How We Use Endowment Funds
General “Undesignated” Endowment Fund is used for any activity or program which falls within the Endowment Fund use parameters. This fund accepts contributions in any amount and because it provides the most flexibility to do God’s work, contributors are encouraged to give to the general funds. Contributions to the General Endowment Fund may be made in any amount.
Named Designated Endowment Fund may be established with a minimum contribution of $10,000. The donor can establish this permanent fund in his/her own name or the name of a loved one, with any purpose consistent with the Kirk’s mission or function. Up to 5% of the principal balance of the fund is allocated to support the fund’s purpose.
Designated Endowment Funds – The Session establishes designated funds for specific purposes to support the ministry and mission of the Kirk. There is no minimum balance for these funds. Up to 5% of the principal balance of the fund is allocated annually to support the fund’s purpose. The following funds have been established:
a) Capital Improvement/Maintenance Endowment – to be used for major improvement maintenance or replacement of church property. The Building and Grounds ministry team will recommend to the Session the use of these funds.
b) General Missions Endowment – to be used to support local, national or international mission ministry. The Mission ministry team will recommend to the Session the use of these funds.
c) Scholarship Endowment – to be used for financial assistance by members of the Kirk for camps, conferences, and education. The Christian Education ministry team will recommend to the Session the use of these funds.
d) Worship/Music Endowment – to be used for the support of Worship and Music ministry at the Kirk. The Worship ministry team will recommend to the Session the use of these funds.
e) CE Children – to be used for the support of Christian Education initiatives for children. The CE Children ministry team will recommend to the Session the use of these funds.
Special Fund – A Special Fund is meant to be temporary and can eventually be used up. The minimum to establish a Special Fund is $2,500. The Endowment Committee may allocate up to 10% of the principal balance annually to support the fund’s purpose; or will allocate the funds according to the percentage specified in the donation, if different. The fund is maintained as long as there are ongoing contributions and/or earnings to keep the balance above $1,000. If the balance drops below $1,000, the fund can be merged with another similar purpose fund.
All contributions to the KOK Endowment fund are invested in the New Covenant Balanced Growth mutual fund. The Presbyterian Foundation, through New Covenant Trust company, serves as the social witness service provider, creating the social screens that support our core values. Learn more about Mission Responsibility Through Investment here.