Organization and structure
The Foundation was established in 1971 when the congregation voted to transfer the money from its memorial gifts account into a new independent quasi-endowment fund. The inaugural resolution creating the Foundation’s endowment clearly specified that only the income from the principal was to be spent annually. Nevertheless, it included the provision that should the occasion arise at some future date, the principal sum itself may likewise be expended, in part or in its entirety by action of the congregation.
The originating resolution also included the restriction that neither the income nor the principal of this endowment fund, under ordinarily foreseeable circumstances, shall ever be used for what are commonly known as “current expenses” or “benevolent apportionments.” Rather, expenditures from the funds were envisioned for three purposes: 1) undertakings which would enrich or uplift in some special way the spiritual life of this congregation; 2) projects which would provide some worthy addition or improvement to the congregation’s facilities; and/or 3) actions which would give needed support to worthy Christian enterprises in the community.
The Congregation Council was directed to appoint a nine-member group with rotating three-year terms to receive, manage, and expend the Foundation’s resources. This group was specifically charged with distributing income funds generated by investing the endowment’s principal. Thus, the footprint for the current Foundation Board, its investment strategy, and its grants-giving program were born.