Endowment Fund Information

Endowment Fund Application

 

The current Endowment Fund was originally established in 1982 as the Capital Improvement Fund (CIF). The original intention of the fund was to establish a protocol on how undesiginated  monetary gifts would be allocated.

Prior to the establishment of the CIF, funds were simply put into the "general" fund. The original allocations were  60% for capital improvements,  30% student aid, and 10% missions. At a November 17th, 1994 Voter's Assembly Meeting, a motion passed changing the allocations of the CIF to 15% capital improvements 15% student aid 10% missions and 60% debt retirement. On April 30, 1998 the voters approved the by-laws of the St. Paul Lutheran Church Endowment Fund.  Essentially, if the congregation has debt, 60% of all undesiginated monetary gifts and bequeaths are to be applied to debt, the other 40% shall go into the Endowment Fund.

The by-laws of the endowment fund are very specific as to organizational structure, Investment options, and the ultimate disbursement of funds. The Fund is administered by the Endowment Fund Committee, chaired by the Director of Finance, plus 4 members of the congregation, appointed by the chairman of the congregation  and approved by the voters assembly. The committee will make recommendations for disbursement of funds, consistent with the limitations and procedures of the by laws to the Church Council, if church council approves, the request will be presented to the voters assembly  for final approval.

Currently, the Endowment Committee meets the 1st Monday of every month. The committee is developing  an application to assist potential benefactors in seeking funds as well as establishing a percentage of funds that the committee feels is an adequate amount for annual distribution while protecting the principal of the funds and adhering to the by-laws limitations on fund disbursement. Additionally the committee continuously reviews the fund assets allocations. There are numerous other issues that the committee is discussing and we will bring these forward in subsequent bulletin informational articles, council meeting and voter meetings.

The current committee consists of Dave Scherzer, Director of Finance, James Meyer, Wayne Wiertzema and Sue Putterman. If you have any specific questions please contact any of the committee members.  Additionally the Director of Finance is available every Wedensday from  7am -11am in the St. Paul Finance office.