1. Mission Statement
The Jesse Lee Legacy Fund (JLLF) is an endowment program that provides a way for all who want to support the Jesse Lee Memorial United Methodist Church (the “Church”) and its mission to do so through a perpetual source of income. In contributing to the fund, which will support the church’s ongoing financial security, gifts may be designated for specific activities or be unrestricted for the greatest needs of the church.
The program will fully support the fulfillment of the Church’s mission, which is to advance its core values of celebrating relationships in worship; witnessing God’s love in service; offering learning opportunities; caring for others; and sharing the love of Jesus Christ. Through the program, and through supporting our mission and core values, we can ensure that this Christian Community thrives well into future generations.
2. Purpose and Scope of This Document
This document, known as the JLLF Policy, Objectives and Guidelines, or “JLLF Policy” for short, describes:
All donations to the JLLF shall be subject to the terms herein, unless otherwise stated in a gift instrument executed by a donor and accepted by the Church.
3. Responsibility for Management and Oversight
A JLLF Committee (“Committee”) shall be established by a Charge Conference of the Church, and will report to the Church’s Board of Trustees (“Trustees”). The Committee will carry out the following objectives and responsibilities:
4. Contributions into JLLF Program
In general, any person or organization may contribute any amount into a Program fund. To be placed into the Programs funds, contributions must be accompanied by a designation making it clear that it is to be contributed to the Program (e.g., designation of “JLLF,” “Legacy Fund” “Jesse Lee Endowment” or words that similarly make clear that the contribution is intended as part of the JLLF.) However, any proposed contribution that does not meet the following JLLF Contribution Policies must be approved by the Trustees before it will be accepted. JLLF Contribution Policy
5. Principles, Objectives and Guidelines for Investment of Funds. Principles
6. Investment Objectives
7. Asset Allocation Guidelines
Based on the policies and objectives outlined above, the Committee and any investment managers it may engage will be guided by the following general asset allocation guidelines:
The foregoing are guidelines only, and may be adjusted as appropriate by the Committee to respond to changing economic conditions. The Committee may invest JLLF funds in alternative investments not specifically listed above to the extent such investments are consistent with prudent investing standards set forth in the law and in this document. In addition to asset allocation described above, a cash core account may be established as appropriate to temporarily hold donations that are being considered for acceptance, to settle trades, and to hold cash donations for investment into equities or bonds over a time horizon to mitigate volatility risk.
Due to increases or decreases in particular investments, the actual asset allocation of the JLLF funds at any given time will vary – potentially quite substantially – from the guidelines set forth above. The Committee will not be required to continuously or frequently assess and rebalance the funds. Rather, the Committee – or its designated fund manager(s) will review the asset allocation on an annual basis and rebalance as appropriate. In the event that the Committee decides to substantially vary from the allocation guidelines described above, it will report this, and the reason for the variation, to the Church in the JLLF’s annual report.
8. Appropriation of Funds
The Church Trustees shall receive advice from the JLLF Committee, and decide on annual appropriation of funds, following guidelines for preservation of principle fund balance. Funds shall be appropriated on or around July 1 of each calendar year. Appropriation shall be accomplished by moving appropriated funds out of the JLLF investments into a bank account or other investment vehicle generally used to hold funds for yearly operating expenses or capital expenses of the Church. As a guideline, annual appropriations should be targeted at and not exceed the average of 4% of each of the ending balances of the funds for the prior 3 years. Exceptions would be as follows:
9. Modification of Designated Fund Purpose
If the designated purpose of, or restriction on, a JLLF fund becomes illegal, impossible or impracticable to achieve, wasteful, or circumstances occur that would defeat or substantially impair the purpose for which the fund was established, the Church may, with the donors’ consent or as otherwise permitted by law, release or modify, in whole or in part, the designation or restriction and substitute another charitable purpose of Church to which the donors consent, or if a donor is no longer living, substitute a purpose that is as close as is reasonably possible to fulfilling the purpose of the gift and the donors’ actual or probable intention. The Church reserves all rights it may have under cy pres or equitable deviation doctrines to make such modification, and further reserves the right to act under applicable statutes.10. Adoption and Modification of this Document. This JLLF Policy document has been adopted by the Church through a Charge Conference, and may be modified by subsequent Charge Conference, with or without recommendation of the Committee.