Walnut Hills Baptist Church
The Endowment Fund of Walnut Hills Baptist Church (WHBC) has been established as a means whereby persons may donate gifts to sustain the long term goals of the Church. Gifts may be in the form of cash, securities, real estate, insurance policies, personal property or other assets. Gifts may be retained in the form given or converted into liquid assets at the discretion of the Committee. The Committee may refuse any gift that is not compatible with the objectives of the Fund. The Fund is meant for the future. The principal of the Endowment Fund is restricted and may not be spent. It shall be an endowment of gifts in perpetuity. Only earnings from the Fund shall be disbursed.
No assets contributed to the Fund or income derived therefrom may be diverted to the operating budget of the Church or borrowed from the Fund for such purpose.
No assets contained within the Fund may be pledged or collateralized. It is the responsibility of the Church Treasurer and Trustees of the Church to notify in advance, any potential creditors of the Church that the assets of the Endowment Fund are not assignable. The Endowment Funds shall be kept separate from all other Church accounts.
The Endowment Trust of WHBC shall consist of two separate funds:
- The Mission Endowment Fund: These funds may be used for mission projects that are local, statewide, national, or international.
- The Capital Asset Fund: These funds may be used for purchasing land, improving parking facilities, and for making major repairs and renovations. The Fund is not to be used for routine maintenance.
The Endowment Committee shall be composed of six members, each of whom will serve for three years. This will be a rotating committee and two of the members will rotate off the committee each year. Members who rotate off should not serve again for a period of one year. The church nominating committee shall choose people for these positions and they will be voted on in the church business meeting in the fall.
The Committee shall meet at the beginning of each calendar year and choose a chair and any other officers they deem necessary. The committee shall meet on a semiannual basis and present a written financial report at the January and July business meetings of the church.
The Committee is in charge of the management of the Endowment Funds. Currently the Funds are invested with the Virginia Baptist Foundation, which is an agency of the Baptist General Association of Virginia. The Committee in consultation with the VBF, will decide on the specific investment program for the Funds. These investment strategies will be evaluated on an ongoing basis depending on the specific needs of the church and the prevailing economic times.
Members of the congregation who wish to use funds from the Endowment Committee for a specific purpose shall present such requests to the Endowment Committee in written form. The Committee shall make a decision regarding the request and notify the Church Council of their decision. If the Committee feels a request needs to be voted on by the church body, it may present the matter at a church business meeting.
This document is valid as of the date listed below and will remain in effect until it is amended.
Thomas J. Powers, Jr. Endowment Committee Chair July 12, 2016