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Give
the Gift that Keeps on Giving........
The Endowment Fund was
established for the sole purpose of
allowing the congregation to receive
donations that are tax-exempt for
federal income, gift and estate tax
purposes within certain legal
limitations.
Gifts to the Endowment Fund may be
endowed providing income to be used
toward extending the work and purpose of
the Church. The amount given is
held and invested for growth, with
income into the future. If this is
your desire and you would like the
satisfaction of knowing that each year
the Church will continue to receive
benefits as a result of your gift, then
the Endowment Fund should be considered.
Individuals with special tax
considerations may wish to examine the
various options provided by the Fund to
ensure the maximum benefit to both the
giver and the receiver.
Life gives us many opportunities.
Among them is the opportunity to use
your individual accumulated wealth to
whatever purpose you desire. This
Endowment Fund offers you a very
positive choice. What are your
options? Cash gifts, insurance
and annuities, property, stocks, bonds
and mutual funds. A small cash
donation is always welcome. Larger
and more complicated gifts are also
welcome and the committee will work with
you to assure that your intentions are
fulfilled.
The Endowment Fund Committee consists of
five members and meets on a quarterly
basis. The management, investments
and dispersal of funds is supervised by
the Endowment Fund Committee with
oversight by the Church Council.
Reports of its activities are published
and available periodically.
If you would like more information,
please contact Bernard Falkenstein, the
Endowment Fund Chair at (701) 734-6569
or grandsquare@bektel.com.
Visits can be arranged to answer
questions and offer options without any
obligation. All such contacts will
be held in strict confidence. We
do encourage you to consult your own
legal and financial advisors regarding
specific tax and other advantages of any
gift you may be considering.
Endowment Fund Committee:
Bernard Falkenstein, Chair; Doreen Sorch,
Financial Secretary; Naomi Thompson,
Secretary; John Broste and Stacy Tweet.
Resolution
to Implement the Endowment Fund
WHEREAS, the scriptural principle of
proportionate giving, to return to the
Lord a portion of the gifts God has
first given to his beloved children, is
both a privilege and appropriate
response in all times and circumstances;
and
WHEREAS, Christians can give to the work
of the Church through bequests in wills,
assignment of life insurance, charitable
gift annuities, charitable remainder and
other trusts, assignment of certificates
of deposit, and transfers of property
such as cash, stocks, bonds and real
estate; and
THEREFORE BE IT RESOLVED that Sunne
Evangelical Lutheran Church at its
annual meeting assembled on January 20,
2002, approve and establish on the
records of Sunne Lutheran Church a new
and separate fund to be known as THE
ENDOWMENT FUND, hereafter called the
Fund, of Sunne Evangelical Lutheran
Church, 7701 Highway 36, PO Box 217,
Wilton, ND 58579.
BE IT FURTHER RESOLVED, that the purpose
of the Fund is to enhance the mission
and operation of Sunne Evangelical
Lutheran Church;
BE IT FURTHER RESOLVED, that the
Endowment Fund Committee, hereafter
called the Committee shall be the
custodian of the Fund;
BE IT FURTHER RESOLVED, that the
following bylaws set forth the
administration and management of the
Fund.
BYLAWS
Committee
Membership
The Committee shall consist of five
members, all of whom shall be voting
members of Sunne Evangelical Lutheran
Church. Except as herein limited,
the term of each member shall be three
(3) years. The Pastor and
President or Vice-President of the
Church Council of Sunne shall be
advisory members of the Committee.
Term
Upon adoption of the resolution by the
congregation, they shall elect five (5)
members to the Committee; two (2) for a
term of three (3) years; two (2) for a
term of two (2) years; and one (1) for a
term of one (1) year. Thereafter,
at each annual meeting, the congregation
shall elect the necessary number for a
term of three (3) years. No member
shall serve more than two consecutive
three (3) year terms. After a
lapse of one (1) year, former Committee
members may be re-elected.
Nomination
and Election
The Church Council of Sunne shall
nominate the Committee members and
report at the annual meeting in the same
manner as for other offices and
committees.
Vacancy
In the event of a vacancy on the
Committee, the Church Council of Sunne
shall appoint a member to fill the
vacancy until the next annual meeting of
the congregation, at which time the
congregation shall elect a member to
fill the term of the vacancy.
Quorum
A quorum shall consist of three (3)
members. When only three (3)
members are present a unanimous vote
shall be required to carry any motion or
resolution.
Committee
Structure
The Committee shall elect from its
membership a chairperson, recording
secretary and financial secretary.
-
The
Chairperson, or members designated by
the chairperson, shall preside at all
committee meetings and shall make the
quarterly reports to the Church Council
and the annual reports to the
congregation.
