Greetings from the Board of Directors! The Board met July 16, 2024 and made great progress in adopting policies related to the accounting and distribution of our financial resources. Small revisions were made to the Reserves and Justice Outreach funds, and we established an Endowment fund to support the long-term vitality of the Fellowship. The principal of the Endowment will not be spent, and annual distributions from the Endowment fund will not exceed 90% of earned interest. If there is a negative return, no funds will be spent until the principal level of the year just prior to a negative return is reestablished. At least $600 of earnings will be drawn upon each year for the benefit of youth through the Ozretich memorial fund and remaining funds will be allocated by the Board in collaboration with the Endowment Team of the Financial Oversight Council. As of June 30, 2024, the Endowment fund totaled approximately $90,000.
In other work, the Board continued to discuss a new fundraising policy and adopted a revised 2024-2025 budget that reflects lower income from pledges than hoped for. Rather than hiring additional administrative help for 2024-2025, staff duties will be rearranged, and volunteers will be recruited to fill the administrative role. If you are new or are a procrastinator and have not pledged, it is never too late.
To donate or find out more, visit the “donate” page uucorvallis.org/donate.
Find out more about Board activities through our approved minutes, as well as the latest policies in our Governing Documents, visit the UUFC Filing Cabinet page.
