NOTICE BOARD


​December 13th  Congregational Meeting


Investment Policy Statement

1.  Rothwell United Church Board of Trustees (RUC BoT) is trying to improve its return on its investments to be able to better support the annual requirement to pay the Minister’s Housing Allowance (See Note), and beyond that, to increase the value of its holdings.

2.  The RUC BoT will attempt to achieve reasonable diversification with respect to asset classes, market sectors, term of interest bearing securities, and risk, acting as prudent investors following the leading example provided by The United Church of Canada Foundation.  Funds will be placed in low to medium risk investments that will yield a five-year average ROI of at least 5%.

3.  The Asset allocation describing the minimum and maximum percentages of different categories of investment vehicles, e.g. bonds, GICs, funds, etc. follows The UC Foundation’s policy which states the following asset mix:


Category --------------------------Minimum----------Maximum
Cash & Money Market  -------------0% ---------------20%                                                               

---- Canadian Bonds----------------20% ---------------60%                                   

-----Canadian Equities--------------30%----------------50%                                                    

US & International Equities -------10%----------------30%

4.  It is intended to stay with Scrivens Insurance and Investment Solutions, and to move funds from the GICs presently held, as they mature, into a self-directed account managed at a moderate risk level by the B2B bank or Fundex, as may be appropriate.  Wherever possible, the investments selected shall avoid any direct, indirect, or 3rd order investments in tobacco, arms, fossil fuels, non-sustainable resource extraction industries, as well as state enterprises in countries that are known human rights violators.  Quarterly reporting to RUC BoT is expected from Scrivens.

5.  The persons authorized to act for the shall be the approved signing officers.

NOTE:  The Ministers’ Housing Allowance is set by the Ministry and Personnel Committee, and paid through the Finance and Property Committee.  The amounts transferred from the RUC BoT do not cover the full HA payment.




MOTION RE: RESTRICTIONS ON TRUST FUND INVESTMENTS

WHEREAS in 1985, Presbytery approved of the sale of the manse and directed that the Rothwell United Church Board of Trustees (RUC BoT) maintain a reserve equivalent to the net capital received from the sale, $195,000, in case the congregation needed to purchase a manse in the future.

And WHEREAS Presbytery’s letter of 14 May 2003 approved RUC’s request:

  1. To commingle the manse sale and land sale funds;
  2. That the interest from the new combined fund be allocated according to the proportions each fund is constituted in the combined fund; and
  3. Accepted all other terms set forth in the letter of the Trustees to Ottawa Presbytery dated March 9, 2003.


And WHEREAS The Trustees’ letter of March 9, 2003, in part, states that:

  1. Interest earned by the new trust fund is to be used by the RUC BoT as required to assist in the payment of the Minister’s Housing Allowance (See Note) and elsewhere as needed for Church operation and maintenance; and 
  2. Any other expenditure of the land sale portion of the principal would require the approval of the Congregation.


And WHEREAS the current low rates of return from GICs has resulted in a reduction of the RUC BoT’s ability to support the Housing Allowance,

And WHEREAS the RUC BoT have developed a proposed Investment Strategy Plan (ISP) in accordance with the requirements of the Trustees Manual, which would permit the RUC BoT, and thereby the RUC Congregation, to prudently determine a reasonable diversification with respect to asset classes, market sectors, terms of interest bearing securities, and an acceptable level of risk, to assist in the generation of the income required by the Congregation.

And WHEREAS in order to endeavour to improve upon the current return on investments, the RUC BoT are requesting that:

  1. They be allowed a level of risk as defined by the ISP in their investment strategy, and
  2. The need to seek Presbytery’s approval to revoke the restrictions imposed in 1985,



 THEREFORE be it resolved that:

  1. The RUC BoT requests the approval of the RUC Council, and subsequently the RUC Congregation, of the proposed Investment Strategy Plan:  and
  2. Existing funds under the control of the RUC BoT be transitioned to the proposed  ISP starting in Dec 2015:  and
  3. The RUC BoT requests the approval of the RUC Council, and subsequently the RUC Congregation, to request that the Ottawa Presbytery revoke the restrictions originally imposed (in 1985) and reconfirmed by letter dated May 14, 2003 on the commingled funds administered by the RUC BoT at the earliest opportunity.


NOTE:  The Ministers’ Housing Allowance is set by the Ministry and Personnel Committee, and paid through the Finance and Property Committee.  The amounts transferred from the RUC BoT do not necessarily cover the full payment.