The Endowment Fund Committee is responsible for the management of the Endowment Fund and for any other special purpose funds which have been established by the congregation.
The primary objective of the Endowment Fund is to provide a stable and growing source of income to assist the congregation in carrying out its mission while preserving to the greatest extent possible the "real" value of the assets in the fund. Designated special purpose funds have similar objectives while the income generated is applied to a specific target.
The special pupose funds are The Craddock Fund, The Special Music Fund, The Silvester-Kirby Organ Scholarship Fund, The Mrs.George C.Pidgeon Fund and The Carol Morris Fund.
All endowed funds are managed externally by a professional fund management firm. The role of the committee is to establish the investment policy and to set it out in a formal policy statment, to engage a qualified manager, to monitor the manager's performance and if necessary to dismiss the manager and hire a replacement.
The policy statment sets out eligible classes of investments, qualitative standards, diversification criteria,policy asset mix and permissable variations from the policy line,proxy voting guidelines and constraints regarding ethical or socially responsible investing which are at a minimum consistent with the standards of The Uniuted Church of Canada.
In addition to its investment managment responsibilities, the committee encourages planned gifts by members of the congregation with the objective of perpetuating their support of the congregation's mission.
The Endowment Fund Committee is responsible directly to the congregation. Any changes to the Rules governing the committee's mandate must be approved by a two thirds majority at a Special Meeting of the congregation called for that purpose.