Endowment Trustee Meeting of 7/17/2014

EndowmentsSubmitted by Parker Stokes
At home of Parker Stokes,  attending: Roy Schilling    and Judy Remsberg
 
The request of the Board to consider more socially responsible investing by moving the Fellowship’s Endowment funds from the Fidelity Balanced Fund into the UUA Common Endowment Fund was discussed in detail. The investment objectives of the two funds were compared. They are both 60% stock /40% Bond funds.  Both invest in oil, gas and energy as well as a diversity of large US and International corporations. The Fidelity fund has 1.7% invested in tobacco related companies.  This was felt to be a negative but did not outweigh the advantages of Fidelity’s better return and lower expenses which will allow the Fellowship to have more money available to promote socially responsible UU values in our own community.  We also looked at Green Century Balanced Fund but found the definition of green and socially responsible investing to be trendy and arbitrary and the extra expenses and less robust return to not meet our investment expectations.  The Trustees do support Socially Responsible actions and investing and encourage every one to follow their heart in this matter. The Trustees voted unanimously to keep the Fellowship’s Endowment money invested in the Fidelity Balanced Fund and will continue to annually evaluate and balance our options regarding social and fiduciary responsibility.
 
The Trustees have previously met and agreed to release up to $500 in the Fellowship’s current fiscal year  to help promote Unitarian values.  We have received four proposals and judged them as follows:
 
Upgrading dangerous or broken playground equipment  will be the primary focus for up to $350 of this year’s funds.  Trustee, Judy Remsberg will coordinate with The RE    Committee and Rayven Holmes to define the scope of the  work needed and    those who will be able to plan and participate in it.
 
Welcoming and supporting our first seminary intern with $150 towards travel funds will be our secondary focus.   This will be coordinated  by Trustee, Roy Schilling.  We are looking forward to a mutually beneficial relationship over the next two years.
 
Worthy proposals for repair of the organ and a singing work shop were also considered but could not be supported with funds.
 
Respectfully submitted, Parker Stokes , Secretary
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