The City

Innovator Article for February, 2018

By Lonnie Rangel in Endowment 4 months ago | 55 views Link: https://goo.gl/x2ixjY

The Endowment Committee Wants You to Know…..

Over 30 years ago, the leadership of North Church established the “Endowment Committee” to be accountable to the Session for management of assets donated for long-term, endowment purposes.

Perhaps you wonder what are “Endowment Funds”, and how do they make a difference in the workings of our congregation?

Endowment Funds represent gifts of cash and proceeds from the sale of donated stock that are to be held and invested by the church for the long term benefit of the congregation.   The original amounts donated (the “Principal”) are preserved indefinitely.  Only some “earnings” on the endowment investments are spent for special non-budget purposes.  The Principal amounts are allowed to grow so that the overall Endowment Funds increase over time.

The Endowment Committee meets quarterly (or thereabout) to review and ensure the sound investment of the funds, to determine the appropriate amount(s) that will be available that year for distribution (generally 3-5%), to consider requests by Commissions of North Church for the use of Endowment Funds, and to make decisions and/or recommendations to Session about those requests.  The Committee includes the Treasurer, a member of Session, an investment advisor, and four church members at-large that are recommended by the Committee, and appointed by the Session.

As of year- end 12/31/17 we are blessed to have approximately $621,000 in six funds, and approximately $30,000 in cash accounts.  Two of the larger funds are designated for “general” purposes; the Corwin Fund for music,  the Leisman Fund for youth and mission, the Hoklas Fund for education, and the newest fund, the Purrington fund established for youth development.

How does it help the congregation?  In very significant ways!  In 2017 over $13,000 was made available to help fund worthy causes that were not within our annual budget.  Some recent Endowment Fund expenditures include:

  • Campership scholarships for North Church kids to attend camp at Clearwater Forest
  • Therapeutic Music Ministry; and other special music
  • Technology upgrades
  • Youth triennium
  • Vacation Bible School
  • Organ Repairs

 

Endowment Funds are a tremendous blessing to our congregation.   Please consider adding to the enduring legacy by making an Endowment Fund contribution.

 

Would you like more information?  Please contact Susanne Meyer, Chairperson, Endowment Committee.

 

Submitted by:  Cindy Carlson, Secretary, Endowment Committee

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Cindy Carlson

Thank you, Lonnie! Much appreciated.

Cindy Carlson
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2711 Mounds View Blvd.
Mounds View, MN 55112
(email address removed)

P: 651-290-7867 C: 612-770-6575
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