FPC’s endowed funds are comprised of over 30 different funds collectively called The 1843 Fund. Our endowment has been built up by the gifts of “faithful stewards” which strengthen the ongoing work of the church. These donors recognized the opportunity to give a gift that keeps on giving, since investment returns magnify the impact of their original gift. Just as annual stewardship giving is a chance to return to God a portion of our annual income, contributions to the endowment provide a means to share the accumulated gifts which God provides us as a durable support for FPC ministries, missions, and outreach.
Use of Funds
First Presbyterian's endowed funds are used to boldly proclaim the good news of the Gospel, to share God’s love in tangible ways with the world, and to preserve our heritage so that we might continue to be Christ’s witness for generations to come.
We encourage members to leave their gifts at the discretion of the Session. Nevertheless, we realize that some members will want to restrict the use of their gifts. Designations and restrictions are scrupulously observed by the Endowment Administration Committee, the Church Treasurer, and the Church Financial Officer.
Options for Giving
The pastors and members of the Endowment Advancement Committee are always happy to discuss the full range of giving options, including cash, securities, real estate and other personal property, bequests through wills, life insurance policies, charitable trusts, etc. We encourage each member to seek professional advice with their decision.
Members can choose to make their gifts through:
Option 1. Unrestricted Funds
Designating an endowed gift as “unrestricted” ensures that the donor’s gifts meet a broad range of ever-changing needs of the church.
Option 2. Designated Funds
The donor may wish to designate the areas the gift will support. In addition to unrestricted funds, the church manages three categories to support our many programs, missions, and building and grounds: General, Ministry, and Facilities Improvement and Preservation. There is no minimum gift requirement for these funds.
Option 3. Donor Named Fund
A named fund can be created with a minimum gift of $50,000. This allows the donor to specifically direct how the fund is to be allocated.
Responsibility for Endowed Funds
The Session is responsible for designating the use of endowed funds as part of its overall mission and budgetary responsibilities. To aid the Session in this work, two committees have been established.
The Endowment Administration Committee
This committee can recommend to the Session a spending policy as well as special needs for spending when such arise. Normally, the target is to spend no more than 5% of the beginning year’s balance of any fund in any one year. They will also review any gifts that include restrictions or designations as well as those that may entail some liability. The committee is empowered to refuse a gift should it interfere with FPC’s pursuit of its mission. If new gifts are received and not specified for a specific fund, this committee will recommend to the Session into which fund or funds the gift should be placed.
The Endowment Advancement Committee
This committee is charged with the responsibility of communicating and educating the congregation on the various ways gifts can be made to The 1843 Fund. In addition, the committee will also communicate to the congregation how the funds are distributed and used to support the mission of the church.
Management of the Endowed Funds
Funds are managed by an outside investment counselor, selected and reviewed periodically by the Investment Committee of the Session. The counselor is responsible for the asset allocation and for individual stock and bond selection, subject to an investment policy statement reviewed and approved by the Investment Committee. Investment results are reported to the Session once a year.
Each year, the performance of The 1843 Fund will be reported to the Session and to the congregation to include beginning balance, ending balance, the amount of income earned, the total return, the amount of money withdrawn, and the amount donated to The 1843 Fund in that year. The distribution and use of funds will also be reported.
Get in touch with...
Craig Long // email@example.com