Calvary by the Sea Endowment Fund
Policies and Procedures
Approved by Council of Deacons on 4/15/04


I. Purpose:
To provide vehicles and structure for members who have the desire to benefit Calvary by the Sea Lutheran Church through charitable giving that is consistent with its mission of witnessing to the message of salvation through Jesus Christ on both a local and global level. The Calvary the by Sea Endowment Fund shall provide a perpetual source of income to benefit five current categories:
1. Missions: local, regional and world projects.
2.Education: training, retreats, college and seminary scholarships
3.Youth: support for youth of all ages
4.Worship and Music: support for the worship of Calvary by the Sea Lutheran Church
5.Capital Projects: major renovations and building of new facilities.

II. Establishment and Operation of the Endowment Committee:
The Endowment Committee shall consist of the Treasurer and 4 other members chosen by the Council of Deacons who shall serve for terms of 3 years The Endowment Committee shall meet at least twice a year’s All actions taken by the Endowment Committee must be agreed to by a majority of the members In the event of a vacancy on the Endowment Committee prior to the expiration of a member’s term, the Council of Deacons shall fill the vacancy.

III.  Duties of the Endowment Committee:
The Endowment Committee is authorized to take the following actions:
-    To determine, implement and review procedures and policies for soliciting, processing and disbursing grant requests in accordance with the requirements and guidelines of the Endowment Fund.
-    To educate the congregation about the Fund.
-    To adopt and implement strategies that promote giving to the Fund.
-    To report to the congregation, at least annually, the balance of the Fund, the year s financial activity in the Fund, the amounts and beneficiaries of grants from the Fund.
-    To implement guidelines for acceptance of gifts.
-    To undertake any other related matters delegated to the Endowment Committee by the Council of Deacons or the membership.

IV.  Distributions from the Endowment Fund:
Annually, the Endowment Committee shall recommend to the Council and the Council shall decide the distributions to be made from the Endowment Fund.  The aggregate distribution each year shall be up to 4.5% of the current value of the total Endowment Fund without regard to the character of such funds as income, principal, dividends, realized and unrealized gains.  Distributions may be used for major projects of Calvary by the Sea Lutheran Church.  These projects may be part of the normal operating budget or outside of its scope.  There is no obligation to make distributions from the Endowment Fund in any given year.

V. Investment of the Endowment Fund:
It is recommended that the endowment be invested in the ELCA Endowment Fund Pooled Trust Fund A, administered by the ELCA Foundation with the ELCA Board of Pensions acting as investment advisor.

VI.  Changes or modifications to the Endowment Fund policy & procedures must be recommended by the Endowment Committee and approved by the Council of Deacons.