St. John Lutheran Church of Prairie Hill
Men in Mission Scholarship
Establishied July 2007
The Men in Mission Scholarship expresses the support of St. John Lutheran Church family for our youth who are pursuing either vocational training or a higher education, and recognize their active participation in the programs and ministries of our congregation.
The Men in Mission of St. John Lutheran Church shall oversee the scholarship program., Activities include collecting and raising funds, overseeing the investments of the funds, designing award guidelines, allocating amounts for scholarships, choosing recipients and awarding scholarships. The Men in Mission shall seek input and approval throughout the process from the congregational council. The fund shall use the audit oversight committee in place for all funds of St. John Lutheran Church.
Guidelines and Eligibility
Guidelines:
Scholarships are available on a one-time basis, with the amount of the award determined by the number of applicants, the availability of funds, and the discretion of the Men in Mission.
1.
A committee made up of the officers of The Brotherhood, Men's Breakfast Group (two members of each groups) shall make a recommendation to the full groups for approval.
A committee made up of the officers of The Brotherhood, Men's Breakfast Group (two members of each groups) shall make a recommendation to the full groups for approval. 2.All recipients of scholarships must meet the eligibility requirements below.
All recipients of scholarships must meet the eligibility requirements below.3.Applications must be submitted by the due date (noted in the church bulletin) in order to be considered.
Applications must be submitted by the due date (noted in the church bulletin) in order to be considered.4.The Brotherhood, in determining awards, will take into account the candidate’s involvement in the life and ministry of St. John Lutheran Church.
The Brotherhood, in determining awards, will take into account the candidate’s involvement in the life and ministry of St. John Lutheran Church.5.It is expected that recipients of the scholarship will maintain their affiliation with a Lutheran church, and will attend services at St. John Evangelical Lutheran Church of Prairie Hill whenever possible.
It is expected that recipients of the scholarship will maintain their affiliation with a Lutheran church, and will attend services at St. John Evangelical Lutheran Church of Prairie Hill whenever possible.6.The Scholarship fund shall be considered a special fund of St. John Evangelical Lutheran Church of Prairie Hill.
The Scholarship fund shall be considered a special fund of St. John Evangelical Lutheran Church of Prairie Hill.Eligibility:
1.The Men in Mission Scholarship is open to active members of St. John who are entering into a program of study at an accredited vocational school, community college, college, or university.
The Men in Mission Scholarship is open to active members of St. John who are entering into a program of study at an accredited vocational school, community college, college, or university.2.Recipients of the scholarship are required to:
Recipients of the scholarship are required to: a.Enroll as a full-time student and forward evidence of such enrollment to the church when it becomes available.
Enroll as a full-time student and forward evidence of such enrollment to the church when it becomes available. b.Refund a scholarship or award if he or she does not enroll into a full-time program of study and complete one semester.
Refund a scholarship or award if he or she does not enroll into a full-time program of study and complete one semester. c.The candidate must be a high school graduate and must apply for the scholarship the year of graduation from high school.
The candidate must be a high school graduate and must apply for the scholarship the year of graduation from high school. d.The candidate must be an active member of the St. John Lutheran Church.
The candidate must be an active member of the St. John Lutheran Church.Endowment and Investment Policies
Guidelines for establishing, investing, and managing endowments.
Introduction:
1.Simply stated, an endowment is a special fund whereby the principal is held for investment and the interest earned on the principal is spent
Simply stated, an endowment is a special fund whereby the principal is held for investment and the interest earned on the principal is spent2.With the acceptance of endowment funds from donors, it is important that the Church keep all permanent records, a clear understanding of any donor intent. Generally, when there are donor restrictions, a separate account to track the expenses / income is established.
With the acceptance of endowment funds from donors, it is important that the Church keep all permanent records, a clear understanding of any donor intent. Generally, when there are donor restrictions, a separate account to track the expenses / income is established.3.Endowments are classified as permanent, quasi, or term endowments. Funds can be either restricted or unrestricted within each of these classifications. Restricted endowment funds are funds for which the donor specifies how the endowed income will be used. Unrestricted endowment funds are funds for which the annual earnings only are used at the discretion of the Men in Mission
Endowments are classified as permanent, quasi, or term endowments. Funds can be either restricted or unrestricted within each of these classifications. Restricted endowment funds are funds for which the donor specifies how the endowed income will be used. Unrestricted endowment funds are funds for which the annual earnings only are used at the discretion of the Men in Mission a.Permanent (True) Endowments: Donor specifies principal is to be invested and maintained in perpetuity; only the income distributions may be expended.
Permanent (True) Endowments: Donor specifies principal is to be invested and maintained in perpetuity; only the income distributions may be expended. b.Quasi Endowments: Quasi endowment funds are funds functioning as an endowment that are established by the donor. The quasi endowment must retain the purpose and intent as specified by the donor or source of the original funds, and earnings may be expended only for those purposes. Since quasi endowments are established by the donor, the gain on principal may be expended. A minimum of a $2500.00 pledge is required and a minimum $500.00 per year is required to establish a Quasi endowment. The pledge must be fully funded in the agreed time period or less.
