1 SAINT PAUL ENDOWMENT FUND RESOLUTION AND BYLAWS WHEREAS, Christian stewardship involves the faithful management of all the gifts God has given to humankind - the created world, the gospel, life, time, abilities, money, including accumulated, inherited and appreciated resources; and 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 an 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 WHEREAS, it is the desire of Saint Paul Lutheran Church to encourage, receive and administer these gifts in a manner consistent with the loyalty and devotion to our Lord expressed by the donors and in accord with the policies of this congregationcongregation: THEREFORE, BE IT RESOLVED, that pursuant to C16.01. of our constitution, the Congregation of Saint Paul Lutheran Church, Westerville, Ohio, hereby establishes a committeecommittee and its guidelines to carry out the activities of the Saint Paul Endowment Fund. The following bylaws shall be inserted in the constitution where indicated. C13.08.01. A Saint Paul Endowment Fund Committee of five voting members of this congregationcongregation shall be elected by the Congregation Council. The term of office will be three years with the first slate of members serving staggered terms. Each year following the initial election, two members will be elected with one elected every third year. Members are eligible for only two consecutive terms. In addition to the elected members, the senior pastor of the congregationcongregation shall be an ex-officio, member with voice and vote, member of the committee.. The Treasurer of the congregationcongregation shall maintain the account of the Saint Paul Endowment Fund and serve as an ex-officio, without member with voice orand vote, member of the committee.. The purpose of the committeecommittee shall be to implement the guidelines of the Saint Paul endowment fundendowment Fund. Initially, all five members shall be appointed by council, two if whichof whom will be up for election the after the first full year of service, at the same election as for council, two the second year and one the third year. The committeecommittee shall meet at least quarterly, or more frequently as deemed by it in the best interest of the fundfund. A quorum shall consist of three [3]four [4] voting members. When only three [3] members are present a unanimous vote shall be required to carry any motion or resolution.
2 The committeecommittee shall elect from its membership a chairperson, recording secretary and financial secretary. The chairperson, or member designated by the chairperson, shall preside at all committeecommittee meetings. The recording secretary of the committeecommittee shall maintain a complete and accurate minutes of all meetings and supply a copy thereofof the latest minutes to each member of the committeecommittee. Each member shall keep a complete copycopies of minutes to be delivered to his or her successor. The recording secretary shall also supply a copy of the minutes after each meeting to the church council. The financial secretary of the committeecommittee shall work with the congregation s treasurercongregation's Treasurer in maintaining and coordinating complete and accurate accounts for the fundfund and shall sign checks and all other necessary documents on behalf of the congregationcongregation in the furtherance of the purposespurpose of the fund.fund. Members of the committeecommittee shall not be liable for any losses which may be incurred upon the investments of the assets of the fundfund except to the extent such losses shall 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 acts or omissions of any other member. No member shall engage in any "self-dealing " or transactions with the fundfund in which the member has direct or indirect financial interest and shall at all times refrain from any conduct in which his or her personal interests would conflict with the interests of the fundfund. The purpose of Endowment Fund is to share the Fund's long lasting benefits to pursue creative and meaningful ministries on behalf of St. Paul Lutheran Church that support education, charitable, and religious purposes beyond those provided by the normal operating budget. To fulfill this purpose the Committee may provide an annual distribution in accordance with the guidelines set forth in bylaw 13.08.02 to ministries as stated below. C13.08.02. The duties of the Saint Paul Endowment Fund Committee shall include the following: 1) a. To fulfill the purpose of the Saint Paul Endowment Fund, that is to provide annual distributions beyond the operating budget of this congregationcongregation to ministries as stated below: a) 1) up to 20% to special mission projects within this congregation. These may include [Congregation such as but not limited to] youth ministry, church camps and /retreats, special mission projects, and/or family crisis counseling, religious education, staff education, and volunteer mission trainingstraining; a) 2) up b) to 20% to missionspecial outreach within the projects, or ministries, in our home community whereinor around the congregations resides: [world such as but not limited to] Lutheran Social Services and, other local hunger relief agencies and, other programs that serve the homeless and persons at risk, seminary student support, and projects that enhance our sense of partnership with Christians throughout our region or the world; c) 3) up to 20% for extraordinary programs/initiatives within our Congregation such as but not limited to debt reduction/, capital improvement/, cemetery maintenance or improvements,
3 special music/worship opportunities, electronic or other technological opportunities, and other creative ministry initiatives within this congregation;congregation; 4) up to 40% for any or all of the above categories in any proportion as determined by the committee, or for causes and programs which at the discretion of the committee are consistent with the fund purpose of enhancing the mission and outreach of Saint Paul Lutheran Church, 5) administrative, clerical, promotional and professional expenses, as needed. b.
4 2) To determine how the Fund assets will be invested, including the asset allocation. The investment objective will be to provide long- term growth so the annual distribution will keep pace with inflation, i.e. the annual distribution will maintain its purchasing power. In any event, once the initial threshold of $25,000.00, set forth in paragraph c., below, is achieved, allall investments shall be invested by outside investors such as in the ELCA Endowment Fund Pooled Trust, the ELCA Mission Investment Fund, Thrivent, Columbus Foundation, or similar institutions. No committeecommittee member shall invest the assets in a way that would bring private inurnment to that individual. The committeecommittee shall report at least quarterly to the Congregation Council on any and all activity within the Fund. Current balance, additions, distributions, and any other activity should be included with the report. Annual accounting and a report of ministries supported through the Fund shall be distributed to the Congregation at its annual meeting. 3) c. To being makingas long as the Fund has at least $25,000.00 in cash and investments based upon the St Paul Lutheran Church Annual report for the preceding year, annual distributions once the fund reaches $25,000.00. Annual distributions will be a percentage of the annual value of the Saint Paul Endowment Fund balance, and may include interest and dividends received, realized gains. based upon that amount. It is anticipated that the initial distribution, once the threshold amount is achieved, will be between 4.5% and 6% of the fundfund value, at the discretion of the committee.committee. 4) d. To plan and carry out a marketing strategy that could result in promotes the receipt of memorials, bequests, and major lifetime gifts. The plan might include workshops, brochures, news articles, mailings and meetings with potential donors. 5) e. To receive and celebrate gifts given for ministry through the Saint Paul Endowment Fund and maintain a permanent book of remembrance of donors to the Fund. The committeecommittee has the discretion to decline acceptance of a gift if deemed to be in the best interest of the Fund and the congregationcongregation. 2) f. 6) To respond to a Congregation request, underin an unforeseen emergency situation, to use by using the principal of the Fund to help the Congregation rectifyovercome an economically devastating situation. A In such an emergency, a two-thirds vote, of a quorumthe church Congregation, in accordance with the constitution of the Congregation shall be required to use the principal of the fundfund, under this sub-paragraph.subparagraph. 7) g. In the event that If the Saint Paul Lutheran Church of Westerville or its successor(s) ceasescease to exist, either through merger or dissolution, then the Saint Paul Endowment Fund shall continue for the benefit of the mission projects previously designated by the Saint Paul Endowment Fund Committee, until all assets are distributed. Under such circumstances, an accelerated distribution of the principal shall be permitted by majority vote of the committeecommittee. 3) h.
5 8) In the event of anyalleged or reported malfeasance by a committeecommittee member, such member may be removed by aupon 2/3 majority vote of the committee.committee not including the member accused of malfeasance. Any committeecommittee member may resign upon thirty (30) days written notice to the chairperson or recording secretary of the committeecommittee. In either event, council shall appoint a replacement who shall serve until the conclusion of the resigned or removed member smember's term. Revised St Pauls: Endowment fund bylaws