The Lakeside Endowment Fund
An Endowment is a gift of a portion of a person’s life that will eternally keep the light of God alive in the world. It is an asset that has been given in trust to your church for permanent management and from which only the income can be used for the mission and ministry of the church.
The Lakeside Endowment Fund provides an opportunity to give or bequeath resources to the church for long-term use, separate from our operating budgets. Earnings from the Endowment support the mission and ministry of Lakeside.
Endowment Frequently Asked Questions
How are funds used?
Funds are used according to the guidelines spelled out in the “Lakeside Presbyterian Church Endowment Fund Resolution”. The Endowment Committee has the responsibility of reviewing funding requests from Session committees on a timely basis and provide a comprehensive list of the requests received along with any recommendations to the Session. The following items represent examples of projects and programs that can be supported by the Fund:
• 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?
The two forms of giving are viewed differently. The concept and intention remain that annual stewardship must be our first priority. Annual stewardship supports the annual operating budget. Endowment giving is there to support ongoing needs not supported by the annual operating budget and is designed to help and benefit generations now and to come.
How are gifts invested?
Gifts to the Fund are managed by a qualified investment manager in a conservatively managed, balanced portfolio consistent with the Resolution. The Endowment Committee oversees the investment manager on an ongoing basis.
Why consider an endowment gift?
Gifts to Lakeside’s Endowment will help support the mission and the ministry of the Church.
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.