Trust Fund for Endowments

Committee Charter

The purpose of the Trust Fund for Endowments is to provide a vehicle for receiving bequests, legacies, devises, transfers, gifts, memorials, and donations from persons who wish to give money or other assets to The Church. The Trust Fund for Endowments exists to ensure the long term financial stability of the church by perpetuating and growing financial investments in a perpetual fund. The Board of the Trust Fund for Endowments strives to raise awareness of the Trust Fund to grow the fund, recognizes contributions made to the Fund and considers requests for distribution of the interest earned on the fund or of the corpus.

There shall be a minimum of six trustees. Each Trustee shall be a member of the church, in good standing, and shall serve until a successor Trustee is elected. No Trustee shall be concurrently serving as a voting member of the Board of Directors of The Church. At the spring semi-annual congregational meeting of The Church, the membership shall elect two Trustees to three-year terms each to replace the two trustees whose terms are expiring. They will assume the duties of Trustee at the first scheduled meeting of the Trustees after the election. The trustees shall be officially referred to as “The Trustees” or “The Trustees for Endowments.”

The Trustees shall meet at least once in each calendar quarter, and shall act by vote on a resolution or motion of a majority of their number, which shall constitute a quorum.

The Trustees shall appoint officers from among themselves: a Chair Holder, a Vice Chair Holder, a Treasurer, an Assistant Treasurer, a Secretary, and an Asset Monitor. The Past President of the Board of Directors of The Church will serve as a non voting liaison between The Trust Fund and The Church

Job Description

Responsibilities of the Committee Chair:

• Calls, makes the agenda, and presides over meetings of the Trustees.
• Signs all official action forms.
• Writes a report on the status of The Trust Fund for publication in the Annual Report of The Church. The report covers the previous fiscal year and is due one month prior to the spring semi-annual meeting of The Church.
• Reports to the Board of Directors at the February Board meeting the amount of interest and dividends earned in the preceding fiscal year.
• Signs each Brokerage Action Form. 

Responsibilities of the Vice Chair:

• Performs the duties of the chair holder should the chair holder be unable, for any reason, to perform necessary duties.
• Serves as the overseer and parliamentarian of all actions of The Trustees and these Operating Procedures, and coordinates timing with the church calendar.

Responsibilities of the Treasurer:

• Primary contact with The Church’s bookkeeper who keeps the financial records of The Trust Fund.
• Signs all brokerage action forms.
• Authorized and required to sign checks from the accounts for Trustee approved expenditures.

Responsibilities of the Assistant Treasurer:

• Acts for The Trust Fund if the treasurer is unable to complete a time-dependent task within the time limits required. The chair holder or treasurer will communicate to the assistant treasurer when such action is required.
• The assistant treasurer’s signature is required on checks for more than $100.

Responsibilities of the Secretary:

• Records minutes of the meetings of The Trustees.
• Transmits the assembled and edited minutes to the trustees not later than two weeks after each quarterly meeting.

Responsibilities of the Asset Monitor:

• Primary point of contact between The Trust Fund and the investment firm being used to handle the accounts of The Trust Fund.
• Shall deliver the investment firm a copy of the currently approved Trust Agreement and a copy of the current Operating Procedures.
• Has the authority and responsibility to communicate the decisions of The Trustees to the investment firm authorized by the brokerage action form.

Responsibilities of the Past President:

• Serves as the interface between The Trustees and The Church
• Carries Board of Director’s approved written requests for disbursement of interest and dividend funds to The Trustees.
• Performs oversight on the use of the funds if released by The Trustees.
• Performs oversight with respect to the provisions of this Trust Agreement when future plans are proposed that involve funding by The Trust Fund of Endowments.

Responsibilities of all Committee Members:

• Attend Trust Fund of Endowments committee meetings once per quarter
• Consider requests by Board to use Trust Fund of Endowments income and dividends annually
• Raise awareness of the Trust Fund of Endowments
• Recognize contributions made to the Fund

For more information about the Trust Fund program, visit our Trust Fund webpage or contact trustfund@uusat.org.