Special Gifts

Special Gifts Fund Policy

As Christians, we affirm that all we are and all we have are gifts entrusted to us by God, and that we are called to use those gifts wisely in the mission and ministry of the Church of Jesus Christ. First Congregational UCC encourages the Christian stewardship of accumulated, inherited, and appreciated resources. First Congregational UCC has created the Special Gifts Fund to extend and enhance ministries and programs, and to insure that future generations also may benefit from the Church’s ministries.

The Special Gifts Fund supports the mission of First Congregational UCC as developed by the congregation. This policy establishes procedures for the receipt, management and distribution of bequests and special gifts that are received by this congregation but are not part of regular church operations or approved special drives. It includes the acceptance and use of contributions in the form of bequests in wills, charitable remainder trusts, transfers of property, assignments of life insurance, securities, and special or memorial gifts. Such gifts are encouraged and shall be used with care and sensitivity.

The Special Gifts Fund is not intended to underwrite the general operating needs of First Congregational UCC.

The Special Gifts Fund will be administered and managed by the Board of Finance and its subcommittee, the Special Gifts Committee. The Board of Finance reports to the Church Council on a regular basis.

The composition and duties of the Board of Finance, and the Special Gifts Committee are described in the By-Laws of First Congregational UCC.

Members of the Board of Finance, and the Special Gifts Committee shall not be liable for any losses which may be incurred upon the investments of the assets of the Special Gifts Fund except to the extent such losses shall have been caused by an act or omission of the member which constitutes a violation of criminal law or willful misconduct. Each member of the Board of Finance and the Special Gifts Committee shall be liable only for his/her own acts or omissions, and shall not be liable for the acts or omissions of any other member. No member of the Board of Finance and the Special Gifts Committee shall engage in any self dealing or transactions with the Special Gifts Fund in which the member has direct or indirect financial interest and shall at all times refrain from conduct in which his/her personal interest would conflict with the interest of the Special Gifts Fund.

The Special Gifts Fund has three components:

1. Memorials – funds received immediately following the death of members/relatives/friends of the congregation in their memory
2. Use Now – funds that are to have short-term use
3. Endowment – funds that are to have long-term use

In accordance with the mission and ministries of First Congregational UCC, Memorials and Use Now funds have several interest categories. Gifts may be designated for one or more of the following categories:

In accordance with the mission and ministries of First Congregational UCC, the Endowment has four interest categories: gifts may be designated for one or more of the following categories:

Earnings include dividends and interest received from investments. Realized gains and losses are recorded as they occur. Unrealized gains and losses are recorded annually at year-end.

The contributions given to Memorials and Use Now are to be spent within a few years of receipt of the gift, or at the designation of the Church Council. Any unused earnings shall be added to principal.

Only the Endowment earnings may be used for the purposes outlined below. The Endowment’s principal is not to be disbursed except in extraordinary circumstances, and only then upon approval of the Church Council and two-thirds of the members of the congregation called in accordance with the Constitution and By-Laws.

Earnings from the Endowment shall be distributed annually by the Board of Finance and the Special Gifts Committee, with approval of the Church Council. Any unused earnings shall be subject to designation by the Church Council.

Distribution of the Endowment earnings will be made throughout the year. Requests for funds shall be submitted to the Special Gifts Committee.

The Church Council is responsible for determining the investment strategy of the assets of the Special Gifts Fund. The Church Council may obtain professional advice and services in the management of the Special Gifts Fund, with any expenses being paid for by the Special Gifts Fund. Social responsibility and Christian ethics shall be prime considerations in all investments.

The current investment policy is: keep sufficient funds in a money market fund to cover twelve months of disbursements. Funds beyond that amount will be invested with the United Church Foundation Balanced Fund, with approximately 60% in equities and 40% in fixed investments. (approved by the Church Council February 24, 2004)

The Church shall maintain complete and accurate records for the Special Gifts Fund. The books of the Special Gifts Fund shall be subject to audit as requested by the Church Council and shall be available at any time to the members of the church. An independent financial review shall be conducted annually by an appropriate person who is not a member of the Special Gifts Committee. A full and complete report of the Special Gifts Fund for the preceding year shall be included in the Annual Report given to the congregation each year.

See the Gift Acceptance Policy.

The Special Gifts Policy may be amended in accordance with the process designated in the Constitution and By-Laws of First Congregational UCC.

In the event that First Congregational UCC merges with another church or ceases to exist, the disposition or transfer of the Special Gifts Fund shall be at the discretion of the congregation, in consultation with the Wisconsin Conference United Church of Christ.

This Special Gifts Fund Policy, with attached Gift Acceptance Policy, having been approved by the Church Council is hereby adopted. - October 25, 2005