First Parish is fortunate to have an Endowment Fund, which was established with the generosity of previous generations of First Parish members. It has become an important part of First Parish’s financial foundation and well being. The Endowment Fund is managed and overseen by an Investment Committee that is appointed by the Standing Committee. The Investment Committee’s work is done in accordance with a formal set of policies and procedures approved by the Standing Committee.
Withdrawals are recommended by the Investment Committee and approved by the Finance Committee and the Standing Committee. The target net (excluding investment management fees) spending rate shall be 4.5% to 5% of market value. These funds currently provide a third of the First Parish operating budget.
First Parish’s bylaws protect the principal of the First Parish Endowment Fund against expenditures. Only under the most pressing of circumstances, may First Parish, by a two-thirds vote of its members present at two consecutive Congregational Meetings, spend any principal.
First Parish can borrow funds from the Endowment Fund following procedures in the bylaws. This requires a recommendation from the Finance Committee, a 2/3 vote of Standing Committee and a 2/3 vote of members present at a Semi-Annual Meeting or special Congregational Meeting. Loans from the Endowment were taken to build our elevator in 2004 and to replace a boiler in 2008.
Unless otherwise specified by the donor, bequests received by First Parish are added to the General Endowment. For information on making a bequest, contact the office [at] fpcambridge [dot] org (church office.).
In addition to donating to the Endowment, bequests or donations can be made to a variety of special Endowment funds. All funds donated to specific funds are dedicated 100% for the specified purpose.
Cambridge Forum Fund supports operating expenses of the Cambridge Forum. The Forum coordinates public programs explore topics related to civic democracy, science and technology, history and the global environment, and more.
Paine Fund provides the majority of support to Paine Senior Services. The Paine Senior Services provides social services to Cambridge seniors. The Paine Fund was established by a bequest of Jeanne Warren Paine in 1903.
The Tuesday Meals Program Fund
Rev. Thomas Mikelson Intern Minister Fund. This fund was established in 2006 to honor the 17 year ministry of Rev. Thomas Mikelson, Minister Emeritus, and his dedication to supporting student Intern Ministers. Funds will be used to support salaries of student Intern Ministers at First Parish in Cambridge.