Quasi Endowments: Quasi endowment funds are funds functioning as an endowment that are established by the donor. The quasi endowment must retain the purpose and intent as specified by the donor or source of the original funds, and earnings may be expended only for those purposes. Since quasi endowments are established by the donor, the gain on principal may be expended. A minimum of a $2500.00 pledge is required and a minimum $500.00 per year is required to establish a Quasi endowment. The pledge must be fully funded in the agreed time period or less. c. Term Endowments: Similar to perment endowment funds except that after either the stated period of time or the occurrence of a specified event all or part of the principal may be expended according to the donor’s wishes.
Establishing Endowments
1.A minimum of $2500.00 is required to establish a permanent ("named") endowed fund, the structure of which is limited only by the interests of the donor. Complete information on establishing and administering endowments is available from the St. John Lutheran Church Men in Mission on written request.
A minimum of $2500.00 is required to establish a permanent ("named") endowed fund, the structure of which is limited only by the interests of the donor. Complete information on establishing and administering endowments is available from the St. John Lutheran Church Men in Mission on written request.2.The establishment of one scholarship endowment from donor gifts or institutional funds will be considered under the following circumstances:
The establishment of one scholarship endowment from donor gifts or institutional funds will be considered under the following circumstances:a.If the gift is to fund a (“named”) scholarship, the gift must be $20,000 or greater.
If the gift is to fund a (“named”) scholarship, the gift must be $20,000 or greater.b.If the guidelines for choosing recipients are compatible with the Men in Mission Scholarship guidelines.
If the guidelines for choosing recipients are compatible with the Men in Mission Scholarship guidelines.Types of Endowments
1.Investments of Endowments can be in one or both of the following:
Investments of Endowments can be in one or both of the following: a.Growth Income Pool: This pool invests for both growth and income with a primary objective of a high, long-term total return (from income and capital appreciation). Since most endowments continue in perpetuity, this pool is the primary investment choice for church endowments. All permanent endowments will be invested in the Growth Income Pool, unless otherwise restricted by the donor. Quasi endowments may be invested in the Growth Income Pool, depending on the spending plans for each specific endowment.
Growth Income Pool: This pool invests for both growth and income with a primary objective of a high, long-term total return (from income and capital appreciation). Since most endowments continue in perpetuity, this pool is the primary investment choice for church endowments. All permanent endowments will be invested in the Growth Income Pool, unless otherwise restricted by the donor. Quasi endowments may be invested in the Growth Income Pool, depending on the spending plans for each specific endowment. b.Separately Held: Quasi endowments and term endowments which invest in individual securities are called Separately Held. Endowments which invest in individual securities bear all the gain or loss from such securities. The manner in which these funds are invested depends on the spending plans for the funds. The appropriate investment strategy for each endowment will be developed in consultation with the appropriate investment group. Quasi and term endowments may be invested in both the Growth Income Pool and as Separately Held funds. As a general rule The Men in Mission will "pool" the investment to realize the best return on the funds..
Separately Held: Quasi endowments and term endowments which invest in individual securities are called Separately Held. Endowments which invest in individual securities bear all the gain or loss from such securities. The manner in which these funds are invested depends on the spending plans for the funds. The appropriate investment strategy for each endowment will be developed in consultation with the appropriate investment group. Quasi and term endowments may be invested in both the Growth Income Pool and as Separately Held funds. As a general rule The Men in Mission will "pool" the investment to realize the best return on the funds..2.The spending rate will be chosen to preserve the real value of The Men in Mission endowed assets. The selected spending rate will strike a reasonable balance between the current spending outlays and reinvestment of the remaining assets to support an equal or greater spending rate in the future. An appropriate percentage of market value will be set annually based on average spending for prior years, with consideration for the rate of inflation.. A proposed pay out rate, with appropriate justification, will be presented by the officers of the Men in Mission officers to members at a regular meeting for consideration and approval. Notification regarding the new pay out rate will presented to the church council.
The spending rate will be chosen to preserve the real value of The Men in Mission endowed assets. The selected spending rate will strike a reasonable balance between the current spending outlays and reinvestment of the remaining assets to support an equal or greater spending rate in the future. An appropriate percentage of market value will be set annually based on average spending for prior years, with consideration for the rate of inflation.. A proposed pay out rate, with appropriate justification, will be presented by the officers of the Men in Mission officers to members at a regular meeting for consideration and approval. Notification regarding the new pay out rate will presented to the church council. 3.The Men in Mission encourage donors to keep endowments with as few restrictions as possible. This policy will allow the Men in Mission the flexibility to invest the principle in the best and safest way to protect the integrity of the fund. An endowment will not be accepted if its restrictions jeopardize the workings of the ongoing investment scheme. It will given to the church’s general fund.
