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Endowment Committee

at the Unitarian Universalist Fellowship of Columbia SC

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Committee Meeting Minutes: Listed with most recent at top


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April 7, 2003 -- Minutes of the Endowment Committee meeting


The April 7 2003 meeting of the endowment committee was called to order at 6:05 pm by Mike Paget, chair. Those in attendance were Janet Swigler, Joe Long, and Dillard Thompson.

Minutes of the previous meeting were approved.

Treasurer's report- Joe said no statement had been received at the end of the quarter (03/31/03) so no update was available on the previous balance. Joe will get an updated balance amount and email figures to Mike.
Status of audit- the board has selected Isabel Oake to perform bookkeeping for the UUFC. There is a prohibition in the By-Laws regarding a Fellowship member auditing the endowment fund so the UUFC bookkeeper cannot do the audit. Paul Ham, a CPA, audits the UUFC accounts at a reasonable cost. Joe will ask if he is interested in auditing the endowment fund and what he would charge. In the meantime, Mike will go over past financial records to see if he can reconstruct account activity and request help from other committee members on this if needed.
Budget request -after discussion, it was agreed that a reasonable amount to request for next year's budget would be $100.

UUA brochures on wills- Janet has contacted the UUA concerning their brochure on how to include donations in one's will, and found the cost is $.50each. In lieu of ordering a number of brochures, Janet will contact the UUA to get permission to use material in the brochure.

Donation receipt form- Mike has not heard from the UUA concerning any comments they may have on the format of the form. It is to be completed where there is a special request for the use of the contribution.
Procedure for handling donations- Mike reviewed a written summary of procedures for handling donations to the endowment fund. Donations are generally received in one of three ways: in the offertory plate, by mail, or given to an officer of the UUFC. In each case, the person responsible for handling the donation is specified and also in each case the donation will be deposited in the general funds account with the subtotal for the endowment fund indicated in the accounting software. The treasurer will write a check to the appropriate endowment investment fund in accordance with the normal check writing cycle, but no less than once a month. Joe suggested a couple changes in wording concering the actions of the Treasurer and Mike said he will make the revisions.
 
Dillard brought up the idea of establishing a separate checking account for the endowment fund so that the money would be further segregated from the general fund. After discussion, it was decided this would not be done since a separate checking account costs $8 a month and the account would simply be zeroed out each month.

Board review of procedures- Mike said that once the procedures for handling donations to the endowment fund are finalized, he will communicate these procedures to the Board for their review.
Archives- it was suggested the endowment committee consider doing an annual binder that would include the minutes, agenda, financial records, any special events, etc. for a specific year, at least starting where we are now. No specific decision was made..

By-Laws- Mike had asked Dillard to locate the most recent revision of the by-laws in order to resolve a question concerning the definition of quorum as it relates to the endowment committee. Dillard distributed the copy he had obtained and noted it appears the by-laws provide that the President of the board clarify any questions related to interpretation of the by-laws.

Goals- it was suggested one goal might be to compile a procedures manual and that the procedures for handling donations would certainly be a part of this. Procedures for fund expenditures should also be considered. It was noted the Board may need to review procedures before they are finalized.
The next meeting was scheduled for May 5 at 6:00 pm.
There being no further business, the meeting was adjourned.

