Permanent Endowment Fund Overview
PURPOSE OF THE FUND
Fund will allow gifts to Asbury United Methodist Church that will become a permanent endowment to support purposes not funded through the annual operating budget. The Permanent Endowment Fund Committee will designate funds to support the following: capital improvements, new ministries, missions, scholarship, and general undesignated.
ADMINISTRATION OF THE FUND
The Fund will be administered by the Permanent Endowment Fund Committee, under the authority granted to the Committee by the Charge Conference.
POWERS AND DUTIES OF THE PERMANENT ENDOWMENT COMMITTEE
To receive, administer, and invest all gifts, bequests, trusts and trust funds given to the Church.
To provide educational information to the congregation on wills, estate planning, and opportunities for giving to the Church.
THE PERMANENT ENDOWMENT COMMITTEE
Members of the Committee are: the senior pastor (non-voting), the church Treasurer, the chair of the Finance Committee, a representative of the Board of Trustees, the chair of the Stewardship Committee, and up to five at large members nominated by the Committee on Nominations.
At Large members shall serve three-year terms. The Chairperson will be nominated by the Committee on Nominations from the At Large Members.
The Permanent Endowment Fund Committee will make a full report to the Church Council once a year and conduct an annual audit.
INVESTMENT OF PERMANENT ENDOWMENT FUNDS
The Mid Atlantic United Methodist Foundation (MAUMF) will serve as custodian of the Fund assets.
LIMITATIONS ON THE USE OF PRINCIPLE
The objective of the Fund is to conserve principle and spend only the income from the Fund. Withdrawal of principle must be approved by the Permanent Endowment Fund Committee and the Charge Conference.
DISTRIBUTABLE INCOME
Income to be spent will be between 2 and 7 percent.
GIFTS TO THE PERMANENT ENDOWMENT FUND
Asbury’s Gift Acceptance Policy is included as an addendum. The Finance Committee will have the authority to accept or reject any gifts to the Fund.
MISCELLANEOUS
If Asbury is merged or consolidated with any other United Methodist Church, the Fund will be managed by the consolidated church. If Asbury is dissolved, the assets of the Fund will go to the Baltimore Washington Conference.
The Fund Agreement may be amended by the Permanent Endowment Fund Committee and the Charge Conference.
