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 undesignated monetary gifts
and bequeaths are to be applied to debt, the other 40% shall go
into the Endowment Fund.
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
The current committee consists of
Jason Hasenstein, Travis
Keshemberg, Sue Putterman, Wayne Wiertzema, and James
Meyer. If you have any specific questions please contact any
of the committee members.