Respectfully submitted
Dillard Thompson



March 10, 2003 -- Minutes of the Endowment Committee meeting

    The March 10, 2003 meeting of the endowment committee was called to order by Mike Paget at 6:05 pm. Those present besides Mike were Mary Heriot, Dillard Thompson, Joe Long , Janet Swigler, and Rusty Wenerick.
    Minutes from the previous meeting were approved.
    Joe Long, Treasurer reported that the balance in the endowment fund as of the latest statement available to him (07/31/02)was $ 2668.38. Joe said another statement would be received at the end of the present quarter (03/31/03) which would show a more current amount. The original amount invested in the UUA pooled fund was approximately $3250. The fund managed by the UUA in Boston, is partly invested in stock mutual funds, and the value will fluctuate somewhat due to market conditions.
    Audit of the endowment fund- it was thought originally that Jill Clements the Fellowship bookkeeper would be doing the audit, but she is leaving this job and her replacement at this time is uncertain. Joe will make a recommendation to the board as to her replacement and the audit is on hold pending the appointment of a new bookkeeper.
    Donation receipt form- Mike added a space for signature of the UUFC official receiving the donation at top and a space for the signature of the treasurer or the presi-ent at the bottom. Mike will work on the wording of the form and get feedback from the UUA before finalizing it. .
The Sunday morning counters will be reminded to note any checks designated for the endowment fund and enter them in the proper category in the accounting software. Mary Heriot raised a concern  that the endowment money received in the Sunday collection not be pooled with the general fund since we are having to pay out most of our income for current expenses. Dillard suggested that the Treasurer be notified when money designated for the endowment is received in the collection and the Treasurer write a check in 2 or 3 days to deposit the money to the endowment fund so the money would not remain in the general fund. It was agreed this would be a reasonable way to resolve the concern that was raised.
    Dillard presented information which he had received from The UUA concerning the use of a codicil to amend wills so that a person could leave money to a charity such as the endowment fund without having to revise the body of the will.The UUA had provided a sample codicil with the caution that any codicil should be reviewed by an attorney. Dillard had talked with one attorney who indicated  that if there were no complications, his fee would be $ 75-100 for this type of service. After discussion it was decided this idea would not be actively promoted, but that additional copies of the UUA brochure "Use Your Will to Give" would be requested to have available for people who might be interested in using their wills to contribute to the endowment fund.
    Mike next noted that there appears to be an ambiguity in the By-Laws concerning the definition of a quorum as this applies to the endowment committee. Dillard was asked to check to determine what the most recent version of the By-Laws is so the question could be resolved.
    Agenda items concerning archives issues and goals for 02-03 were deferred.
    The next meeting was scheduled for April7 at 6 pm.
    There being no further business the meeting was adjourned.

                                Respectfully submitted
                                Dillard Thompson   
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February 10, 2003 -- Minutes of the Endowment Committee meeting

    The February 10 2003 meeting of the endowment committee was called to order by Mike Paget at 6:05 pm. Those present besides Mike were
Dillard Thompson, Patrick Price, Rusty Wenerick, Janet Swigler, Kevin Meredith and Mary Heriot.
    Minutes from the previous meeting were approved.
    Mary Heriot raised a concern about money collected during the Sunday service and intended for the endowment going into the general fund. The problem appears to be that the counters need to be trained concerning the endowment funds collected and the Shepard's Staff software does not have a category for endowment funds. It was agreed the counters would be trained on the endowment funds and Donald Griggs would be contacted to see if a category could be added for endowment funds in the accounting software.
    The Treasurer's report was deferred since the Treasurer was not present.
    Mike stated the Board approved himself, Rusty, and Janet as continuing  members of the endowment committee, and reviewed the terms of the present members of the committee. Dillard's term ends 6/30/03, Rusty's 6/30/04, Janet's 6/30/05 and Mike can serve one more year.
    The audit of the Endowment fund was discussed. The committee had planned to ask Jill Clements the Fellowship bookkeeper to do the audit. However, she will likely be leaving that job.Her replacement will probably be able to do the audit. The committee desires to keep the cost of the audit low, as close to zero as possible.
    Mike then discussed a draft of a form that will be used to record donations to the endowment fund. The form will be sent to the UUA office of planned giving for their review and suggestions. Rusty suggested the counters on Sunday morning make a copy of a check intended for the endowment, put it in the endowment committee box and the form completed for that contribution. Likewise, if the endowment committee receives funds, it needs to notify the finance committee for their records. The Treasurer would handle situations involving donations of  assets such as stock. It was noted the form should have a place for a church representative to sign acknowledging the contribution. Mike will revise the form to include this.
    Dillard reported the endowment brochure has been put on the UUFC web site under the link to the endowment committee.
    Agenda items relating to archives and quorum were deferred.
    As to goals, Mike and Dillard were to contact Boston about whether there is a low cost and easy way for members of the UUFC to amend their wills to include the endowment fund.
     The next meeting was set for March 10 at 6:00 pm.
    There being no further business the meeting was adjourned.

