Gethsemane Cathedral Foundation

 “We make a living by what we get, but we make a life by what we give.”
            -Sir Winston Churchill (1874-1965)

 The Gethsemane Cathedral Foundation was established in 1981 to ensure the future viability of the Cathedral from the gifts of its members.  Our goal is to provide an income stream for various programs currently while increasing the Foundation’s asset base.  Currently, funds are used in areas such as outreach, building upkeep, and music.   Your planned giving can help the Foundation support programs that benefit generations to come.

 It is in God’s power to provide you richly with every good gift; thus you will have ample means in yourselves to meet every situation, with enough to spare…  -Corinthians 9:7,8

PLANNED GIVING OPPORTUNITIES

FOUNDATION FUNDS

SPENDING POLICY

 INVESTMENT POLICY

BY LAWS

 

Planned Giving Opportunities
Planned Giving is a term that encompasses a variety of ways that gifts can be made to the church from accumulated resources.  It usually involves financial or estate planning; however, planned giving is not reserved for the wealthy.  It is a means by which anyone concerned with the wise use of his or her personal resources makes a considered choice about what matters to them most.

 In general, planned gifts are made through…

  Ø      A Cash Gift

Ø      Gifts of Appreciated Property

Ø      Bequest in your Will

Ø      Life Insurance

Ø      Life Income Gifts

Ø      A Life Estate

 

 Foundation Funds

1. The General Fund:  a fund designed to provide income for programs and/or expenses at the Cathedral.  Each year the needs of the Cathedral are reviewed and the Foundation Board decides where to direct the income.  This fund may also be used to help out in emergency situations.  Originally, there were not any restrictions placed on the use of income and principal in the account.  The Foundation Board places some limitations on the use of principal to guarantee the longevity of this fund.  In the past, funds have been used for the general support and ministry of the Cathedral.
    

2. The Outreach Fund:  a fund established to be used for outreach with the income distributed quarterly to the Cathedral.  For a number of years, this income has been given to the local Churches United for the Homeless.
    

3. The Repairs and Maintenance Fund:  started by a gift in trust from E.G. Clapp, the principal is to remain invested and the income is to be used for repairs to the Cathedral, which have included re-staining the outside of the building, new carpet, and maintaining the heating and cooling equipment.
    

4. Specific Use Funds:  These funds have been established by foundation donors to be used for a specific purpose, including: The Willming Fund, established by George & Lucille Willming, the principal to remain invested, and the income to provide the Cathedral an ongoing revenue.  The Gilbertson Trust set up by the estate of Henry Gilbertson, administered by a separate corporate trustee, to be used for “any and all music requirements deemed necessary by the Gethsemane Cathedral Foundation and/or Gethsemane Cathedral.”  This trust does not accept additional donations.  Other funds have been established with restrictions on what the income is used for, including a fund for the organ.

 

Spending Policy

The spending policy set forth here applies to each of the funds describe above equally, except for the specific use funds. 

Our policy has been to payout 3.5% annually of the 3 year moving average of endowment value.  Using a moving average helps smooth out fluctuations in annual funding allowing the beneficiaries to better forecast future income. 

 

Investment Policy

The investment policy of the Foundation has been to use a mix of mutual funds, bonds, and cash to provide income for current needs and growth for the future.   

 

By Laws

ARTICLE 1:  The name of the corporation shall be Gethsemane Cathedral Foundation.

ARTICLE 2:  The period of its duration shall be perpetual.

ARTICLE 3:  The purposes for which the corporation is organized are as stated in the Articles of Incorporation, namely: to receive and maintain a fund or funds of real or personal property, or both, and, subject to the restrictions and limitations set forth in Article 3 of the Articles of Incorporation, to use or apply the whole or any part of the income therefrom and the principal thereof exclusively for charitable, religious, literary, or educational purposes, including such purposes as may be undertaken, approved or supported by Gethsemane Cathedral of Fargo, a religious corporation.

ARTICLE 4:  The management and control of this Foundation shall be vested in a Board of Trustees consisting of nine (9) members.  The Board of Trustees shall have full and complete power to determine the method of plan upon which the power of the Foundation shall be exercised and may do everything necessary and convenient in its discretion to accomplish the purposes of the Foundation. The Trustees have authority to employ such agents and servants as they may deem advisable and fix the rates of compensation of all officers, agents, and employees.  The Board of Trustees is authorized to do and perform all acts stated in these By Laws and in the Articles of Incorporation and to transact all other business and acts which the Foundation is permitted to transact and perform under the laws of the State of North Dakota and the provisions of the Internal Revenue Code of the United States of America.

Trustees shall be elected for a term of three (3) years or until their successors have been elected and qualified at the annual meeting of Gethsemane Cathedral of Fargo, a religious corporation.  Three (3) directors shall be elected by ballot at each annual meeting to fill the vacancies caused by three (3) retiring directors whose terms expire that year.  The initial Board of Trustees shall be elected for staggered terms so that after the first year, three (3) vacancies will exist each year.  No person shall be eligible to serve as a Trustee after having served two consecutive three-year terms.  Whenever any vacancies occur in the Board of Trustees by death, resignation, or otherwise, the vacancy shall be filled without undue delay by majority vote of the remaining members of the Board of Trustees.  The person so chosen shall hold office for the balance of the unexpired term or until his/her successor is elected and qualified.  All parishioners of Gethsemane Cathedral shall be eligible to vote for, and hold office as Trustee, but all such persons must be communicants in good standing in the Episcopal Church.

In addition, the Dean of the Cathedral shall become an honorary member of the Board of Trustees and shall serve as honorary Chairperson.

ARTICLE 5:  The officers shall consist of a Chairperson, Vice-Chairperson, Secretary, and Treasurer.  The officers shall be elected annually from the Board of Trustees at the first Board of Trustees meeting following the annual meeting of Gethsemane Cathedral.  Officers may be re-elected as long as they serve on the Board of Trustees.  These officers shall constitute the Executive Committee.

ARTICLE 6:  Meetings of the Board of Trustees or the Executive Committee shall be held at the call of the Chairperson or at the written request of a majority of the members thereof.

Notices of the meetings of the Board of Trustees or of the Executive Committee, as the case may be, shall be mailed to the members of the Board or Committee at least one (1) week prior to the date of such meeting, or alternatively, may be determined at the preceding meeting of the Board or Committee.  Meetings of the Board of Trustees or of the Executive Committee shall be deemed legal and authorized herein if called on shorter notice or without notice if each member of the Board or Committee, as the case may be, waives in writing such notice and only in the event that a quorum is present.

A quorum of the Board of Trustees shall exist if five (5) members are present.

Roberts’ Rules of Order shall govern parliamentary procedure at all meetings.  Rules may be suspended by a two-thirds majority vote on a specific motion.

ARTICLE 7:  These By Laws shall become effective upon a two-thirds majority vote of the Board of Trustees as presently constituted by the Articles of Incorporation.  These By Laws may be changed or amended by the Board of Trustees at any regular or special meeting of the Board by a two-thirds majority vote vote.

Adopted September 10, 1981