Fiduciary and Administration Accountability Appendix
The Presbyterian Foundation is the fiduciary for the investment management of the endowment fund. The objective is to generate return for mission today and mission in the future and to faithfully monitor the intention of the donor and gift administration accountability.
Fund Growth and Distributions
There are two ways to increase funds for the endowment: additional contributions and growth of the principal. At the present time the foundation invests funds for growth and income where they can support the 4.25% spending formula and keep up with inflation.
Correspondence
Quarterly statements are mailed to the chair of the Board of Trustees and performance of the fund is posted on the Foundation’s website each quarter.
Review and Contingent Beneficiary
The Foundation reviews the endowment every 5 years to determine if funds are spent according to the intentions of “The Donors”. If the Board of Trustees is not meeting expectations the funds are frozen.
The funds are unfrozen if the Foundation approves plans for positive changes submitted by the Board within a year of notification. If changes suggested by the Board are not approved by the Foundation within a year, the funds are transferred to Salem Presbytery, the Contingent Beneficiary.
If the Clemmons Presbyterian Church or its successors cease to exist, cease to be part of the PCUSA or cease to be a charitable entity, funds are transferred to the Contingent Beneficiary.
Donations to the Endowment fund are sent to the following address:
Clemmons Presbyterian Youth Endowment
Reference: Fund ID # 102241000002
The Presbyterian Foundation
200 East Twelfth Street,
Jeffersonville, Indiana 47130
Fund Growth and Distributions
There are two ways to increase funds for the endowment: additional contributions and growth of the principal. At the present time the foundation invests funds for growth and income where they can support the 4.25% spending formula and keep up with inflation.
Correspondence
Quarterly statements are mailed to the chair of the Board of Trustees and performance of the fund is posted on the Foundation’s website each quarter.
Review and Contingent Beneficiary
The Foundation reviews the endowment every 5 years to determine if funds are spent according to the intentions of “The Donors”. If the Board of Trustees is not meeting expectations the funds are frozen.
The funds are unfrozen if the Foundation approves plans for positive changes submitted by the Board within a year of notification. If changes suggested by the Board are not approved by the Foundation within a year, the funds are transferred to Salem Presbytery, the Contingent Beneficiary.
If the Clemmons Presbyterian Church or its successors cease to exist, cease to be part of the PCUSA or cease to be a charitable entity, funds are transferred to the Contingent Beneficiary.
Donations to the Endowment fund are sent to the following address:
Clemmons Presbyterian Youth Endowment
Reference: Fund ID # 102241000002
The Presbyterian Foundation
200 East Twelfth Street,
Jeffersonville, Indiana 47130