Why does Unity Spiritual Center have an endowment fund?
The purpose of the Endowment Fund is to expand what is possible for Unity Spiritual Center to do in the long-term future. The Fund also provides a convenient way for people to make bequests and other life planning decisions on behalf of USC.
What can the money be used for?
The money can be used for new facilities and new programs consistent with our mission. Endowment funds could also be used for ordinary operating expenses, but we hope this would never be necessary. Our intention is that the Endowment Fund will be spent for new initiatives that are truly transformative for Unity Spiritual Center.
How soon will money be available from the Endowment Fund?
The plan, as provided by the bylaws, is to accumulate funds until a minimum of $150,000 is obtained.
How is the Endowment Fund different from other funds?
The Endowment Fund is designed to provide a permanent and sustainable source of income for Unity Spiritual Center. Therefore, it is intended that the amount of money made available from the Endowment Fund in any year will not be more than the amount the Fund can earn on its investments in a typical year.
Who runs the Endowment Fund?
The Endowment Fund is run by a 6 member committee consisiting of the minister, three members of Unity Spiritual Center (as elected by the membership body), a representative of the Board of Trustees, and a member of the Prosperity Visionaries Team.
What will the Endowment Committee do?
The Endowment Committee will run the day-to-day operations of the fund, decide how funds will be invested, report back to the Board and the congregation, and participate in deciding how the Endowment funds are spent.
Who decides how the Endowment funds are spent?
Program expenses will normally require the approval of both the Endowment Committee and the Board of Trustees. In two cases, approval of 75% of those present at a membership meeting will also be required. The first is to suspend the basic spending plan by spending from the principal and not just the average income or to spend money before the planned initial threshold of $150,000 is reached. The second is for expenditures of over $25,000.
How will money in the Endowment Fund be invested?
The Endowment Committee will develop an investment program that is appropriate for a long-term fund, inexpensive to administer, and financially conservative. It is expected that most or all of the money will be invested in broad indexes of stocks and bonds with some reserves of cash equivalents.
Where will money for the Endowment Fund come from?
Most of the funds are expected to come from bequests, beneficiary designations and other life planning decisions, as well as donations of appreciated stock. Donations to the Endowment Fund may be made at any time by simply designating a donation for this purpose.
When will the Endowment Fund be up and running?
The Endowment Fund is up and running now. The Endowment Committee is operating and an Endowment Fund account has been established. Initials donations have already been received.