First United Methodist Church Of Killeen Foundation, INC.

A Non-Profit Corporation

 

Principal Office

The Principal Office of the corporation in the State of Texas shall be at 3501 E Elms Road in the City of Killeen, County of Bell. The corporation may have such other offices, either within or without the State of Texas, as the Board of Directors may determine.

Registered Office and Registered Agent

The Corporation shall maintain a registered office in the State of Texas and a Registered Agent whose office is identical with the Principal Office, as required by the Texas Non-Profit Corporation Act. The registered office and the principal office of the corporation will be at 3501 E Elms Road, Killeen, in the State of Texas.

Purpose:

 

Vision:

 

Mission:

 

Article I – Purpose

I-1 The purpose of the Foundation is to encourage and promote gifts to First United Methodist Church of Killeen Foundation, INC. to support and enhance the mission of the church to make disciples of Jesus Christ for the transformation of the world.

Article II – Board

II-1 The Foundation shall be administered by a Board. The Board shall consist of 5-7 members who will serve three-year terms and the Senior Pastor (Ex Officio). A class of  2-3 members, nominated by the Nominating Committee, shall be elected each year by the Charge Conference of First United Methodist Church, Killeen, Texas, herein after referred to as FUMC Killeen. The Business Manager/Director shall serve as a non-voting member of the Board and shall attend all Board meetings.

II-2 Board Members may serve no more than two successive terms without at least one year between terms.

II-3 One member of the Board, nominated by the Nominating Committee, agreed by the Board and elected by the Charge Conference, shall serve as Chair for one year. The Chair may be re-elected to successive terms as the Chair. Additionally, the Board shall select from its members a Vice-chair, a Treasurer and a Secretary.

II-4 Meetings of the Board shall take place upon call by the Chair with notice to all board members. A majority of the elected members of the Board shall constitute a quorum. Board meetings shall be open to any First United Methodist Church member.

II-5 The responsibility and authority of the Board shall be to:

(a) develop and promote giving to FUMC Killeen, other than annual pledges and plate offerings in support of the operating budget and special campaigns;

(b) establish investment policies and hire investment advisor(s) and investment manager(s);

(c) recommend the percent of the annual investment return to be used for the grant budget of the permanent endowment fund with the objective being to preserve the corpus of the endowment.

(d) approve and authorize grants and expenditures;

(e) maintain permanent records of its actions;

(f) review and supervise the Foundation’s financial records maintained by FUMC Killeen’s Business Office;

(g) provide an annual report to FUMC Killeen’s congregation, which shall include:

(i) a balance sheet showing the assets and liabilities of the Foundation;

(ii) all contributions and other income received by the Foundation and expenses incurred since the previous annual report;

(iii) all distributions or grants made or authorized since the previous annual report;

(h) annually conduct a financial review of all foundation funds.

II-6 The Chair may appoint members of the Board to such committees as the Chair may create, including, but not limited to:

(a) a Development and Publicity Committee;

(b) an Investment and Finance Committee; and

(c) a Grants and Scholarship Committee.

Article III –Administered Assets

III-1 All gifts to FUMC Killeen other than in payment of pledges, plate offerings in support of the operating budget and special campaigns shall be administered by the Board, through the Permanent Endowment in accordance with these Bylaws. Such gifts include, but are not limited to:

(a) money or property that is specifically designated for the Foundation;

(b) all undesignated gifts as a consequence of:

(i) a bequest under a will;

(ii) a distribution from a decedent’s trust;

(iii) a decedent’s beneficiary designation under a life insurance policy, annuity, or retirement account or plan, or other non-testamentary transfer; and

(c) all undesignated gifts in memory of a person or in honor of an event (such as marriage, anniversary, graduation or death).

III-2 The permanent endowment fund has been established by the church to provide a perpetual stream of income to be used in support of the Church’s mission. All gifts of money and property administered by the Foundation shall be allocated to one of two funds within the Permanent Endowment: the Memorial and Honor Fund, or the Unrestricted Gifts Fund.

 

 (a) Memorial and Honor Fund

Gifts in the name of people that are given as a Memorial or to honor an individual will be placed in the Memorial and Honor fund. Donors may designate the gift for one of the accounts which have been established. The accounts are: youth ministries, Christian education, traditional worship, contemporary worship, missions, older adult ministries and FUMC Killeen campus. Other accounts may be established by the Board as the need arises. Any gifts not specifically designated by the donor will be placed into an account called “Greatest Need”.

 

(b) Unrestricted Fund

Gifts to the unrestricted fund may be designated by the Board for a particular purpose. Grants in excess of $1,000 shall be submitted to the Administrative Council for approval. All gifts to the Foundation not specifically designated for the Memorial and Honor Fund shall be placed in the Unrestricted Fund on an undesignated basis.

III-3 The Board may accept gifts for a particular current use specified by the donor if the Board determines that (a) the specified purpose is consistent with First United Methodist’s mission; (b) there is an identified, extraordinary, and immediate need that can be met by the gift and (c) the Business Office is prepared to undertake the proposed project and supervise the expenditure of the current use gift.

III-4 All funds shall be managed in accordance with the Investment Policy of the Foundation.

 

Article IV – Grants

IV-1 The Board shall receive and review all requests for grants in support of FUMC Killeen’s mission. Grants may be approved for purposes that are not ordinarily encompassed by FUMC Killeen’s operating budget and for which other funds are not readily available.

IV-2 Grant requests shall be submitted to the Board on an approved application form. The proposal shall specify in detail the need and the amount requested to meet the need, why the need cannot be met from funds available in the operating budget, who will be responsible for supervising the management of the grant proceeds, and how the mission of FUMC Killeen will be supported by the grant.

IV-3 Prior to submission of a grant request, applicants shall obtain the written endorsement of the proposal by the Senior Pastor. If the grant request is for funds to purchase furniture, equipment, software or other tangible property of a value in excess of $1,000.00, the applicant shall also obtain the endorsement of the proposal by an authorized member of the Board of Trustees. If the Senior Pastor does not endorse the grant or recommends grant approval differently than the Board, grant proposals may be approved, denied, increased, or decreased by a two-thirds vote of the elected members of the Board.

IV-4 Grants shall be disbursed by FUMC Killeen’s Business Manager/Director as approved pursuant to these Bylaws.

 

Article V – Interpretation and Amendment

V-1 These Bylaws are guided by The United Methodist Book of Discipline.

V-2 These By-laws may be amended from time to time by a two-thirds affirmative vote of the elected members of the Board at a meeting next succeeding the meeting in which such amendments are proposed. All amended by-laws must be subsequently approved by the Church Council or Executive Committee.