Finance Team Update January 2022

 

Endowment Fund Amendment to Bylaws

An Endowment Fund is a special category of donated funds that are given in order to provide funds into the future. The donations are made specifically to the endowment fund and the use of the funds are restricted to the organization’s goals. The management and distribution of these funds are restricted by law.  The purpose of the law is to ensure that the funds are invested in lower risk investments and to limit distribution to 4% -- 6% averaged over three years to ensure the funds are available in perpetuity.  In California, the Uniform Prudent Management of Institutional Funds Act (UPMIFA) is the current law in affect governing the investments and uses of endowment funds.

Skyland Church has had an Endowment Fund since approximately October 1995 when a resolution was passed at a congregational meeting that outlined the uses and restrictions on an endowment fund. The earliest records indicate that the fund was set up in 1998 and began with $19,274.13 with an additional $5000 contributed within a year. Although the history is sketchy there is every reason to believe this money was donated for an Endowment Fund and was meant to be used for the “mission, outreach and general level of service provided by the church”. As of  December 31, 2021, there was a total of $89,016.62 in the account.

 Information regarding the Resolution for Amendment to The Bylaws and the Resolution to Implement the Endowment Fund is limited. We do have the documents but they are not signed. However, we have had an Endowment Fund Committee to provide oversight ever since that time.

 To ensure that the Endowment Fund is managed according to law and in keeping with the goals of those who originally donated the money, the Finance Team with the approval of the Council decided an Amendment to the current Bylaws is necessary. This amendment is written and available for review from any of the Finance Team Members. You may also contact any Finance Team Member if you have questions.

 In January a meeting will be held for members to ask questions or get clarification of the document.

 In early February at the next Congregational Meeting a vote will be held to approve the document and accept it as an amendment to the Bylaws.

 The Finance Team,

Jackie Seymour, Anne Evans, Terry Landini, Brian Wood, Jan Swayne, Gerald Alonzo

___________________________________________________________

Skyland Community Church, United Church of Christ
25100 Skyland Road
Los Gatos, CA 95033
phone: 408-353-1310
USPS mail: Skyland Church
P.O. Box 245
Los Gatos, CA 95031-0245
Website 



Location: 25100 Skyland Rd, Los Gatos, CA 95033, USA

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