FIRST UNITARIAN UNIVERSALIST FELLOWSHIP OF HUNTERDON COUNTY ENDOWMENT FUND

The First Unitarian Universalist Fellowship of Hunterdon County (FUUFHC) Endowment Fund (Fund) is a long-term investment in the future of the Fellowship. The purpose of the Fund is to build resources to support and continue FUUFHC’s mission of nurturing spiritual journeys and expanding social justice.  The Fund will exist in perpetuity and create a legacy to benefit FUUFHC and its mission. Gifts to the Fund may be of any amount and are fully deductible to the extent permitted by law.

The Fund will have three accounts:

  1. Nurturing Spiritual Journeys Account
  2. Expanding Social Justice Account
  3. General Stewardship Account

Gifts to the Fund may be in the form of money or property, but the Board of Trustees reserves the right to decline any gifts. Gifts may be designated to be assigned to any of the three accounts within the Fund but must otherwise be unconditional.

Account Descriptions

Nurturing Spiritual Journeys Account

  • FUUFHC members, committees, and employees may propose uses of this fund to nurture spiritual journeys aligned with the FUUFHC mission and vision.
  • No portion of the principal or income generated by the Account shall be used for the annual operation budget of the congregation.
  • Distributions of the fund shall be made annually in amounts not to exceed 5% of the fair market value of the Account over the previous 13 quarters. A distribution need not be used in a given year if no proposal is considered worthy, however in the following year the annual 5% use restriction endures.  No distributions can be made until and unless the Account contains at least $25,000.
  • Proposals are solicited annually by the Religious Education committee. The Religious Education committee will develop criteria that support the vision and mission of FUUFHC to evaluate proposals and will select project(s) to fund, and present their recommendation to the Board of Trustees for approval.

Expanding Social Justice Account

  • FUUFHC members, committees, and employees may propose uses of this fund to promote social justice within FUUFHC and/or in the wider community that are aligned with the FUUFHC mission and vision.
  • No portion of the principal or income generated by the Account shall be used for the annual operation budget of the congregation.
  • Distributions of the fund shall be made annually in amounts not to exceed 5% of the fair market value of the Account over the previous 13 quarters. A distribution need not be used in a given year if no proposal is considered worthy, however in the following year the annual 5% use restriction endures.  No distributions can be made until and unless the Account contains at least $25,000.
  • Proposals are solicited annually by the Social Justice committee. The Social Justice committee will develop criteria that support the vision and mission of FUUFHC to evaluate proposals and will select project(s) to fund, and present their recommendation to the Board of Trustees for approval.

General Stewardship Account

  • FUUFHC members, committees, and employees as well as individuals or groups external to FUUFHC may propose uses of this fund for any purpose to further the mission of FUUFHC, including but not limited to capital initiatives and improvements outside the scope of regular property maintenance, challenge grants, matching grants, scholarships, and support of Unitarian Universalist Association initiatives.
  • Under ordinary circumstances, no portion of the principal or income generated by the Account shall be used for the annual operation budget of the congregation. However, in particular, temporary, difficult circumstances, the congregation may vote with 2/3 majority to authorize the expenditure of up to 10% of the value of the Account to be applied to the annual operating budget.
  • Distributions of the fund shall be made annually in amounts not to exceed 5% of the fair market value of the Account over the previous 13 quarters. A distribution need not be used in a given year if no proposal is considered worthy, however in a following year the annual 5% use restriction endures.  No distributions can be made until and unless the Account contains at least $50,000.
  • Proposals are solicited annually by the Board of Trustees. The Board will will develop criteria that support the vision and mission of FUUFHC to evaluate proposals, will select project(s) to fund, and present their recommendation to the congregation for approval by a 2/3 majority of the congregation.

 Plan of Operation

 Endowment Fund Committee (Committee)

  • The Committee shall serve as the custodian of the Fund and shall monitor the investment, 100% of which will be invested in and managed by the Unitarian Universalist Association Pooled Investment Fund.
  • The Committee shall consist of three members of the congregation selected by the nominating committee and approved by a 2/3 majority of the congregation. Except in the initial appointment, when shortened terms will enable a staggered rotation of members, the term of each committee member shall be three years.  No member may serve more than two consecutive three-year terms.  After a lapse of one year, former committee members can be reappointed.  No member may serve on the Endowment Fund Committee while also serving on the governing body or as an elected officer of FUUFHC.
  • The Committee shall meet quarterly. The Committee shall select its own chairperson, financial secretary, and recording secretary.  A quorum shall consist of two members to carry any motion or resolution.  All checks payable from the fund must be signed by two members of the Committee.
  • The financial secretary of the Committee shall submit annually to the FUUFHC treasurer complete and accurate accounting for the Fund. When FUUFHC employs an auditor, the Fund account shall be included in the audit.
  • Committee members shall not be liable for any losses incurred by the Fund except to the extent that such losses arise out of acts or omissions of willful misconduct or gross negligence. Members shall at all times refrain from conduct in which their personal interests conflict with the interests of the Fund.

Changes to Endowment Document

Changes to this document can be made only by recommendation of the Endowment Committee, approval by the Board of Trustees, and approval by 2/3 vote of the congregation at a congregational meeting.

Disposition or Transfer of Fund

In the event FUUFHC ceases to exist through merger, the entire Fund shall be transferred, with its three accounts intact, to the merged congregation.  In the event FUUFHC ceases to exist through dissolution, the entire Fund shall be transferred to the Unitarian Universalist Association.