Currently there are six separate funds to allow Fellows to place monies or properties in an endowment fund that will accomplish a purpose that meets their particular interests. All of the assets not held in real estate are professionally managed pursuant to the Foundation’s written investment policy. Management of monies is by experienced and trained professional money managers.
MVPC Ministries Support Endowment Fund:
This fund assists with emergent or significant unexpected needs of the church. These needs will usually be one-time expenditures of significant cost that cannot otherwise be covered with MVPC’s annual operating or capital budget and not able to be generated from a specific funding campaign. Funds will not be used to support ongoing staff costs.
Mission Endowment Fund:
This fund is used to supplement the mission activity of MPVC that is guided by the Global Mission Team (GMT). The Foundation works closely with the GMT to ensure that these funds are effectively deployed in a manner consistent with MVPC’s policies. The Foundation’s support does not compete with, nor undercut, the crucial role of GMT but instead supplements GMT activity. Particular emphasis is on supporting unique projects considered to have substantial missional value but not otherwise achievable from the annual budget provided to GMT.
This fund is used to assist ministers with housing in the Lamorinda area. To accomplish this, the Foundation may own property outright (a manse), participate in co-ownership (equity sharing), provide a loan, or, out of the income from the fund, provide rental assistance. In the event the housing fund has excess assets (assets that are temporarily greater than current ministers’ housing needs), the Trustees may, each year, distribute up to 5% of such “excess” to assist other ministries of MVPC. It is important to note that this fund may not follow the base target Spending Policy when an expenditure or lending of a significant portion of its assets is deemed appropriate by the trustees to assist a pastor in securing suitable housing.
Youth Ministries Endowment Fund:
This fund supports youth ministry activities. Such support may include unexpected but significant needs not covered by MVPC’s annual budget or to fund scholarships that are administered through the GMT, to fund the costs of sending needy and deserving youth on missions. Monies from this fund may be used to enhance, for a finite period of time, programs already in place for which funding from the MVPC budget is not available.
Seminary Scholarship Endowment Fund:
This fund is used to provide an ongoing level of partial support for a member of MVPC who requires assistance in order to successfully complete a seminary education in preparation for ministry. The scholarship recipient would understand and agree that the continuation of such scholarship funding would be dependent on the progressive, successful completion of courses taken.
Administration Endowment Fund:
This fund is used to provide funds to cover the administrative expenses of the Foundation, such as legal, audit, and other professional and operating expenses of the Foundation. This fund helps insure that all future gifts to any of the five other funds are used entirely for Kingdom building purposes,
without reduction for any administrative overhead.