Approved by the Board of Trustees April 25, 2012

1. Purpose: Consistent with Article 5.5 of the by-laws of The First Unitarian Universalist Society of Exeter (FUUSE) the BOT establishes the following policy for the creation of both the FUUSE Endowment Fund and the FUUSE General Purpose Fund.

2. The Funds
a. The FUUSE Endowment Fund. The Endowment Fund’s purpose is to allow for growth of funds that are apart from the general operating budget and offer a vehicle for gifts from members and friends who are committed to contributing to the sustainment of FUUSE. This fund consists of securities and cash contributed in the form of donations and bequests, and is structured to increase principal and to distribute assets to FUUSE board-approved non-operating budget initiatives when predetermined value targets are met. The investment subcommittee of the Finance Committee will advise the BOT regarding investment decisions for the Endowment Fund.

b. The FUUSE General Purpose Fund. This fund consists of securities and cash not assigned to The FUUSE Endowment Fund and is available as a source of FUUSE operating funds and programs, if and when required by the Board of Trustees.

3. Distribution of Endowment Fund: The FUUSE Endowment Fund shall commence with a principal of $115,000 (3/31/12) . The value of the fund shall be assessed at the end of each calendar year and, if the Fund has grown to a $250,000 amount the excess assets may – at the Board’s discretion — be cashed and distributed for non-operating expenses or retained. Excess assets distributed will not exceed the annual investment return on the fund.
4. Emergency Use: If an amount of funds residing in The FUUSE Endowment Fund are requested by the Board to meet a temporary emergency or critical need, the request must be supported by a 2/3 vote of the FUUSE voting members present at a congregational meeting.