PURPOSE:
To establish, direct, and control investments with New Covenant Funds through the Presbyterian Foundation.
SCOPE:
All invested funds through the Presbyterian Foundation shall be included in this Policy. All Presbyterian Foundation Funds are with the New Covenant Fund family.
PROCEDURE:
• Funds through the Presbyterian Foundation include endowments, a capital reserve fund and scholarship fund.
• Certain short-term investments may be held in money market, or certificates of deposit at the discretion of the Communication and Resources Team.
• The Communication and Resources Team shall designate the specific fund(s) within the New Covenant Funds family for the investments.
• The Church Administrator shall review quarterly statements and the stated value on the balance sheet shall be adjusted to reflect any changes.
• If it becomes necessary to borrow from an endowment fund, the Communication and Resources Team shall present a recordation to the Session. Only Session Members can authorize borrowing. A promissory note shall be prepared and signed by a Corporation Officer. The note shall state the interest to be charged and the repayment schedule.
RESPONSIBILITY:
The investment of Chapel funds shall be the responsibility of the Communication and Resources Team, which shall provide procedural guidance to the Church Administrator.
LAST REVIEWED 2008
