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A church considering the
establishment and development of an Endowment Fund should, as a
preliminary step, have a committee named by the congregation or by its
governing body, arrive at answers to the following questions:
1. Is there a perceived need
in the church for an endowment fund or can such a
fund contribute to the program of service of the church?
2. Is the idea of such a fund
to provide income for the church's operating
budget, or church upkeep, or church programs?
3. If the fund is to provide
additional income for the church's operating budget, what percentage of that
budget should the fund provide?
4. Can a promotional basis
for such a fund be found and would such a basis be
supported by the congregation?
5. Should such a fund be set
up as another fund within the church, or should it be set
up as a separate, nonprofit corporation?
After a church-wide discussion
of these questions and of the general legal requirements as to the
separation of, and accounting for such a fund, the church can decide how
it wants to set up its own fund.
Having arriving at this point,
consideration should be given to establishing the difference between
"endowment gifts" and "memorial gifts," and
to establishing a regular method of accounting to the church membership, once the fund is established.
We recommend quarterly or semiannual reports, in addition to a
report to the church's annual meeting.
After reaching this point, if
desired, the church can contact the Financial Services Committee for further
assistance. The committee is prepared to give such assistance.
LONG-TERM CARE INSURANCE
We have all experienced either first hand, or through a close friend, the challenges a family
can go through in providing long-term care for a loved one. Not only are we faced with the financial
considerations (long term care is the leading cause of impoverishment among the elderly), but the emotional and spiritual ones
as well. The good news is that through education and proper planning, the more serious problems can be minimized.
The NACCC is pleased to announce, that after receiving the endorsement from the Financial Services
Committee, it has partnered with our friends at Northwestern Mutual to sponsor a long-term care program. This program
not only provides educational and personal planning services, but also
discounted long term care insurance for NA Church members
and their parents and parents-in law (whether or not they belong to an NA Church). Visit our
web site at www.naccc.org for more details.
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