                            Respectfully submitted
                            Dillard Thompson         
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November 11, 2002 -- Minutes of the Endowment Committee meeting
The November 11 [2002] meeting of the endowment committee was called to order
by Mike Paget, chair. The only other person in attendance was Dillard Thompson, committee member. Since a quorum was not present, no business could be conducted. The following is a record of the discussion between Mike and Dillard of matters relating to relating to the endowment committee. Any items of business needing approval of a quorum were deferred until such time as a quorum would be present.
    Mike stated that at the time of this meeting, the two vacancies on the committee had not yet been filled by the Board.The Board will be asked to fill the vacancies at the next Board meeting. Mike also noted there appears to be some ambiguity about the rotating terms of service of the members of the endowment committee, and the Board would be asked to clarify this ambiguity.
    Mike said he had mailed a letter to Carol Jackson thanking her for her service on the committee.
    The Treasure's report was deferred since the Treasurer was not present, and for the same reason the status of the audit of the endowment fund was unknown.
         Mike had drafted a form to be used for keeping a record of donations to the endowment fund, and there was some discussion of revisions to the form and where the forms should be kept once they are completed.
    Archives issues relating to the minutes and agendas of the endowment committee meetings were discussed, with the conclusion that Isabelle Oake's input should be solicited on the question of where to keep these records.
    Mike noted that the By-Laws appear to contain some inconsistencies as to the number of members needed for a quorum at a meeting of the endowment committee. It was agreed that the question should be referred to the By-Laws committee, assuming it is still in existence.
    Concerning goals for the endowment committee, Dillard suggested that the committee attempt to find an attorney who would be willing to meet with members of the Fellowship to provide information on the easiest way to include the UUFC in a member's will.  Mike noted another possibility would be to have the attorney meet with the committee and  the committee could then disseminate the information. Dillard agreed to contact Tom Turnipseed to see if he can provide the name of an attorney who could do this since Tom does not practice in this area of law. Mike said another goal should be to periodically remind the congregation about the endowment fund, and this could be accomplished by a column in the Unigram and pulpit editorials at appropriate times. Increased communication with the September set is also needed.
    Mike suggested also that the flyer for the endowment fund be scanned onto a disc so that the flyer could be displayed on the UUFC web site. Dillard will see about getting this done.
    Concerning the investment of the endowment fund, Dillard raised the question of whether our funds, presently managed in a pooled fund thorough the UUA with funds from other congregations, could be shifted to a more conservative asset allocation  (i. e., more money market or bonds, less stocks) in light of the present economic uncertainties. It is unlikely this could be done, but Mike said this would be a question for the Treasurer to resolve.
    The date and time of the next meeting was set for December 16 at 6:00 pm.
    There being no further items for discussion, the meeting was adjourned.

                                Respectfully submitted
                                Dillard Thompson                             
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September 30, 2002 -- Minutes of the Endowment Committee meeting

