By Laws of Faith Lutheran Church

Section 9. Endowment Fund
S9.01 Purpose: The purpose of this fund is to enhance the ability of the Faith Lutheran Church of Fairlawn, Ohio to serve its congregation and the community apart from the general operation of the congregation and that no portion of the income generated by the fund shall be used for the annual operating budget of the congregation.
S9.02 The Endowment Fund Committee (thereinafter referred to as “Committee”) shall be the custodian of the fund. All assets are to be held in the name of The Faith Lutheran Church of Fairlawn, Ohio Endowment Fund.
S9.03 The Committees

S9.03.01 The committee shall consist of five (5) members (see A14.03.04)

S9.03.02 Endowment fund committee members shall be elected by the same election as for council members.

S9.03.03 In the event of a vacancy on the Committee, the church council may appoint a member to fill the vacancy until the next annual meeting of the congregation, at which time the congregation shall elect a member to fulfill the term of vacancy.

S9.03.04 An at-large member, whose term has not expired and is subsequently elected or appointed to church council, shall resign from the Endowment fund Committee if such election or appointment results in less than three at-large members being on the committee. In that case, a new at large member will be elected or appointed to fill the unexpired term. The same rule will apply to the Finance members elected to Council.

S9.03.05 Members of the committee (thereinafter referred to as “MEMBER(S)” shall not be required to furnish any bond or surety for the faithful performance of their duties under this fund.

S9.03.06 Members may be removed from the Endowment fund Committee by the body that elected or appointed the member(s).

S9.03.07 The Committee shall elect from its membership a chairperson and a financial secretary. The chairperson and financial secretary shall serve as such for one (1) year and shall be eligible for re-election without limitation on the number of terms they may serve such.
S9.04 Endowment Fund Committee Meetings

S9.04.01 The Committee will meet at least quarterly, or more frequently as determined by it in the best interest of the Fund.

S9.04.02 Meetings shall be called and held at such times and places as shall be specified by the chairperson or the committee or by any three (3) trustees. The person or persons calling the meeting shall give notice to the other members by mail or telegram sent to each member at his/her address as it appears on the books of the fund at least seven (7) days prior to the date thereof, provided, however that the transactions of any meeting of the Committee however called and noticed or wherever held are as valid as though the meeting had been duly held after proper call and notice, if either before or after the meeting, each of the members not present signs a waiver of notice, a consent to the holding of the meeting, or an approval of the minutes thereof. All such waivers, consents or approvals shall be filed with the Fund records or made part of the minutes of the meetings. Notification of meetings shall be sent by regular mail to all members seven (7) days prior to date of meeting.

S9.04.03 Meeting shall be called by the chairperson or an three(3) members of the Committee at the request of church Council.

S9.04.04. To hold a meeting, conduct and transact business, a majority of the Committee (no less than three (3) must be present and concur.
S9.06 Records and Recording

S9.06.01 The Committee shall submit semi-annual reports to church Council and an annual report the Congregation.

S9.06.02 The financial secretary shall report monthly to the Treasurer of the congregation and shall assist the congregation’s treasurer in maintaining complete and accurate books of account for the Fund and shall sign necessary documents on behalf of the congregation in furtherance of the purpose of the fund.

S9.06.03 The financial records of the Endowment fund Committee shall be audited by the audit committee annually.

S9.06.04 The Committee shall keep minutes of all their meetings.

S9.06.05 A permanent record shall be kept of all members of the Endowment Fund Committee and tenure in office.

S9.06.06 The Committee shall keep all financial records according to acceptable accounting practices.
S9.07 Distribution of Income

S9.07.01 The Committee shall determine what is principal and income according to generally accepted accounting procedures. After $10,000.00 of principal is achieved, a reporting of the income from the investment of the principal shall be given to Church Council. This report will be accompanied by a recommendation from the Committee for the use of the income. The Committee is permitted to recommend that the annual income distribution be added to the principal of the Fund.

S9.07.02 The use of such income would be carefully considered by the committee members and recommendations made to Church Council.