Thirty-one years ago, 1985, visionaries established the TCN (then known as NACBA) Endowment Fund. Mr. Walter Pharr, a Presbyterian layman from Orlando, Florida, made the initial gift of $1000 to start this fund. The fund is currently well over $500,000.
There are specifics which are important to understanding the need for such a fund and how it is managed:
- The Endowment Fund was established with the understanding that the principal will never be invaded. Contributions and donations to the fund will be invested and reinvested to produce a steady flow of income.
- Only income realized from the Endowment Fund will be used.
- Only funds for purposes approved by the TCN Board of Directors.
- The Endowment Fund is administered by the TCN Board of Directors, functioning as trustees, and the Board's Endowment Investment Committee.
- The Endowment Fund is maintained as a restricted fund within the TCN financial records. The fund is managed by JP Morgan Chase.
Most, if not all, church administrative leaders understand the importance of an Endowment Fund. Administrators may be involved in their church’s Endowment Fund. They are aware that endowment funds have common objectives:
- to support activities not just for one year,
- to provide for ongoing support for a wide variety of other activities, and
- to reach beyond the church itself to accomplish things that are not covered by the annual giving budget.
TCN holds these same beliefs.
One might ask how funds collected by TCN are used. Annual dues to The Church Network go for national office operational costs:
- Personnel costs,
- office expenses,
- member publications,
- consulting and
- training, etc.
Funds realized from the investments of the TCN Endowment Fund can help the organization by providing the following:
- Scholarships to those members who need financial assistance in attending the annual conference.
- Scholarships to those members who need financial assistance in attending the certification seminars.
- Seed money to start new chapters and strengthen those in need.
- Funding for Key Leader Training.
- Funding to support the educational work of our Professional Training and Standards Committee.