Proposed Changes to Endowment Fund Agreement and UCE Bylaws Slated for June 11th!

UCE members—we need you! Please come to the June 11th Special Meeting of the congregation starting at 11:50 am in the sanctuary to vote on proposed changes to the Endowment related sections of the UCE Bylaws including the Endowment Fund Agreement appendix.

Visit the UCE Endowment Page to read proposed changes.

The Endowment Fund is governed by the Endowment Agreement which sets the responsibilities of the trustees and the restrictions of the fund’s uses. The proposed changes will simplify and clarify confusing language, bring the mechanics up-to-date, clarify that the Fund is not a separate legal entity but a restricted fund of UCE, and allow for as many as five elected Endowment trustees compared to today’s limit of three. The changes will not loosen the Endowment Agreement or change the restrictions on how funds can be spent.

The Endowment Agreement has not been updated since 2005! To ensure smooth functioning of the Endowment Fund, we need this update. Please join us on June 11 at this meeting—we need your participation!

Currently the UCE Endowment Fund size is approximately $1.5 million and about 5% of the fund is distributed per year. Endowment trustees are elected by the UCE Congregation and manage the fund per the terms of the Endowment Agreement. In addition, the trustees may appoint Endowment Committee members to help get the work done but not to vote on issues related to core responsibilities.

The proposed changes are the result of two years of work by the Committee and a special Endowment Task Force. They reflect many years of Committee experience, congregational input, and legal advice from Kirk Hoopingarner from Quarles & Brady. In addition to proposed updates to the Agreement, changes to section VI of the Bylaws relating to the Endowment are also proposed. Other changes to Endowment policies and procedures (which don’t need to be voted on by the congregation) were also proposed by the Endowment Task Force and accepted by both the Endowment Committee and the Board of Trustees. Those include new procedures for making grant distributions and new financial procedures, as well as improved communications—more to come over the next year!

See Quorum Needed for Special Meeting Vote on June 11th in this newsletter for information about the Special Meeting.

Susan Comstock, Endowment Trustee, and Carla Williams, Board President