of three voting members.
- Terms. The Congregation Council member shall serve as long as his or her term lasts. Other elected members shall serve staggered two-year terms. Each member may serve consecutive terms up to a maximum of six years. After a one year period of separation, a member may be reappointed or reelected.
3. Election and Appointment. The Nominating Committee is responsible for providing candidates for the ballot at the annual congregation meeting each year. Additional nominations may be made from the floor at the annual congregation meeting, provided the nominee is present and accepts the nomination.
4. Vacancies. In the event a committee member cannot serve out his or her entire term, the vacancy will be filled as follows:
1) If the member was appointed by the Congregation Council, the Council shall appoint a new member to serve the remainder of the term.
2) If the member was elected by the congregation, the Nominating Committee shall appoint a new member to serve the remainder of the term.
5. Committee Chairperson. The Committee will elect a chairperson, and, if desired, create other positions within the committee each year to assist with the responsibilities below. The pastor cannot be the chairperson. The chairperson is responsible for:
1) Scheduling and organizing the committee meetings, which may be held telephonically or electronically if required
2) Collecting grant requests
3) Notifying the recipients of funds awarded
4) Preparing and presenting an annual report to the Congregation Council
5) Managing all other committee business
6) Making emergent decisions on behalf of the committee
7) Ensuring that complete and accurate minutes of all meetings, including any held telephonically or electronically, are taken and supplied to each committee member and the Congregation Council
6. Meetings. The Endowment Committee shall meet at least quarterly. Meeting dates and times will be determined by the Committee
7. Grant Applications. The committee will develop application forms and procedure guidelines for written grant applications and will schedule and publicize application deadlines and disbursements.