The Boards of Directors of the Historic Massachusetts Conference and the Missionary Society of Connecticut recently passed votes toward a goal of moving their historic endowments to the Southern New England Conference - moves that delegates will be asked to affirm at Annual Meeting on June 17.
"Our Boards see this as the next logical step in coming together as a new Conference," says Dawn Hammond, Executive Minister for Policy and Finance. "SNEUCC has been administering the endowments effectively for over three years. Bringing them together would simplify accounting, budgeting and audits - and testify to our commitment to continue to build our shared ministries as a unified Conference."
The Historic Rhode Island Conference Board took the lead, moving the Rhode Island Conference funds acting as endowment to the Southern New England Conference in 2021. Per historic Rhode Island Conference bylaws, the Board had authority to act independently. Because the funds had no donor restriction, no permission was needed from the Attorney General or the courts. The Rhode Island funds, in the amount of about $600,000, were designated by the SNEUCC Board as the Historic RI Conference Hamlin Fund acting as endowment. The Hamlin Fund generates revenue to support all ministries of the Southern New England Conference.
The Historic Massachusetts bylaws give the Board similar authority, as there is no provision for an Annual Meeting vote. That Board recently voted to move all endowment funds to SNEUCC except those designated for upkeep of properties, contingent on approval by the Office of the Attorney General. It will take some time to petition the Attorney General for approval, but the Board vote paves the way for that effort. All donor restrictions will continue to be honored. The market value of the MA funds to be transferred is about $9.2 million.
The bylaws of the Missionary Society of Connecticut require a vote of the Annual Meeting to transfer endowments, and the Board of Directors of MSC will recommend such a vote at the upcoming Annual Meeting. There will be a short segment of the meeting devoted to this decision, during which only Connecticut delegates will be able to vote. The transfer of endowments would be contingent on approval by the Superior Court of the State of Connecticut. As with MA, donor restrictions would remain in place, and funds related to upkeep of properties would remain with MSC. The market value of funds proposed for transfer is about $16 million.
Southern New England Conference delegates will be asked at Annual Meeting to vote to accept the funds from Connecticut and Massachusetts. Taking such a vote was advised by the historic Massachusetts Conference counsel to affirm the willingness of the new Conference to hold and manage the historic endowments, assuring that the historic Conferences can responsibly release them. Anyone with questions is invited to attend a hearing on the votes and the SNEUCC budget online on June 12 at 7:00 PM. Register here.
The wording of the votes and FAQs about them can be found in the Annual Meeting delegate materials.
"Our Boards see this as the next logical step in coming together as a new Conference," says Dawn Hammond, Executive Minister for Policy and Finance. "SNEUCC has been administering the endowments effectively for over three years. Bringing them together would simplify accounting, budgeting and audits - and testify to our commitment to continue to build our shared ministries as a unified Conference."
The Historic Rhode Island Conference Board took the lead, moving the Rhode Island Conference funds acting as endowment to the Southern New England Conference in 2021. Per historic Rhode Island Conference bylaws, the Board had authority to act independently. Because the funds had no donor restriction, no permission was needed from the Attorney General or the courts. The Rhode Island funds, in the amount of about $600,000, were designated by the SNEUCC Board as the Historic RI Conference Hamlin Fund acting as endowment. The Hamlin Fund generates revenue to support all ministries of the Southern New England Conference.
The Historic Massachusetts bylaws give the Board similar authority, as there is no provision for an Annual Meeting vote. That Board recently voted to move all endowment funds to SNEUCC except those designated for upkeep of properties, contingent on approval by the Office of the Attorney General. It will take some time to petition the Attorney General for approval, but the Board vote paves the way for that effort. All donor restrictions will continue to be honored. The market value of the MA funds to be transferred is about $9.2 million.
The bylaws of the Missionary Society of Connecticut require a vote of the Annual Meeting to transfer endowments, and the Board of Directors of MSC will recommend such a vote at the upcoming Annual Meeting. There will be a short segment of the meeting devoted to this decision, during which only Connecticut delegates will be able to vote. The transfer of endowments would be contingent on approval by the Superior Court of the State of Connecticut. As with MA, donor restrictions would remain in place, and funds related to upkeep of properties would remain with MSC. The market value of funds proposed for transfer is about $16 million.
Southern New England Conference delegates will be asked at Annual Meeting to vote to accept the funds from Connecticut and Massachusetts. Taking such a vote was advised by the historic Massachusetts Conference counsel to affirm the willingness of the new Conference to hold and manage the historic endowments, assuring that the historic Conferences can responsibly release them. Anyone with questions is invited to attend a hearing on the votes and the SNEUCC budget online on June 12 at 7:00 PM. Register here.
The wording of the votes and FAQs about them can be found in the Annual Meeting delegate materials.