Endowment Committee Report
- Heike Spayne (Chair)
- Jun Yoshitani (Recording Secretary)
- Harold Steen (Financial Secretary)
UUA Fund Performance as of 12/31/17 *
- Beg Balance 7/1/16: $50,475.89
- Ending Balance: $51,890.59
- Gain & Income: $1414.70
- Contributions: $0.00
- Withdrawal of funds: ($51,890.59)
- Ending Balance: $0.00
* Account has been closed
Vanguard Fund Performance as of 5/17/17
- Beg Balance 2/22/17: $79,588.86
- Ending Balance 5/17/17: $80,449.49
- Gain & Income: $860.63
Congregant Contributions 2016/2017 church year
- Individual Donors $302
Business Club Checking – Account No. 110790
- Beginning Balance: $1574.44
- Withdrawals: $1474.44
- Expenses: $24.34
- Current Balance $75.66
- Elizabeth King and Jane Ellen Kimball resigned from the Endowment Committee in May of 2016. Jun Yoshitani and Harold Steen joined the Endowment Committee in June 2016.
- The Endowment Committee received a portion of Maxime Saunder’s bequest, in the amount of $26,223.83.
- The Endowment Committee researched other investment fund options, as UUA fund returns did not offer an acceptable rate of return. Committee chose Vanguard Balanced Index Fund (VBIAX) to invest the endowment fund in.
- All funds were withdrawn from UUA in December of 2016, in the amount of $51,890.59 . The Vanguard account was opened February 22nd, and the amount of $79,588.86 was deposited. The deposit amount is the sum of the UUA funds withdrawn, $51,890.59, Maxime Saunder’s bequest, $26,223.83, and $1474.44 from the Business Club checking account.
- Harold Steen explained the features and goals of the Vanguard Balanced Index Fund to the members of the UUCE Board in April, 2017
Current Action Items
- Derive simple guidelines for operation of fund management for future groups.
- Raise awareness among the church community about the endowment fund.
- Heike Spayne will serve her last year on the Endowment Committee, as her two-time, 3-year term will be up in 2018.
Submitted by Heike Spayne