Proposed Revisions to the Bylaws
ARTICLE XI: SECTION 2. NOMINATING COMMITTEE
The Nominating Committee is responsible for providing a slate of candidates to fill the elected positions of the church to be voted on at the Annual Meeting. The Nominating Committee shall consist of nine (9) members: *the current Past Moderator, who serves as Chair, the current Moderator, the current Vice Moderator, and six elected members who serve one three-year term each, with one third (1/3) of the members completing their term each year. Vacancies in elected positions that occur during the year shall be filled by the Council in consultation with the Nominating Committee. Members appointed to fill a vacancy are subject to approval by the congregation at the next congregational meeting.
(This is a needed clarification of the composition of the Nominating Committee)
ARTICLE XIV: SECTION 3. ENDOWMENT FUND
B.2. The Trustees may, on an annual basis, direct the Endowment Committee to distribute to the General Operating Fund an amount up to 5% of *the previous three-year moving average of Total Endowment Fund Net Assets value at year end. In no event, *except as provided in SECTION 3. B.1. above, may any of the distribution be taken from the Fund’s principal. Such distribution shall be made on or before December 31 of the year in which the distribution *is requested. The thee-year average shall be calculated by adding the value of the Total Endowment Fund Net Assets as of December 31 of the three (3) years immediately preceding the year of the distribution, divided by three (3).
(This proposed revision modifies the existing bylaw to make it consistent with SECTION 3 - B1 and to better explain that Fund principal could be used in ‘extraordinary circumstances’ and only with prior approval of the Trustees and the congregation)
B.4. The Endowment Committee may authorize loans from the Endowment Fund to the church, including loans that involve Fund principal on reasonable terms and conditions negotiated between representatives of the Endowment Committee and representatives of the Trustees, but in no event carrying a rate of interest less than the rate of interest then earned by the Fund on investments of comparable duration *and risk.
(Important addition of standard language regarding interest on Fund loans)
Copies of the full text of the bylaws amendments are available from the church office.
* Bold italics denotes proposed revisions to the bylaws.