Endowment Investment Board (EIB)
Vision Statement: The Endowment Fund is formally recognized as the Fund which accepts gifts which are primarily to be used for the long-term vitality and financial health of the Church community. Principal in the Endowment Fund will be protected on an inflation-adjusted basis according to the specifics laid out in its policy. Upon at least a majority of those voting at an officially-called meeting of the congregation: Portions of the Endowment Fund (including up to 10% of the protected principal) can be committed as security for loans, and in extreme conditions threatening the survival of the UCC community, annually if more than 10% of the protected Principle or the entirety of the Endowment Fund (including protected principal) can be committed to help the congregation recover by a written vote of more than 50% of the corporate members.
The Endowment Investment Board is formally established to oversee the investment of the Endowment Fund and to establish and maintain guidelines for acceptance of gifts
Policies and Practices: The EIB operates within a formal statement of policies and practices, which are initially approved by the Vestry and later may be modified as necessary upon recommendation of the EIB or the Vestry and approval of the other body. If the EIB and the Vestry should fail to agree to proposed modifications, either body may submit the proposed modifications to the congregation for approval by at least a majority of those voting at an officially-called meeting.
Membership: Five voting members are elected by the Corporation from among corporate members with staggered three-year terms. One of the members elected by the Corporation will be from among Finance Committee members (including the Chair). An individual may serve up to two consecutive terms and then must take at least a one-year hiatus before serving again.
The Treasurer: One voting member is appointed by the Vestry on an annual basis. This individual may be from the Vestry or from corporate members at large and may serve up to six consecutive years with at least a one-year hiatus before serving again.
The Chair: of the EIB will be any voting member except the Treasurer or Chair of the Finance Committee, if serving. The Chair will be elected annually by majority vote of all voting members (including the Treasurer & Chair of the Finance Committee, if serving).
A professional financial advisor, recommended annually by the Endowment Investment Board and approved by the Vestry, will be an ex-officio member of the Board.