How will the MPC Endowment fund be managed?
The Endowment is managed by a board of directors elected by the congregation of MPC, with one additional member appointed by the Session. The Session has limited oversight of the Endowment management.
The board has the customary responsibilities of investing and reinvesting assets, administering funds for the designated purposes, encouraging gifts and bequests to the Endowment, and providing an annual report to the Session. A financial status report will also be presented annually to the congregation.
The MPC Endowment Board members have acknowledged and accepted specific fiduciary duties as trustees of the Endowment funds. These are:
Duty of Care: Board members must have necessary and adequate information before making any decisions, acting in good faith and with such care that an ordinarily prudent person would exercise under similar circumstances. To that end, Board members will fulfill the Duty of Care through:
- consistent attendance at meetings of the Board
- attentive preparation for meetings, inquiry and attention to information presented to the Board
- meaningful review of finances and policies
- exercising informed and independent judgment on all decisions
- engaging outside experts as needed for advice or service.
Board members will act with fidelity, within the bounds of the law, ensuring that Board decisions and activities adhere to the Mission or purpose of the Endowment as stated in the Endowment Plan. To that end, Board members will fulfill the Duty of Obedience through:
- Complience with all regulatory and reporting requirements as required by the law and by the Endowment bylaws.
- Adherence to the bylaws of the Church and the Endowment Fund.
- Periodic reference to the Mission and Values of the Church during meetings to reinforce each member’s connection to the core purpose.
Duty of Trust: We believe that establishing and maintaining the trust of donors is vital to the success of the Endowment. Whether soliciting, receiving or disbursing gifts, trustees of the Endowment must be accountable and knowledgeable, acting in the best interests of the community they serve. Donors must have the expectation and confidence that those managing the Endowment are trustworthy. To that end, Board members will:
- demonstrate personal behaviors that instill confidence in potential donors
- maintain absolute confidentiality
- observe donor restrictions
- demonstrate personal accountability
- acceptance of responsibility.
Duty of Loyalty: Board members will place the best interests of the Endowment before any personal interests. To that end, Board members will fulfill the Duty of Loyalty through:
- disclosure of any conflicts of interest
- adherence to a strict policy of confidentiality regarding Board business
- maintenance of confidentiality re: donors and donations where a donor has requested anonymity
- and maintenance of confidentiality re: requests for funds whether granted or denied except as required for reports of disbursements.