Asbury United Methodist Church
P.O. Box 540 - 601 8^th Ave  Phone: (319) 646-2417 Wellman, Iowa 52356
Email: asburyumc@netins.net            Pastor: Rich Pippert

ASBURY UNITED METHODIST CHURCH PERMANENT ENDOWMENT FUND REPORT
Annual Church Charge Conference Tuesday October 12, 2010 at 7:00 PM at
Asbury 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 seventeen years January 2011 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. Buffer for his services.  The fee paid to date (9mos) is $2760.93 for year 2010.
In October 2008 a new firm name was announced by Mr. Buffer is Financial Concepts, L.L.C.

ENDOWMENT FUND   Asset Value as of September 30, 2010.
Cash Equivalents                                                                                                                155,468.59
Securities                                                                                                                           205,251.05
Portfolio assets held at National Financial Services LLC             360,719.64             __________________________________________________________                                      
Total asset value as of September 30, 2009                                                                           363,368.08
Total asset value as of last statement Sep 30, 2010                     360,719.64                                                 Total asset value as of December 31,2009                                                                             370,281.52            

The Endowment Treasurer segregates each Church Group Fund invested in the Endowment money market account and reports monthly. The group balances are reconciled with the Church Treasurer -General Fund and are available to the Church Council.
During the time from 1994 when Permanent Endowment Fund was established through September 30,2010, the fund has grown in asset value from $134,839 to $360,719.64.




THE CHURCH GROUPS money market balances as of September 30, 2010:                                      
                                             
               UMYF                                                                         $994.77    
               TRUSTEES                                                                  289.26   
                MEMORIAL COMMITTEE                                          4,522.34   
                ACTION                                                                    2,937.26  
                MISSIONS                                                                   684.46   
                0FOOD PANTRY FUND                                             2,560.25
                SCHWEIKER MUSIC FUND                                       3,573.20
                ENDOWMENT MMKT ACCT                                   139,906.35  
                 
                Total Money Market Balance                                  $155,468.59




ENDOWMENT FUND DISTRIBUTION REPORT:
The income report and recommendations for the year-ending December 31, 2009
      INCOME
Total dividends                                                         $   9,683.43       
Total long term & short term Capital gains                  $       53.75
                                                       Total Income     $  9,737.18                                                          
Less mgmt service fees for 2009 Mr. Buffer                    -3,447.59                                                                  
      Less dividends paid committees & groups                      -7.96
      Less capital gains reinvested                                       -53.75      
Balance 2009 Income to disburse in 2010                  $6,227.88 
    
THE ENDOWMENT COMMITTEE RECOMMENDS DISTRIBUTING THE 2009 INCOME:

    Capital Gains of $ 53.75 are retained/reinvested in additional assets.  (The committee wishes to keep in mind the general plans to use 4-5% of Asbury Endowment assets so to leave enough in the portfolio to realize income out into the future.)  No capital gains distributed in 2010.

$   6,227.88 dividends to be allocated/disbursed.


In the year 2010  restricted funding for Scholarships up to $5,842.05 were available to Asbury members, children and grandchildren of members of Asbury.  The 9 student applicants receiving a total of $ 6138.00 awarded in May were:
     a.   Two graduating HS senior students                                 $1000 each
     b.   Four 2^nd and 3^rd year college students                               $727 each
     c.   Three graduating college senior students                           $410 each
    



The Year 2009’s income unrestricted Endowment Funds available of $ 1,329.20 was recommended by Endowment Committee to church council for their action of receiving and approving program/project applications.  The church council moved to use the $1,329.00 as follows:

a. Trustees/Program development        $1329.20

b. Other allocation for General Budget of $266.90

Kathy Smit, Chairperson                                       Robert Swartzendruber
Endowment Fund Committee                                Secretary/Treasurer