Your Session sat for its regular monthly meeting earlier this week. We heard an excellent report from the Investment Funds task force, headed by Elder Jen Druliner.
It’s no secret that Western is the beneficiary of a large endowment (although endowment is not the precise term) – an unrestricted fund given to Western in connection with the sale of our old church to the IMF 25 years ago.
If for no other reason, a funding gift was necessary just to provide for the upkeep of our building. We take 6% out of the endowment – which is about what our investments earn — every year just to keep the building open (capital improvements, utilities, repairs, service contracts, insurance).
We’ve historically withdrawn even more to fund day-to-day operations. In fact, we’re currently taking about twice as much from the endowment as it earns every year, and this is not sustainable. Eventually, we’ll run out of money.
Hence, the Investment Funds task force was created.
The task force brought us recommendations for the administration and control of the funds. The Session will be considering (and acting on) on these in the coming months, and we’ll keep you informed as we move along.
That’s it for this month. Thanks for reading.