FOMM Endowment Fund

FRIENDS OF MADAGASCAR MISSION (FOMM)

ENDOWMENT FUND

 

 

NOTES:  A Mission Endowment Fund was officially established by resolution

at the board meeting of Friends of Madagascar Mission on Aug. 28, 2014

               

                        ------------------------------------------------------------------------------

 

I. The purpose of the FOMM Endowment and Memorial Fund

 

A.   The Friends of Madagascar Mission Endowment and Memorial Fund

      (Hereafter referred to as “Fund”) shall provide a vehicle and structure for

      members who have the ability and the desire to benefit Friends of

      Madagascar Mission (Hereafter referred to as FOMM) through charitable

      giving that is over and above their regular support of the annual budget; and

                 giving that is consistent with its mission of witnessing to the message

                 of salvation through Jesus Christ on both a local and global level.

 

B.               B.   In addition the Fund shall enable FOMM to promote funding of specific needs                  supports its mission and ensures the mission’s financial stability. 

 

II. The Friends of Madagascar Mission Endowment and Memorial Fund Committee

    (Hereafter referred to as “Committee”).

 

            A.  Voting members of the board of directors of FOMM shall serve as the Committee. 

            B.  The Board of Directors of Directors of FOMM shall elect a chairman of the

       fund. 

            C. The FOMM treasurer shall maintain the account of the Fund. 

            D. The FOMM secretary shall record the actions of the Committee.

 

III.  The Mission Endowment Funds and Distributions 

            A.  The Fund shall have two initial Funds: 

                        1.  The Mission Endowment Fund  

                        2.  The Memorial Fund  

                        3.  And may create additional Funds as may be needed to fulfill                              specific requirements of donors.

 

                 B.    The Mission Endowment Fund shall provide annual disbursement of investment earnings only, beyond the operating budget of this ministry as stated below.

 

      1. The kinds of projects the Fund will be supporting will include but not limited to

          the following:  Evangelists, Ejeda Nutrition Project, Prison Ministry Project,

          Bible School Renewal International, Tandroy Bible and Hymnal Printing.

 

      2.  No distribution to the projects shall exceed 40% of the total distribution. 

           3.  The Memorial Fund shall provide an opportunity for gifts to FOMM that

      support predetermined projects according to the purpose of the funds.       

                        a. The Committee shall determine the projects the Memorial Fund shall be     

                            designated.                     
                        b. The Fund may expend both the principle and earnings on an annual basis.
 

           4. The creation of additional Funds (III. A. 3.) shall operate and be distributed according to the intent of this document.

 

IV.   The Investment and Distribution of the Mission Endowment and Memorial Funds

 

A.   The Mission Endowment Fund investment objective will be to provide long-

      term growth so the annual distribution will keep pace with inflation, i.e. the

      annual distribution will maintain its purchasing power.

 

                        1.  All investments shall be invested by an outside investor, and                              no Committee member shall invest the assets in a way that would                              bring private gain to that individual.

                        2.  Thrivent Financial has been selected to be the outside investment firm                                to manage the FOMM Endowment Fund.               

                        3.  Accounting and a report of ministries supported through the Fund shall                               be distributed to the board members at each board meeting.                       

                        4.  Annual distributions may begin only after the Fund reaches                                a value of $25,000.00.  The annual distribution will only be made                              from the profits of the fund:  interest, dividends, and other                                     earnings.

           

B.   The Memorial Fund investment objective will be to provide annual growth for

      the Fund.

 

                        1.  All investments shall be invested to bring the highest return on an       

                             annual basis and no committee member shall invest the assets

                             in a way that would bring private gain to that individual.

 

                        2.  Annual accounting and a report of ministries supported through           

                            the Fund shall be distributed to the Board of Directors at each board

                             meeting.

 

            C.  Any and all other additional Funds created shall operate under the

                 investment and distribution procedures described in IV. A. and B.

 

V.  The duties of the Mission and Memorial Endowment Fund Committee

 

            A.  Procedure rules for the Committee:

 

                        1.  A quorum shall be a majority of voting members of the Board.

 

                        2.  Actions of the Committee must be by a majority vote.

 

                        3.  The Committee shall meet at least two times per year at a date and

                             time agreed upon by the Committee.

           

            B.  The Committee shall educate the donors and supporters about the FOMM

                  Mission Endowment and Memorial Fund, promote the Funds, encourage

                 gifts, and solicit donations in an appropriate manner.

 

            C.  The Committee shall receive and celebrate gifts given for ministry

                  to the FOMM Mission Endowment and Memorial Fund in the following

                  venues:  Newsletter, the Annual Report, and in a public way when

                  appropriate.

 

            D.  The Committee shall establish policies and procedures for accepting or

                  rejecting proposed gifts by donors.  The Committee has the discretion

                  to decline acceptance of a gift if deemed to be in the best interest of the

                  Funds and FOMM.

 

            E.  The Committee shall be the recipient of gifts received by FOMM such as, but

                 not limited to, bequests, life insurance proceeds, and remainders from life

                 income agreements.

 

            F.  The Committee shall establish procedures and policies for the soliciting

                  and selection of grant requests from the Funds, in accordance with the

                 requirements and limitations of the amounts of money in the various

                 Funds.  Grants can only be given to legally qualified recipients as

                  defined by the Committee.

 

VI.  FOMM may upon the recommendation of the FOMM Mission Endowment and

       Memorial Fund Committee, decide when and if any Fund principal, or corpus, shall

       be used.  This shall be approved by a two-thirds (2/3) vote of the Board of Directors

       present at a legally called meeting of the Board of Directors.  This holds true if the  

       principal, or corpus, is ever needed in the event of a catastrophe, or dire

       economically devastating emergency.

 

VII. In the event the incorporated body known as FOMM, or its successor(s), cease to

      exist, and then the FOMM Mission Endowment and Memorial Fund shall be

      allocated for the support of projects, programs and activities of the Malagasy

      Lutheran Church in Madagascar or its successor that have been supported by the

      FOMM Mission Endowment and Memorial Fund