Finance Team Update November 2021
News
from the Finance Team –
In reviewing the history of the Endowment Fund, the Finance Team discovered that the Endowment Fund is actually a legally restricted fund, meaning that the amount of withdrawal, the use of this money, the type of investments and its management are regulated in California by the Uniform Prudent Management of Institutional Funds Act (UPMIFA). Also, it appears that there was once a “resolution” to the bylaws that was likely passed in a Congregational Meeting on October 8, 1995 that covered the management and use of these funds although a signed copy of the resolution has not been found. In view of this, the Finance Team has written an amendment to the current bylaws that covers the management and use of the Endowment Fund and requires compliance with the UPMIFA. It will be presented at the next congregational meeting for approval. Prior to that meeting it will be available for review and meetings will be held to respond to any questions or concerns regarding the amendment. The Council has affirmed this effort.
The Team -- Jackie Seymour, Anne Evans (chair), Brian Wood, Terri Landini, Jan Swayne, Gerald Alonzo, and Rev. Melanie Weiner.
Skyland Community Church, United Church of Christ
