Page 23 - Final Annual Report 2020

Memorial and Endowment Annual Report 2020
Chuckie Blaney, Shelley Cantor, Bart Morse, Steve Solomon, Paul Surface, Mark Young

We make a living by what we get, we make a life by what we give. – Karma

Bart Morse is resigning from our committee this year. An invaluable member for over 25 years, he has faithfully
served as our Secretary and was always available with good cheer and well thought-out advice. Bart, we thank you
for all you have done for Pilgrim Church and for our Committee and we will miss you.

We feel very fortunate Deanna Jantzen has agreed join our team. She has been and will continue the important task
of writing acknowledgements and keeping records of donations. Thank you, Deanna, for your willingness to help
and look forward to having you as a member of our Committee.

1) MEMORIAL: "Something designed to preserve the memory of a person"

MEMORIAL PRINCIPAL FUND: Memorial gifts are a thoughtful way to remember those we love. The donor or
the family of the person in whose memory the donation is made may request the gift be placed in the Memorial
Principal Fund (and held in perpetuity) or in one or more of our Endowment Funds. Unspecified memorial gifts are
placed in the Candlelighter Fund. Earnings from the Memorial Principal Fund are transferred to the Candlelighter
Fund (see below).

CANDLELIGHTER FUND: Unspecified Memorial gifts (see above) are put in this fund from which both the
principal and interest may be used to enhance the Sanctuary and the spiritual life of the Church.
Gifts were made this year in memory of Ruth Johnson, Bob Marlette, Dottie Quinn, and Dwight Robinson.

2) ENDOWMENT: "To provide with a permanent fund or source of income."

ENDOWMENT FUNDS: Non-memorial gifts and endowment pledges are placed in the General Endowment
Fund or a Restricted Endowment Fund, according to the expressed wish of the donor. Unless specifically
requested by the donor, endowment funds are held in perpetuity. See the Restricted Endowment Funds below.

The GENERAL ENDOWMENT FUND is governed by the Memorial and Endowment Policy, and is available to
augment special or unexpected expenses which could not have been anticipated when the annual operating budget
was approved. Gifts were made this year in honor of Melissa Bowman, Cindy Maguire, Steve Solomon and Kay
Dunlap.

Included in the M&E Policy is: “the purpose of this Memorial and Endowment Fund Policy . . . is to enhance the life
of Pilgrim Church apart from the general operation of the church.” This committee's goal is to have the expendable
(available) portion of the General Endowment Fund equal to at least one year's annual operating budget.

Earnings from the General Endowment Fund may be spent according to percentages voted by the congregation and
reaffirmed at least once every four years (most recently at the 2018 Annual Meeting). The current apportionment is:
1. 50 % for Maintenance, Plant and Capital, including but not limited to: 1. Bricks and mortar; 2.
Equipment; 3. Landscaping.
2. 45 % for Support of People and Programs, including but not limited to: 1. Scholarship; 2.
Christian Education; 3. Youth Ministry; 4. Music Ministry; 5. Camping and Retreats.
3. 5 % to be reinvested for Future Growth.
3) BEQUESTS AND TRUST DISTRIBUTIONS RECEIVED: This fund holds all unrestricted gifts from estates
and trusts, in perpetuity. The principal and earnings may be spent if the Congregation so votes.

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