The Men in Mission encourage donors to keep endowments with as few restrictions as possible. This policy will allow the Men in Mission the flexibility to invest the principle in the best and safest way to protect the integrity of the fund. An endowment will not be accepted if its restrictions jeopardize the workings of the ongoing investment scheme. It will given to the church’s general fund.Funding the Scholarship Program
1.“Named” endowments that help fund the Men in Mission scholarships have a required minimum contribution of $2500.00.
“Named” endowments that help fund the Men in Mission scholarships have a required minimum contribution of $2500.00. a.The endowment then becomes a permanent tribute to the person whose name it bears. Often a memorial scholarship endowment is established for a family member and provides an everlasting legacy.
The endowment then becomes a permanent tribute to the person whose name it bears. Often a memorial scholarship endowment is established for a family member and provides an everlasting legacy. b.The names of the person who the Endowment is in tribute to will be displayed in a permanent setting.
The names of the person who the Endowment is in tribute to will be displayed in a permanent setting. c.All funds deposited in a scholarship endowment fund shall be held in trust by The Brotherhood of St. John Lutheran Church. These funds are invested in accordance with the general investment guidelines of the Men in Mission Investment Committee. Only the gains / interest are be used to fund a scholarship.
All funds deposited in a scholarship endowment fund shall be held in trust by The Brotherhood of St. John Lutheran Church. These funds are invested in accordance with the general investment guidelines of the Men in Mission Investment Committee. Only the gains / interest are be used to fund a scholarship. d.In the event the Men in Mission should cease to exist The St. John Church Council Chairman would appoint a committee of four members of the congregation to administer all duties of the Scholarship fund including Endowments.
In the event the Men in Mission should cease to exist The St. John Church Council Chairman would appoint a committee of four members of the congregation to administer all duties of the Scholarship fund including Endowments.2.Scheduled fund raisers are sponsored by the St. John Lutheran Church Men in Mission, are an annually occurring event and are intended to raise monies to support the awarding of Scholarships. The money is to be used to fund scholarships directly, to increase the capital of the permanent endowment or to pay any expenses incurred by the fund.
Scheduled fund raisers are sponsored by the St. John Lutheran Church Men in Mission, are an annually occurring event and are intended to raise monies to support the awarding of Scholarships. The money is to be used to fund scholarships directly, to increase the capital of the permanent endowment or to pay any expenses incurred by the fund.3.“Ad hoc” fund raiser is a special fund raising event to generate money for special circumstances; such as, to fund a shortfall caused by an above average number of scholarships. The additional funds may be necessary to maintain the “traditional” scholarship amount when more than the usual numbers of youth are eligible. This money is intended to fund scholarships directly or to pay any expenses incurred by the fund. The event will be advertised giving the reason of its ad hoc nature.
“Ad hoc” fund raiser is a special fund raising event to generate money for special circumstances; such as, to fund a shortfall caused by an above average number of scholarships. The additional funds may be necessary to maintain the “traditional” scholarship amount when more than the usual numbers of youth are eligible. This money is intended to fund scholarships directly or to pay any expenses incurred by the fund. The event will be advertised giving the reason of its ad hoc nature.4.Memorials can be given the scholarship fund to remember a lost family member or loved one. When a memorial is received an acknowledgement card of thanks is sent out by the Memorial Committee. These funds received go directly to fund a scholarship or to be used to increase the principal of the fund.
Memorials can be given the scholarship fund to remember a lost family member or loved one. When a memorial is received an acknowledgement card of thanks is sent out by the Memorial Committee. These funds received go directly to fund a scholarship or to be used to increase the principal of the fund.5.Special Envelopes is a yearly general giving by the congregation. These funds would be used to either fund the scholarships directly or increase the principal amount.
Special Envelopes is a yearly general giving by the congregation. These funds would be used to either fund the scholarships directly or increase the principal amount. 6.Oversight role of the “The Men in Mission” Scholarship Program is shared by both The Men's Brotherhood and The Men’s Breakfast Group. The responsibilities of the two organizations include but are not limited to:
Oversight role of the “The Men in Mission” Scholarship Program is shared by both The Men's Brotherhood and The Men’s Breakfast Group. The responsibilities of the two organizations include but are not limited to: a.Administering the fund, including investments, developing guidelines, developing “fund projects” and issuing scholarships.
Administering the fund, including investments, developing guidelines, developing “fund projects” and issuing scholarships. b.The Brotherhood will be responsible for reporting to the church council the plans for the fund, condition of the fund and the names of the recipients of the scholarships.
The Brotherhood will be responsible for reporting to the church council the plans for the fund, condition of the fund and the names of the recipients of the scholarships. c.These men’s organizations may elect to use a portion of their general income to help fund a scholarship or cover some of the expenses of the fund. They will also ensure that matching funds for fund raisers are obtained when available.
These men’s organizations may elect to use a portion of their general income to help fund a scholarship or cover some of the expenses of the fund. They will also ensure that matching funds for fund raisers are obtained when available.
