Berrien Unitarian Universalist Fellowship
Endowment Committee Report for June 3, 2012 Annual Meeting

The BUUF Endowment Committee is Harvey Johnson (Chair), Marilyn Klawiter and Tom Hackley.  The Endowment Committee’s mission is to assure the long range financial future of the Fellowship, to help the Fellowship manage and survive financial emergencies, and to fund capital needs and special projects that further BUUF’s mission.  As it was created in January 2002, the committee continues to manage a General Fund and a Restricted Fund.  The funds are both deposited with Fifth Third Securities.   Fund Statements are reviewed and archived by the committee chair.  No significant changes were made to either fund during the past 12 months.   

The 2011 earnings from the General Fund were $5,940.  These funds were requested from Fifth Third Securities and deposited March 2012.  Refer to the attached fund history for a summary of recent earnings and balances. 

The 2010 earnings from the Restricted Fund were $4,266.  Forty percent of these earnings were requested from Fifth Third Securities ($1,706) and deposited for COSA use in October, 2011.   The 2011earnings from the Restricted Fund were $3,972.  Forty percent of these earnings were requested from Fifth Third Securities ($1,589) on May 29, 2012.

The Endowment Policy requires that “the committee shall endeavor to invest the assets in a socially responsible manner”.   To date, the funds have not been invested in a socially responsible manner.   Rather, Fifth Third has been directed to invest for maximum income and growth with no criteria for being socially responsible.  The committee has been discussing how to fulfill the socially responsible requirement.  This will be part included as part of our mission for the coming year.

 Endowment Funds History

Prepared by Harvey Johnson 5-29-12