ASBURY UNITED METHODIST CHURCH PERMANENT ENDOWMENT FUND REPORT
Annual Church Charge Conference (cluster) Monday September 24, 2007 at 7:00 PM at Kalona United Methodist Church.
STATUS OF ENDOWMENT FUND
The Permanent Endowment Fund of Asbury United Methodist Church was adopted at the Charge Conference on October 31, 1993 and held its first meeting on January 9, 1994.
It will be fourteen years January 2008 since the establishment of the ENDOWMENT FUND with an Endowment Fund Committee of 10 members.
The Endowment Fund is created for charitable purposes, educational activities of the church and for non-recurring expenses of the church not-regularly budgeted. The investment objective of the Endowment Fund is to be long-term growth with a reasonable return of income.
The Endowment Fund Committee is empowered to be the financial agents, to make recommendations to accept or decline a gift to the Church, and attend to the promotion of the Endowment Fund.
The Endowment Fund Committee in February 2006 entered into an agreement with Mr. Pete F. Buffer to be our financial investment advisor. The Endowment Committee recommended investment goals and guidelines for Mr. Buffer to follow. The portfolio service management fees are disbursed quarterly to Mr. Buffers for his services. The fee paid to date (9mos) is $2724.87.
ENDOWMENT FUND Asset Value as of August 31, 2007
Cash Equivalents $ 19,145.73
Portfolio assets held at National Financial Services LLC $475,073.72 __________________________________________________________
Total asset value as of August 31, 2007 $494,219.45
Total asset value as of last statement $494,279.85
Total asset value as of December 31, 2006 $263,487.56
The Endowment Treasurer segregates each Church Group Fund invested in the Endowment money market account and reports monthly.
The Church Group Fund balances are reconciled with Church Treasurer -General Fund and are available monthly to the Church Council.
During the time from 1994 when Permanent Endowment Fund was established through Aug 31,2007, the fund has grown in asset value from $134,839 to $494,279.85.
THE CHURCH GROUPS money market balances as of August 31,2007:
UMYF $1,655.42
TRUSTEES 583.38
MEMORIAL COMMITTEE 3,566.79
ACTION 563.42
MISSIONS 177.94
BLUMENSTEIN ESTATE 4,559.91
“MOTHERS DAY”GIFT TRADITION FUND 105.97
ENDOWMENT MMKT ACCT 7,932.90
Total Money Market Balance $ 19,145.73
CHURCH BEQUEST RECEIVED:
The Endowment Fund shall receive and hold bequests and gifts made to the Church.
May 2007 the Lela M Goodwin Estate bequeathed the sum of $244,388.86 to the Asbury United Methodist Church Permanent Endowment to be invested as a per will designation for educational scholarships.
In May 2007 AUMC started “A new tradition” to celebrate Mothers Day. The Gifts to honor and remember our Mothers were received ($105.97) and to be invested in the Endowment Fund..
The Endowment Committee’s recommendation is to accept the bequest of Lela M Goodwin and the Mothers Day gifts to be invested in the Endowment Fund.
ENDOWMENT FUND DISTRIBUTION REPORT ---The income disbursements for 2006
Year 2006 Capital Gains Income of $6,228.14 was retained/invested in additional assets.
December 31, 2006 Income Distribution TOTAL was $7,855.78.
Year 2006 restricted Fund $566.05 from Gardner Estate deposited to general budget to provide maintenance and upkeep of church
In this year 2006 restricted funding for scholarships up to $5862.61 were available to Asbury member applicants. The 6 students applicants receiving awards were:
a. two graduating HS senior students receiving $1000.00 each
b. three 2nd and 3rd year students receiving $ 775 each
c. one 3rd year student receiving $500
The unused balance of scholarship monies ($1037.61) remains invested within the fund of origin
Year 2006 unrestricted Endowment Fund available of $ 3329.84 was recommended by Endowment Committee to church council for their action of receiving and approving program/project applications.
The Church Council minutes May 10, 2007 reads the recommendation motion to use the $3329.84 as follows:
1) Evangelism/Worship request up to $1300 to improve worship service presentation
2) Asbury Church nine committees request up to $500 for special projects with Council approval.
3) Education request up to $1000 for youth camperships
4) Trustees request for balance of funds-possibly being spent on an engineer coming to inspect the basement foundation. .
Actual dollar funds awarded to each of the request were:
1) Evangelism/Worship --purchased church computer and worship software $1257.25
($1300 less $1257.25 = $ 42.75
2) Asbury Church nine committees ( request up to $ 500 none used to date 8/31/07)
3) Education (request up to $1000 for youth camperships none used to date 8/31/07)
Note-@ September 13,2007 church council meeting action approved $120 for
Camperships . The Trustees fund to receive unused balance of $880.
4) Trustees request for balance of funds . The transfer funds known to date (Sept.13th)
are $42.75 and $880.00.
Notation as to how disbursements of 2006 bequest funds used :
The Elma E Erb bequest used to purchase church carpet in April 2007 . (additional
contributions was received of $4118.06 to make total purchase of flooring $15714.15
at Kinneers home furnishings.
The Edna L Blumenstein bequest (no restrictions) ; The church council approved using
$3356.20 in the bathroom remodeling project Feb.07 at the parsonage. Blumenstein bequest
balance remaining $7744.30 less $3356.20 is $4388.10.
