June Finance Report

Budgeted Income and Expense through May 31, 2019

In May, gifts to our ministries were lower than in the previous years. The Church Finance Board and staff are researching the reasons. If you use our reoccurring giving option, through our website, please check to be sure that your gifts are still going to the church. In early July, our giving statements through June will be handed out or mailed to you. Take this is an opportunity to check your generosity to the work of the church and update it if necessary.
We do know there were some large expenses in May that occur once or twice a year – like liability and property insurance – which is part of the reason income vs. expenses is so out of balance. Please let us know if you have any questions.
Your Church Finance Board, Financial Officers and staff.
Understanding the Dean W. Lambert Charitable Trust
The Dean W. Lambert Charitable TUW (trust under will – TUW) began with the last will and testament of Warren Lambert, who was Union Church’s Moderator from 1955 – 2001, passed away on January 10, 2002. Mr. Lambert set aside monies to be held in trust for the benefit of Union Church.
On June 10, 2002 $500,000 from Mr. Lambert’s estate was used to fund the Dean W Lambert Charitable TUW. Two additional deposits from his estate in the amounts of $93,598.50 on June 20, 2003 and $3,234.03 on March 23, 2004 were made to fully fund the trust for a total of $596,832.53.
Hilliard Lyons Trust Company, LLC has been administering the trust since its inception as directed by Mr. Lambert’s will. The current market value as of 6/24/2019 is $823,190.08.
Currently the church annually receives a payment from the trust based on the previous year’s tax return. The value of the annual payment is about 5% of the value of the fund and, this year, the payment to the church was $38,308. This payment is regulated by the IRS since the trust fund has been determined to be tax exempt.
Endowment Fund
The Finance Board approved and sent to the Church Council a request to use $10,000 of the Hutchins Money Market to fully fund the initial investment for the Union Church Endowment Fund. In June the Council approved this request. Now we will have the initial $25,000 to start the Union Church Endowment Fund with InFaith Community Foundation. Monies given to the endowment can be designated for use for the Buildings & Grounds, Mission & Service and Unrestricted.
The Hutchins Money Market was money Francis Hutchins bequeathed to the church. He did not restrict the fund, but suggested to the church that it be used for the building and grounds. The church leaders decided to honor that request. Therefore, putting some of that money into our Building & Grounds endowment is further honoring Mr. Hutchins’ request.
If you are interested in giving to the Union Church Endowment Fund, please contact Dave Kobersmith or anyone on the Church Finance Board.