Detroit Conference United Methodist men Endowment Fund Charter
The Detroit Conference United Methodist Men (hereafter referred to as "DCUMM") hereby create a permanent endowment fund known as The Detroit Conference United methodist Men's Endowment Fund (hereafter referred to as "Endowment Fund" or "Fund")
the purpose of the Fund is:
- To provide ministry and outreach to men through the DCUMM; and,
- To provide a means for member and friends of DCUMM to make gifts and bequests to provide a permanent endowment with the value of gifts to the Fund to be held in perpetuity.
The fund may accept both cash and non-cash gifts and bequests. Non-cash gifts may include corporate stock,mutual funds, bonds, bank deposits and other items deemed acceptable by the Endowment Trustees.
All contributions to the Endowment Fund will be held in an "Un-designated Account"
C. Management of the Fund
Responsibility for the management of the Endowment Fund shall be vested in the Endowment Trustees, subject to the direction of the Board of Directors of the DCUMM.
D. Endowment Fund Trustees
The Endowment Fund Trustees ("Trustees") shall be composed of three members at-large (including the chairman) and two ex-officio members.
The at-large members will be nominated by the Nominating Committee of the DCUMM and elected at the Annual Meeting of the DCUMM.
Each at-large member will be elected for a five-year term. Initially members will be elected for 1, 3 and 5-year terms to establish the five year rotation. Each member may be elected for a second five-year term. Filling a vacancy for a partial term or initial partial term is not included in this limit.
The Chairman of the Trustees is nominated by the Nominations Committee and elected in the same manner as the at-large Endowment Fund Trustees.
Nominations to fill vacancies will be made by the Nominations Committee for election by the Board of Directors of the DCUMM or at an Annual Meeting of the DCUMM.
The President and the Treasurer of DCUMM shall be ex-officio
Unless otherwise indicated in this document, any action taken by the Trustees must be approved by a majority of the members attending a Trustee meeting so long as a quorum is present. A Quorum shall be defined as more than 50% of the members eligible to vote.
The Trustees shall elect a Secretary, a Treasurer and such other officers, as it deems appropriate or necessary.
The Trustees shall appoint subcommittees, as it deems appropriate and necessary.
E. Powers and Duties of The Endowment Fund Trustees
The Endowment Fund Trustees shall have the following powers and duties pertaining to the Endowment Fund, and such other powers and duties as may necessarily be required to carry out the terms and conditions of the Endowment Fund.
- To educate Methodist Men and other potential donors on planned giving and promote giving to the Fund;
- To accept or reject any designated or restricted gift, bequest or device;
- to determine the amount of distribution for a given year by October 1st of the preceding year following the matters, terms and conditions of distribution in Section F;
- To manage and administer the Fund, which shall include;
- Proper acknowledgement of gifts;
- Keeping a record of donors and gifts;
- Distributing the income;
- Incurring and paying ordinary and necessary expenses of managing the Fund;
- Paying of local, state and federal taxes and fees, where applicable;
- Recording receipts and expenditures of the Fund; and
- Maintaining a record of assets of the Fund.
- To invest all monies of the Fund;
- To have the Fund audited annually by a church auditor and/or andy other entity as determined necessary by the Fund Trustees and/or the Board of Directors of DCUMM;
- To present an annual written report to the Annual Meeting of the DCUMM;
- To select the definition of "income" to be used by the Fund (trust law or corporate law definition);
- To determine an appropriate means of offsetting the effects of inflation on Fund assets;
- To define "Spending Policies" to use in making distribution of income.
F. Distribution of Income
It is the intent to preserve the principal amounts over the years while using the income generated over the years to provide the funds for distribution. It is anticipated that over the years the total rate of return will exceed the expected long-term inflation rate and thus allow for the availability of income for distribution. In a separate policy document, the Endowment Fund Trustees will adopt a definition of income and spending policies to accomplish the above stated intentions.
The income earned by the Fund shall be distributed as recommended by the Trustees and approved by the Board of Directors of DCUMM. The following matters, terms and conditions will apply or will serve as a guide for distribution of income:
- In come earned by the Fund will first be used to cover any administrative costs of the Fund
- Ten percent (10%) of the income earned shall be retained for growth of the Fund until the Fund reaches a corpus of $1,000,000.00 at which time the Trustees shall determine annually and amount necessary for the effective maintenance of purchasing power and to offset the cost-of-living increases;
- Income earned by the Fund will be used to finance the annual budget of DCUMM.
- Distribution of earned income that exceeds the administrative expenses, annual retention and the annual budget of DCUMM will be determined by the Trustees and the Board of Directors of DCUMM;
- Income retained for growth of the fund shall be reclassified as additions to the principal.
- There shall be no distribution of the principal except in unusual circumstances approved by a unanimous vote of all Trustees and 3/4 vote of all members of the Board of Directors of DCUMM;
- The Endowment Fund assets shall not be borrowed from nor pledges as collateral for any reason.
G. Merger or consolidation of the DCUMM
If at any time, the DCUMM is lawfully merged or consolidated with any other conference United Methodist Men ("UMM"), all provisions hereof in respect to the Endowment Fund shall be deemed to have been made in behalf of the merged or consolidated conference UMM. Said conference UMM shall be entitled to receive all the benefits of said Endowment Fund, and shall be obliged to administer the same in all respects and in accordance with the terms thereof.
H. Event of Dissolution of DCUMM
In the event of the dissolution of DCUMM, all principal and accumulated earnings of the Endowment Fund shall be distributed as follows:
- All un-designated funds and accumulated earnings thereon shall be distributed to the United Methodist Men Foundation currently at the following address: 1000 17th Avenue South, Nashville, TN 37212. Current mailing address is P.O. Box 340006, Nashville, TN 37203-006.
- And donor restricted principal and accumulated earnings thereon shall be distributed to the Untied Methodist Men Foundation (at the above addresses) which shall receive the benefits of the Endowment Fund and shall be obligated to administer the same in all respect in accordance with the terms of the donor restrictions, to the best of its ability.
This resolution may be amended by 2/3 vote of the Endowment Fund Trustees and 2/3 vote of attendees at an annual meeting of DCUMM providing that there was notice for all Chartered UMM Fellowships in the Detroit Conference at least 30 days prior to the meeting.
J. Freedom to Employ Counsel
The endowment Fund Trustees, at their discretion, are free to employ counsel in the management of the Fund which may include but not be limited to legal advice, help of a certified public account and or guidance from an investment counselor.
K. Liability of Trustees
In the absence of gross negligence or fraud, no member of the Endowment Fund Trustees shall be personally liable for any action made or omission with respect to the Endowment Program...
If any provisions or any application of any provision, of the Endowment fund is determined to be illegal, inoperative or unenforceable, said provision shall not affect any other provision or any application of any provisions herein contained or render the same invalid, inoperative or unenforceable.
This Endowment Fund Charter was adopted by the duly authorized Annual Meeting of the Detroit Conference United Methodist Men held at Flint Hope UMC on the 21st day of February, 2009.
Detroit Conference United Methodist Men Attest:
By:James WalkerBy:John Walls
Print Name: James Walker
Presiding Officer of Annual Meeting
Print Name: John Walls
Redording Secretary of the Annual Meeting