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Trustees of Trust Funds

Statement of Purpose

TRUSTEES of Trust Funds of First Parish Unitarian Universalist of Arlington

The purpose of the trust funds is to ensure the long-term survival of First Parish Unitarian Universalist of Arlington (the “church”). To accomplish this goal, the following principles are considered by the Trustees in deciding how to invest funds and how to spend funds:

  1. Restricted funds managed by the Trustees must be handled in accordance with restrictions as set by the donors.
  2. The benchmark amount of the unrestricted trust funds’ principal can only be used for long-term capital projects.
  3. The benchmark amount is the value of the unrestricted funds as of December 8, 2003: $1,270,637.
  4. The Trustees may, from time to time, modify the benchmark amount to maintain the purchasing power of the trust funds and/or to reflect donations to the trust funds.
  5. Accumulated earnings and gains in excess of the benchmark amount can be disbursed when, in the judgment of the Trustees, it is prudent to do so.
  6. The Trustees will encourage planned giving to the church in keeping with their purpose to ensure the long-term survival of the church.

Leadership and Membership
Trustees are elected to three-year terms as the Trustees of Trust Funds by vote at the Annual Meeting in May of each year. The Trustees must be members of First Parish. Trustees may be elected to two consecutive terms.
The chair or co-chairs of the committee are chosen by the committee members.

Specific Duties

  • Determine the amounts that should be distributed to the church each year and for what purposes, consistent with the Statement of Purpose.
  • Manage and invest the trust funds and other assets under the fiduciary responsibility of the Trustees, including restricted and unrestricted trust funds and the contents of the vault.
  • Organize Legacy Society events; encourage planned giving to trust funds.
  • Receive gifts of stock/pledges for Stewardship, and facilitate transfer to church’s investment management firm, sale of stock, and transfer back to church.
  • Present annual report at General Meeting.

Annual Objectives and Mission Linkage
For the church year 2011–12, the Trustees of Trust Funds seek to:

  • Manage trust funds pursuant to the Investment Policy (see website for Statement of Investment Policy), and to obtain an acceptable rate of return on the church’s trust funds while safeguarding the capital.
  • Supervise investment of endowment by the financial management firm.
  • Determine income that can be distributed to church, if any.
  • Prepare annual report and present to the Annual Meeting.
  • Work with the minister to organize appreciation event for Legacy Society, present a Legacy Society educational event, publicize Legacy Society, and encourage lifetime giving to trust funds.
  • Work with church auditor.

Outcome Measurements
The Trustees keep the following statistics, which will be reported to the congregation in the annual report at the end of the church fiscal year:

  • Endowment investment results compared to industry benchmarks
  • Donations
  • Endowment expenses
  • Rate of return and growth of the endowment

In addition, the Trustees monitor quarterly and annual reports from the financial management company.

Annual Budget and Spending Authority Trustees have an annual budget of $0 for their committee work.

Reporting Relationships
The Trustees shall report in writing annually to the congregation in conjunction with the congregation’s customary annual reporting process. The Trustees provide investment results to the Parish Committee upon request. The Trustees are responsible to the congregation.

Authorities Reserved to the Trustees
The Trustees are an independent body with a fiduciary duty to manage the endowment. The Trustees are responsible to the congregation per the bylaws of First Parish Arlington and are not supervised by, or under the direction of, any other committee, entity, or individual within the church other than the congregation. The Trustees are audited by the church auditor.

Relationship to Staff
Cordial

—Adopted by the Trustees of Trust Funds April 2011

630 MASSACHUSETTS AVENUE   ♦   ARLINGTON, MASSACHUSETTS 02476   ♦   781-648-3799

Copyright 2017 First Parish Unitarian Universalist of Arlington

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