Endowment Fund at SOTV

Endowment Fund at SOTV

Did you know that SOTV has an Endowment Fund?  About 15 years ago the congregation established such a fund to support establishing new ministries at SOTV.  The idea was to create a fund that would provide interest income to support such activities, yet allowing the capital to increase for the future. Initially the effort experienced some success raising funds and making grants. Over the past 10 years there has been very little activity, but a balance of about $125,000 remains and is waiting to go to work!

Endowment Fund Now?
You might be thinking why are we talking about an endowment fund now, when we are in the middle of a capital campaign? An endowment fund is actually complementary to both our annual giving and a capital campaign. The idea for the endowment fund is to provide a tool for members to make bequests to the church in their wills, which can provide income to support SOTV far into the future. Current giving remains directed at the annual and capital campaigns, but when members are planning their legacy giving, the Endowment Fund is available to assist.

What Changes in the current Endowment Fund are needed?
A group of volunteers with an interest in legacy giving was appointed by the Church Council to review the current endowment fund and make recommendations to reestablish the fund. This new Endowment Committee has developed a number of recommendations which include making these changes to the charter of the Endowment Fund:

• Change the purpose of the fund to support current mission activities of SOTV

• The current charter provides that the fund only establish new missions.  By changing the mission of the fund to support current missions, the Fund can now support ongoing activities of SOTV.

• Change the charter of the fund to simplify management

• These changes include having Church Council appoint the Endowment Committee and make any future changes to the charter; reduce the number of members needed on the committee, and also changes to simplify managing assets and making grants.

•  Provide specific mission areas for donors to designate gifts

• Proposed changes provide for donors to designate gifts to three mission areas: general mission (worship, music, facilities); education (youth, adult, bible camp); and; outreach (local, domestic and foreign)

You can also read the proposed amended and restated resolutions by clicking here.
 
What needs to happen? A Congregational Vote
The original charter adopted by the SOTV Congregation requires that the Congregation make any changes to the Endowment Fund at its annual meeting. The new Endowment Committee has proposed new amended and restated resolutions re-establishing the Endowment Fund with a new charter, which will make all the changes listed above. Church Council has reviewed the changes and recommends that the Congregation vote in favor of the changes at the Congregational Meeting on June 7.
 
Questions about the Endowment Fund
Please feel free to contact me about the Endowment Fund and the work of the Endowment Committee.

Dave Kuhnau
dbkuhnau@gmail.com
952-891-1825 (home)