The Lakeside Endowment Fund
Endowment Frequently Asked Questions
How are funds used?
• At least a tithe of Spendable Funds shall be allocated to special mission causes separate from the operating budget.
• Matching funds for special Church projects.
• Capital acquisitions and improvements.
Generally speaking, the Endowment Fund is not intended to be used to support the basic daily operation of the Church. Endowment Funds shall not be spent on recurring expenses contained in the operating budget, included by not limited to debt service, payroll, or perishable supplies.
Invasion of the Principal is discouraged. A request for invasion of Principal will be announced two (2) months in advance of a congregational meeting held to consider the request. Any such invasion of Principal can only be done upon approval of the congregation at a meeting specifically called for that purpose, at which a quorum of the congregation is present determined by the Clerk of Session. Invasion of the Principal will require two-thirds (2/3) vote of the congregation present at the meeting.
How does endowment giving relate to annual stewardship?
How are gifts invested?
Why consider an endowment gift?
Endowment giving, in a sense, fulfills an obligation to the generations to come. Most of us benefited from our predecessor’s giving for our benefit. As we have provided for the well-being of our families and for Lakeside during our lifetime, we may continue to do so after our life.
A Committee consisting of six (6) members of the Church who are not active Elders or Deacons administers the Fund. The membership of the this Committee consists of six members at large to be elected by the congregation. The terms of two members shall expire each year and each member shall serve three (3) years concurrently with the terms of Elders. No member shall serve more than two consecutive terms, and after a lapse of two (2) years, the congregation may re-elect former Committee members.