ANNUAL REPORT OF THE UNITARIAN UNIVERSALISTS OF CLEARWATER ENDOWMENT FOUNDATION, INC. FOR FY 20-21
Over the course of the FY 20-21 Fiscal Year the Foundation has been active in promoting its mission while also managing the endowment. This year, the endowment will grant over $48,000 to UUC for its operating budget, making the endowment the largest single donor to UUC. The endowment grant continues to grow and this grant will be the largest ever in the history of the Foundation.
The endowment was created by donors decades ago but continues to grow with new donations and with market gains. Using legal guidelines from the IRS and as directed by Board policy, the market values on December 31 and June 30 are averaged, and then multiplied by 4.25% resulting in this year’s grant to UUC of $48,716.
This year the Board addressed some confusion about the endowment and its purpose in a number of ways. The name of the Foundation was updated to include the word “Endowment.” The Board (with the able assistance of Margie Manning) launched a web site (https://uuclearwaterfoundation.org/) with transparent information about the endowment process and the work of the Foundation. This tool is also designed to aid estate planners who are assisting prospective donors who are considering the endowment for a planned gift.
The Foundation also launched a Legacy and Planned Giving communication process in partnership with UUC. Experience has taught non-profit institutions that different donors have different giving styles and the best way to maximize support is to provide a menu of options. UUC’s Board has determined that it will accept unrestricted legacy donations to UUC and also legacy donations restricted to capital (building) projects. The Foundation, by design, accepts only donations for endowment purposes.
In November, 2020 UUC and the Foundation co-sponsored a joint Legacy Giving event over Zoom designed to explain those three options and encouraging UUC members to consider one or more legacy or planned giving gifts. It was well received and it is our goal to continue informing members about the significant impact legacy gifts can have.
We look forward to continuing the Foundation’s work in FY21-22 so we can continue to support UUC’s work now and in the future.
THE BOARD OF DIRECTORS
May 19, 2019
The purpose of the Foundation is to manage an endowment for the benefit of the Unitarian Universalists of Clearwater. This provides a vehicle for congregants to make gifts and bequests where the income goes to UUC but the principal remains invested to provide long term benefits to UUC.
Activity for the past year included:
- Granted to UUC Operating Budget – $38,376
- Invested $20,000 in the UUA Common Endowment Fund for Socially Responsible Investing
Assets of the Foundation on May 1 2019 were $1,049,995. The Foundation’s investment policy is to invest 60% of assets in equities (stock mutual funds) and 40% in fixed income investments (bonds, CD’s, loan to UUC, money market funds.)
The Foundation’s grant policy is to make an unrestricted grant to UUC each November equal to 4.25% of the Foundation’s average assets in the previous year.
The officers of the Foundation are:
President: Sue Boone
Vice-President Harold Winner
Treasurer: Robert Barnett
Secretary: Ed Kraemer
Other members are Dick Rolfes, Roberta Watson, Margie Manning, Bill Snell, Bob Buesing, Peggy Long, Bill Norsworthy, Joe Pace, Barbara Murphy, Joe Myers and John Fraser.
Bequests to the Church and/or Foundation are usually written into member’s wills. If you are interested in gifts to either organization contact Foundation members above, and/or the church treasurer.