AMENDMENT TO CONGREGATIONAL BYLAWS

The UUFSC Endowment Fund, whose purpose, governance, and operational procedures shall be defined by special resolution adopted by the congregation, shall be established.

1. Resolution

1. To Implement The Endowment Fund

WHEREAS, stewardship involves the faithful management of all the gifts we have been given--time, talents, the created world and money, including accumulated, inherited and appreciated resources; and WHEREAS, we can support the religious mission and work of this congregation through transfers of property (cash, stocks, bonds, real estate), charitable bequests in Wills, charitable remainder and other trusts, pooled income funds, charitable gift annuities, and assignment of life insurance and retirement plans; and WHEREAS, it is the desire of the congregation to encourage, receive, and administer these gifts in a manner consistent with the loyalty and devotion expressed by the grantors and in accord with the policies of this congregation: THEREFORE BE IT RESOLVED, that this congregation, in meeting assembled on April 18, 2004, approve and establish on the records of the congregation a new and separate fund to be known as "THE UUFSC ENDOWMENT FUND" (hereafter called the "FUND");

BE IT FURTHER RESOLVED, that the purpose of this FUND is to enhance the mission of UUFSC apart from the general operation of the congregation; that no portion of distributions from the FUND shall be used for the annual operating budget of the congregation; that only in particular, temporary, difficult circumstances, and where integrity of gift restrictions permit, may this congregation, by action in meeting assembled, use FUND distributions for its own operating or support services and that, except where specifically authorized otherwise in the terms of a gift, distributions from the FUND will be made annually, in amounts not to exceed 5% of the average fair market value of the FUND over the previous thirteen quarters;

BE IT FURTHER RESOLVED, that the Endowment Fund Committee (hereinafter called the "COMMITTEE") shall be the custodian of the FUND;

BE IT FURTHER RESOLVED, that the following Plan of Operation sets forth the administration and management of the FUND.

2. PLAN OF OPERATION
3. The Endowment Committee

The Endowment Committee (hereafter, the "COMMITTEE") shall consist of three (3) members, all of whom shall be voting members of UUFSC. Except as herein limited, the term of each member shall be three (3) years. The minister, the president, the vice president and the treasurer of the UUFSC Executive Board shall be advisory members of the COMMITTEE.

Upon adoption of this resolution by the congregation, it shall elect three (3) members of the COMMITTEE: one (1) for a term of three (3) years; one (1) for a term of two (2) years; and one (1) for a term of one (1) year. Thereafter, at each annual meeting, the congregation shall elect the necessary number for a term of three (3) years.

No member shall serve more than two consecutive three-year terms. After a lapse of one (1) year, former COMMITTEE members may be re-elected.

The Executive Board of the congregation shall nominate new members for the COMMITTEE and report at the annual congregational meeting in the same manner as for other offices and committees.

In the event of a vacancy on the COMMITTEE, the UUFSC Executive Board shall appoint a member to fill the vacancy until the next annual meeting of the congregation, at which time the congregation shall elect a member to fulfill the term of the vacancy.

The COMMITTEE shall meet at least quarterly, or more frequently as deemed by it in the best interest of the FUND. A quorum shall consist of three (3) members. A majority present and voting shall carry any motion or resolution. The committee shall elect from its membership a chairperson, financial secretary and recording secretary. The chairperson, or member designated by the chairperson, shall preside at all committee meetings.

The recording secretary shall maintain complete and accurate minutes of all meetings of the COMMITTEE and supply a copy thereof to each member of the COMMITTEE. Each member shall keep a complete copy of minutes to be delivered to her/his successor. The secretary should also supply a copy of the minutes th the UUFSC Executive Board.

The financial secretary shall assist the congregation’s treasurer in maintaining complete and accurate books of accounts for the FUND and shall submit to the treasurer on behalf of the COMMITTEE written requests for checks payable from the FUND and shall sign all other necessary documents on behalf of the congregation in furtherance of the purposes of the FUND.

The financial secretary shall sign all checks payable from the FUND in amounts no greater than $250.00.
Two authorized signatures are required for greater amounts.
The books shall be audited annually by a certified public accountant or other appropriate person (selected by the UUFSC Executive Board) who is not a member of the COMMITTEE. The COMMITTEE shall report on a quarterly basis to the Board and, at each annual or special meeting of the congregation, shall render a full and complete audited account of the administration of the FUND during the preceding year.

The COMMITTEE may request other members of the congregation to serve as advisory members and, at the expense of the FUND (taken from the annual distribution amount OR undistributed capital appreciation), may provide for such professional counseling on investments or legal matters as it deems to be in the best interest of the fund.

Members of the COMMITTEE shall not be liable for any losses that may be incurred upon the investments of the assets of the FUND except to the extent that such losses shall have been caused by bad faith or gross negligence. No member shall be personally libel as long as she/he acts in good faith and with ordinary prudence. Each member shall be liable only for her/his own willful misconduct or omissions and shall not be liable for the acts or omissions of any other member. No member shall engage in any self dealing or transactions with the FUND in which the member has direct or indirect financial interest and shall at all times refrain from any conduct in which her/his personal interests would conflict with the interest of the FUND.

All assets are to be held in the name of the UUFSC Endowment Fund..
Recommendations to hold, sell, exchange, rent, lease, transfer, convert, invest, reinvest, and in all other respects to manage and control the assets of the FUND, including stocks, bonds, debentures, mortgages, notes, or other securities, as in their judgment and discretion they deem wise and prudent, are to be made by the COMMITTEE for approval by the UUFSC Executive Board, with subsequent execution by the delegated member of the COMMITTEE.

2. Distributions

The COMMITTEE shall abide by and keep a record of the terms and restrictions of all gifts to the FUND and shall determine what is principal and income according to accepted accounting procedures.

Distributions from the FUND shall be recommended by the COMMITTEE to the Executive Board and then to the congregation at such times as deemed necessary and/or feasible by the COMMITTEE. Any Distributions shall be made only upon a two-thirds majority vote of approval from the voting members of the congregation to accomplish the goal or goals recommended by the COMMITTEE.

Programs for support shall be recommended by the COMMITTEE and approved by the UUFSC Executive Board for funding. Suggestions or requests for funding are to be submitted to the COMMITTEE by February 1 of each year.

3. Amending the Resolution

BE IT FURTHER RESOLVED, that any amendment to this resolution, which will change, alter or amend the purpose for which the FUND is established shall be adopted by a two-thirds vote of the members present at an annual meeting called specifically for the purpose of amending the resolution.

4. Disposition or Transfer of FUND

BE IT FURTHER RESOLVED, that in the event the UUFSC ceases to exist either through merger or dissolution, disposition or transfer of the FUND shall be at the discretion of the UUFSC Executive Board in conformity with the approved congregational constitution and in consultation with the Unitarian Universalist Association. Consultation with the Association may also be desirable for continuation of the UUFSC ENDOWMENT FUND obligations to grantors of gifts.