        The September 30, 2002 meeting of the Endowment Committee was called to order at 6:00 pm by Mike Paget, chair. Those in attendance were Dillard Thompson, committee member, Patrick Price, Minister, Joe Long, UUFC Treasurer, Kevin Meredith,President of the Board, and David Roof, Finance Committee chair.
        The first item of discussion  concerned vacancies on the committee. The terms of Rusty Wenerick and Carol Jackson have ended, so it will be necessary to fill two vacancies. It was noted that under the By- Laws, vacancies will be filled by the Board of Trustees until the next congregational meeting, when members will be elected  to serve the remainder of the terms designated in the By-Laws.Mike stated he would send Kevin a written request that the Board take up the matter of vacancies on the Endowment Committee at the next Board meeting.
        It was next noted that the By-Laws require an audit of the Endowment Fund by a qualified financial professional. After discussion, it was agreed that the most cost effective method of accomplishing this was to ask Jill Clements, the UUFC bookkeeper, to audit the Endowment Committee records. Joe Long will contact her to arrange for the audit.
        The next agenda item concerned goals for the Endowment Fund for the next fiscal year. Mike Paget asked those present to consider appropriate goals and discuss these at the next meeting.
        The Treasurer's report was deferred until the next meeting.
        There was discussion of the best way to maintain records of donations. Mike will draft a sample form to serve in keeping records of donations.
        Mike also said he will draft a letter to Carol Jackson thanking her for her service on the committee, since she is unable to serve another term.
        The date and time of the next Endowment Committee meeting was set as November 11 at 6:00pm.
        There being no further business, the meeting was adjourned.

                                                Respectfully submitted,
                                                Dillard Thompson
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June 14, 2000 -- Minutes of the Endowment Committee meeting

 
1. Mike called the meeting to order at 5:52 PM. Present were Mike, Dillard, Carol, Patrick and Rusty.
 
2. The agenda was approved without changes.
 
3. The minutes of the last meeting were approved without changes.
 
4. A. Dillard and Carol showed us a beautiful brochure from another UU church and gave an estimate of $150 to print 500 copies of a comparable brochure. We can go to the board and ask for money when the time comes. They asked for guidance on what to say the money is going to be used for. The discussion led to saying that there will be no money spent for five years and that it won't be spent for items that are ordinarily part of the operating budget. We thought the language should be kept generalized and perhaps make mention of subfunds such as the Boozer fund and perhaps express a preference for donations made without conditions. We discussed the pitfalls of having a named subfund and discussed ideas for personalizing the brochure and also the font size. Carol and Dillard will bring a draft to the next meeting.
 

4. B. Mike did the pulpit editorial last Sunday.
 
4. C. Mike will write something for the unigram after next.
 
4. D. Mike talked to Molly Jones regarding going to their meeting, telling them what's going on and asking for their leadership in helping us. He'll go to the next meeting.
 
4. E. Mike called Bill regarding seminar and he's not interested.
 
4. F. Mike handed out some inf.. for us to review before next meeting, it's also available on the UUA website. Dillard, Rusty and Dave will check it out.
 
5. Nothing new to report from the treasurer.
 
6. A. We will discuss pool c and any other options at next meeting.
 
6. B. Mike will get three date options from Laura for a party and talk to his band. Rusty will be in charge of the party and will start forming a committee. Carol will help. We want the party to have the following things: caterer, decorations, sit down, dessert, live music, beer and wine, speakers, theme, and contributor recognition.
 
6. C. The recording secretary will keep a binder with the minutes, treasurer's reports and handouts. Dave and I will be liaisons to the board. The president should get the minutes.
 
6. D. I will forward the minutes to Donald Griggs for posting on the website.
 
7. We want to talk about ways to honor contributors at next meeting. We want to identify people who already have UUFC in their wills and perhaps find out why, publish that and honor them. The next meeting will be 6:00 PM, July 26 at UUFC.
 
8. Meeting adjourned.


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    How to print just one meeting's minutes:
To print just a portion of any long webpage,  these directions should work for PC users with Netscape, Internet Explorer, Mozilla, or Opera.   (I suspect the major browsers under Macintosh work somewhat similarly -- someone let me know.)

Select the text to be printed  with the mouse
1.Left-click on the first character to be deleted.
2.Keeping the mouse button depressed, drag the pointer to the last character to be deleted.
3.Release the mouse button.
Print, but choose selection instead of page range:
  1. Choose FILE and PRINT
  2. Near where you'd choose the pages to print, an option for SELECTION should appear.  Click it on with your mouse.
  3. Click the OK button to start printing

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Your comments/corrections are welcome. Email to Donald Griggs at dgriggs@chaliceweb.org