The Atonement Foundation offers an additional opportunity for members and friends of Atonement to support our many ministries.
ATONEMENT LUTHERAN CHURCH FOUNDATION DISBURSEMENT POLICY
As indicated in the Articles of Incorporation of Atonement Lutheran Church Foundation (the “Fund”), the purposes of the Fund include, without limitation: (1) aiding and complementing the Atonement Lutheran Church of Overland Park, Kansas (the “Church”); and (2) expending income and principal of the Fund for such religious, charitable and educational purposes that are approved, sponsored, supported or undertaken by, or related to the activities of, the Church. The Fund is specifically excluded, however, from expending income and principal of the Fund to meet, satisfy or fulfill, in whole or in part, regular operating budget obligations of the Church, The Evangelical Lutheran Church in America or any entity affiliated or related to The Evangelical Lutheran Church in America. Nothing herein shall be construed to limit or otherwise adversely affect the existing ability and authority of the Fund, its Board of Directors and Officers, to disburse funds for the regular operating budget obligations and other costs and expenses of the Fund, and to otherwise conduct the business and affairs of the Fund, as set forth in the Articles of Incorporation, Bylaws, and duly adopted resolutions and
policies of the Fund.
As the body charged under the Fund’s Bylaws with the management of the financial assets, affairs and business of the Fund, the Board of Directors of the Fund has adopted this policy respecting the disbursement of the Fund’s assets. Although the power of disbursement resides in the Board, the Board from time to time shall solicit recommendations from the pastors, associates in ministry, officers, Vision Board, staff and other members of the congregation of the Church as to appropriate uses to which the Fund’s assets may best be applied.
With respect to gifts and bequests accepted by the Fund that are accompanied by special terms, conditions, limitations, or directions as to the use of such gift or bequest, the Board shall cause the Fund to act in accordance with such terms, conditions, limitations and directions and shall separately account for such gifts and bequests in accordance with Section 5.2 of the Bylaws.
Subject to any disbursement necessitated by Article Fourth of the Fund’s Articles of Incorporation, it is the intention of the Board to accumulate all unrestricted gifts and bequests to the Fund without disbursement until the principal and interest balance of the Funds unrestricted assets is at least $100,000, after which time disbursements shall be made in accordance with this policy.
After the $100,000 threshold has been achieved, disbursements of principal and interest from the Fund shall be made to provide for current needs of the Church (described more fully below) in an annual amount of not less than 5% of the three-year moving average of each year’s ending market value of the Fund’s total securities portfolio, as determined by the Board; provided, however, that no payout shall be made that would result in a greater than 10% reduction of principal, and that any single expenditure in an amount exceeding 5% of the net asset value of the Fund shall be submitted first to the Vision Board of the Church for approval by majority vote of said Vision Board. Any disbursement made outside this disbursement range, including disbursements to provide for emergency needs of the Church, must be approved by the Board pursuant to a two-thirds majority vote at a duly called meeting.
The current needs of the Church for which disbursements of the Fund’s assets may be made include those identified in the following categories (but only on condition that the regular operating budget obligations of the Church are not satisfied, in whole or in part, by such disbursements):
1. Scholarships and Continuing Pastoral Education. Fund assets may be used for scholarships to members of the Church’s congregation who are students preparing for full-time church work as pastors, associates in ministry or Christian educators, or for expenses incurred by pastors or staff in attending educational retreats, seminars or other continuing education events.
2. Building and Grounds Improvement. Funds may be used to improve and enhance Church facilities (including, without limitation, providing funding for facilities expansion, new or replacement mechanical systems such as elevators, furnaces and air conditioners, kitchen equipment, communication systems, audio-visual systems, computer systems and other technological enhancements). Expenditures for routine maintenance are not appropriate uses of the Fund, and, further, this Foundation is not intended to serve as a vehicle for a Building Fund capital campaign.
3. Worship and Music. Funds may be used to enhance the Church’s worship and music programs (including, without limitation, providing funding for items such as choir robes, musical instruments, hymnals, and altar