Cross of Hope implemented an Endowment Fund during the summer of 2005. An endowment fund is a pool of money from which only the earnings are distributed. The purpose of the Cross of Hope Endowment Fund is to provide ongoing annual distributions beyond the operating budget of this congregation to ministries within and beyond Cross of Hope.
The endowment fund is managed by the Endowment Fund Management Committee. There are five members of this ongoing committee. Four of the members are elected by the Congregational Council, the other member is the treasurer from the Congregational Council. Pastor Dale and Greg Morrison, Director of Financial Operations, are also Ex-Officio members of the committee. They receive information and notices of the committee’s activities.
The majority of the fund is invested in Certificates of Deposit. Once the fund reaches $25,000, we will be able to invest the money with the ELCA Pooled Trust, which is a large securities fund used by other endowment funds from churches in the ELCA.
The Endowment Fund will begin making annual distributions once it reaches $50,000. Annual distributions will include interest and dividends. If the fund ever exceeds $500,000, each annual distribution should include a 10% distribution of the fund itself.
Funds will be distributed in the following areas:
Distributions will be made through a process of written requests to the Endowment Fund Management Committee.
Should we determine that the congregation is in dire need of the assets in the fund or has an emergency of such a nature that the future of the congregation is at stake, and the only recourse is the use of Endowment Fund assets, the management Committee can recommend this to the Congregational Council for recommendation to the congregation. The congregation must then approve this by two-thirds majority vote at a congregational meeting.
Members can contribute to the fund through the bequests in wills, assignment of life insurance, charitable gift annuities, charitable remainder trusts, assignment of certificates of deposit, and transfers of property such as cash, stocks, bonds, and real estate.
The members of the Management Committee are Jim Shotwell, 867- 2837; Mike Hughes; Dolores Hughes; William Escajeda; or Sam Jones, Council Treasurer.