Robert Swartzendruber Janice Berger
Chairperson of Endowment Fund Committee Endowment Committee Secretary/Treasurer
Annual Church Charge Conference (cluster) Monday September 24, 2007 at 7:00 PM at Kalona United Methodist Church.
STATUS OF ENDOWMENT FUND
The Permanent Endowment Fund of Asbury United Methodist Church was adopted at the Charge Conference on October 31, 1993 and held its first meeting on January 9, 1994.
It will be fourteen years January 2008 since the establishment of the ENDOWMENT FUND with an Endowment Fund Committee of 10 members.
The Endowment Fund is created for charitable purposes, educational activities of the church and for non-recurring expenses of the church not-regularly budgeted. The investment objective of the Endowment Fund is to be long-term growth with a reasonable return of income.
The Endowment Fund Committee is empowered to be the financial agents, to make recommendations to accept or decline a gift to the Church, and attend to the promotion of the Endowment Fund.
The Endowment Fund Committee in February 2006 entered into an agreement with Mr. Pete F. Buffer to be our financial investment advisor. The Endowment Committee recommended investment goals and guidelines for Mr. Buffer to follow. The portfolio service management fees are disbursed quarterly to Mr. Buffers for his services. The fee paid to date (9mos) is $2724.87.
ENDOWMENT FUND Asset Value as of August 31, 2007
Cash Equivalents $ 19,145.73
Portfolio assets held at National Financial Services LLC $475,073.72 __________________________________________________________
Total asset value as of August 31, 2007 $494,219.45
Total asset value as of last statement $494,279.85
Total asset value as of December 31, 2006 $263,487.56
The Endowment Treasurer segregates each Church Group Fund invested in the Endowment money market account and reports monthly.
The Church Group Fund balances are reconciled with Church Treasurer -General Fund and are available monthly to the Church Council.
During the time from 1994 when Permanent Endowment Fund was established through Aug 31,2007, the fund has grown in asset value from $134,839 to $494,279.85.
THE CHURCH GROUPS money market balances as of August 31,2007:
UMYF $1,655.42
TRUSTEES 583.38
MEMORIAL COMMITTEE 3,566.79
ACTION 563.42
MISSIONS 177.94
BLUMENSTEIN ESTATE 4,559.91
“MOTHERS DAY”GIFT TRADITION FUND 105.97
ENDOWMENT MMKT ACCT 7,932.90
Total Money Market Balance $ 19,145.73
CHURCH BEQUEST RECEIVED:
The Endowment Fund shall receive and hold bequests and gifts made to the Church.
May 2007 the Lela M Goodwin Estate bequeathed the sum of $244,388.86 to the Asbury United Methodist Church Permanent Endowment to be invested as a per will designation for educational scholarships.
In May 2007 AUMC started “A new tradition” to celebrate Mothers Day. The Gifts to honor and remember our Mothers were received ($105.97) and to be invested in the Endowment Fund..
The Endowment Committee’s recommendation is to accept the bequest of Lela M Goodwin and the Mothers Day gifts to be invested in the Endowment Fund.
ENDOWMENT FUND DISTRIBUTION REPORT ---The income disbursements for 2006
Year 2006 Capital Gains Income of $6,228.14 was retained/invested in additional assets.
December 31, 2006 Income Distribution TOTAL was $7,855.78.
Year 2006 restricted Fund $566.05 from Gardner Estate deposited to general budget to provide maintenance and upkeep of church
In this year 2006 restricted funding for scholarships up to $5862.61 were available to Asbury member applicants. The 6 students applicants receiving awards were:
a. two graduating HS senior students receiving $1000.00 each
b. three 2nd and 3rd year students receiving $ 775 each
c. one 3rd year student receiving $500
The unused balance of scholarship monies ($1037.61) remains invested within the fund of origin
Year 2006 unrestricted Endowment Fund available of $ 3329.84 was recommended by Endowment Committee to church council for their action of receiving and approving program/project applications.
The Church Council minutes May 10, 2007 reads the recommendation motion to use the $3329.84 as follows:
1) Evangelism/Worship request up to $1300 to improve worship service presentation
2) Asbury Church nine committees request up to $500 for special projects with Council approval.
3) Education request up to $1000 for youth camperships
4) Trustees request for balance of funds-possibly being spent on an engineer coming to inspect the basement foundation. .
Actual dollar funds awarded to each of the request were:
1) Evangelism/Worship --purchased church computer and worship software $1257.25
($1300 less $1257.25 = $ 42.75
2) Asbury Church nine committees ( request up to $ 500 none used to date 8/31/07)
3) Education (request up to $1000 for youth camperships none used to date 8/31/07)
Note-@ September 13,2007 church council meeting action approved $120 for
Camperships . The Trustees fund to receive unused balance of $880.
4) Trustees request for balance of funds . The transfer funds known to date (Sept.13th)
are $42.75 and $880.00.
Notation as to how disbursements of 2006 bequest funds used :
The Elma E Erb bequest used to purchase church carpet in April 2007 . (additional
contributions was received of $4118.06 to make total purchase of flooring $15714.15
at Kinneers home furnishings.
The Edna L Blumenstein bequest (no restrictions) ; The church council approved using
$3356.20 in the bathroom remodeling project Feb.07 at the parsonage. Blumenstein bequest
balance remaining $7744.30 less $3356.20 is $4388.10.
Robert Swartzendruber Janice Berger
Chairperson of Endowment Fund Committee Endowment Committee Secretary/Treasurer
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