-
The
recording secretary shall maintain
complete and accurate minutes of all
meetings. The recording secretary
shall supply a copy of the minutes to
the Sunne office, which will then
distribute copies to the Church Council
members.
-
The
financial secretary shall work with the
congregational treasurer in maintaining
and coordinating complete and accurate
accounts for the Fund. The
financial secretary shall, along with
Fund Committee chairperson given
authority to sign checks and all other
necessary documents on behalf of the
congregation in furtherance of the
purpose of the Fund. Dual
signatures are required on all checks.
-
Committee
Members shall:
-
Keep
a complete copy of minutes to be
delivered to his or her successor.
-
Refrain
from engaging in any "self
dealing" or transactions with the
Fund in which the member has direct or
indirect financial interest.
-
Refrain
from any conduct in which his or her
personal interests would conflict with
the interest of the Fund.
Duties of the
Committee
-
The committee shall meet
at least quarterly or more frequently as
deemed by it in the best interest of the
fund.
-
The Committee may
request other members of the
congregation to serve as advisory
members of the Committee.
- The Committee may make expenditures
from the Fund to employ financial, legal
or investment counseling, as the
Committee deems prudent and necessary.
- The Committee shall report on a
quarterly basis to the Church Council
and, at each annual meeting of the
congregation and at any duly called
special meeting of the congregation
where the Fund is to be discussed.
Indemnity
Members of the Committee shall not
be liable for any losses which may be
incurred upon the management of the
assets of the Fund except to the extent
such losses have been caused by bad
faith or gross negligence. No
member shall be personally liable as
long as he or she acts in good faith and
with ordinary prudence. Each
member shall be liable only for his or
her own willful misconduct or omissions,
and shall not be liable for the acts or
omissions of any other member.
Operation of the Fund
- All assets are to be held for the
benefit of Sunne Evangelical Lutheran
Church Endowment Fund.
- The Fund shall be invested with a
professional financial manager such as,
but not limited to, the ELCA Foundation,
or Lutheran Community Foundation.
- For the purposes of the Fund,
investment gain is defined as total
return on capital invested-net of Fund
expenses.
- Gifts and bequests to the Fund and
investment gain shall accumulate until
the total value of the Fund exceeds
$100,000.00 or until January 1, 2007,
whichever occurs first, after which the
annual investment gain shall be
distributed according to section (J)
below.
Distribution of
Investment Gain
- The previous year's investment gain
shall be distributed annually to
accomplish the mission of and for the
operation of Sunne Evangelical Lutheran
Church.
- The annual distributions from the
Fund shall be used within the following
guidelines:
- 50% toward Sunne Evangelical
Lutheran Church current programs*
- 50% toward Sunne Evangelical
Lutheran Church maintenance (buildings
and grounds)*
* These guidelines may be modified to
allow for a contributor to designate
100% of their contribution and
investment gain, to go toward either the
programs or the buildings and grounds.
Distribution of the
Fund
If circumstances are dire and an
emergency exists to the extent that
expenditure of some or all of the Fund,
in addition to the annual distributions,
is necessary to ensure the future of
Sunne Evangelical Lutheran Church, and
when the Committee has been asked to
consider such expenditure by the Church
Council, the Committee may recommend
that the Church Council seek approval
from the congregation for such
expenditure. The Fund committee
shall require a two-thirds (2/3) vote of
its members to pass the request on to
the Church Council. The Church
Council shall require a two-thirds (2/3)
vote of its members to pass the request
on to the congregation. The
congregation may approve the expenditure
by two-thirds (2/3) vote of the voting
members attending an annual meeting or a
duly called special meeting of the
congregation. When such approval
is received, the Committee may act
consistently with such approval.
Amendments
Any amendment to the resolution,
which will change, alter or amend the
purpose for which the Fund is
established, shall be adopted by a
two-thirds (2/3) vote of the members
present at an annual meeting of the
congregation or at a special meeting
called specifically for the purpose of
amending the resolution.
Disposition or
Transfer of Fund
In the event Sunne Evangelical
Lutheran Church ceases to exist either
through merger or dissolution,
disposition or transfer of the Fund
shall be at the discretion of the Church
Council in conformity with the approved
corporation constitution and in
consultation with the bishop of the
synod to which this corporation belongs
at such time. Consultation with
the Evangelical Lutheran Church in
America may be desirable for
continuation of Endowment Fund
obligation.
Adoption of
Resolution
This resolution, recommended by the
Church Council and accepted by the
congregation at a legally called
corporation meeting, is hereby adopted.
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