Florida United Methodist Foundation Inc

“Unless otherwise determined by the board, the executive committee shall be composed of the chair of the board, the vice chair of the board, the secretary and the chairs of the standing committees, who shall have and exercise supervisory authority of the board of directors in the management and governance of the business of the foundation during the period between meetings of the board; provided, however, that the executive committee shall have no power to amend the articles of incorporation or bylaws, approve a dissolution of the foundation, merger or consolidation, increase or decrease the size of the board, amend or repeal any resolution of the board that by its express terms cannot be so amended or repealed and shall be subject to any other restrictions placed upon its power by the board of directors. The executive committee shall also recommend to the board of directors the qualifications for officers of the foundation and their salaries and shall assist the president in the selection, employment, and performance review of the officers of the foundation. Each immediate past chairperson of the board of directors who has been elected to serve an advisory term shall be a member of the executive committee during his or her advisory term but shall not have voting privileges.”

“During the fiscal year, the organization revised its bylaws to modernize language, update officer titles and responsibilities, and provide detailed descriptions of the committees. Additionally, the bylaws expanded membership to include lay and clergy members of other bodies supporting the wesleyan mission.”

“The membership of this foundation shall be the lay and clergy members of the florida annual conference of the united methodist church or other body as constituted by the then current book of discipline of the united methodist church or other designated religious organization that supports and furthers a wesleyan mission, qualifies as a section 501(c)(3) organization under the internal revenue code and has been designated by the florida annual conference to be the successor member of the foundation.”

“The corporate members of the foundation elect the board of directors at an annual meeting of the foundation.”

“The form 990 was prepared by an independent accounting firm using the audit and information furnished by staff. The foundation's audit committee reviewed the draft form 990 with staff and approved it. The final draft was presented by the audit committee to the board of directors at their meeting for approval. Upon approval by the board, the form 990 was filed with the irs.”

“No contract or commercial transaction between the foundation and one or more members of the board of directors or any other corporation, firm, association or entity in which one or more of the members of the board of directors are members of the board of directors or officers or are financially interested shall be either void or voidable because of such relationship or interest, because such member of the board of directors are present at the meeting of the board of directors thereof which authorizes, approves or ratifies such contract or transaction, or because his, her or their votes are counted for such purposes, if the following conditions are met: (a) the fact of such relationship or interest is disclosed or known to the board of directors which authorizes, approves or ratifies the contract or transaction by a vote or consent sufficient for the purpose without counting the votes or consents of such interested members of the board of directors; and (b) the contract or transaction is fair and reasonable as to the foundation at the time it is authorized by the board of directors; and (c) common or interested members of the board of directors may be counted in determining the presence of a quorum at a meeting of the board of directors which authorizes, approves or ratifies such contract or transaction.”

“The foundation's executive committee serves as the compensation committee for the president and other officers. An independent human resource consultant provided compensation ranges for all staff including the president and key employees in 2015, 2017, 2019 and 2022. This report was provided to the executive committee. The independent consultant utilized various local, regional and national salary guide databases. The process described here was last completed in 2022.”

“The governing documents and conflict of interest policy are available upon written request. Tax returns and financials are available upon signed written request and also available upon email request from our website. In an attempt to "go green," the foundation offers the offering circular upon request on the website in electronic form. The printed form is available upon request - either verbal, written or electronic. Two documents are produced annually, the offering circular and fumf fund disclosures, describing the foundation's work assisting agencies, districts and churches primarily of the florida annual conference of the united methodist. The offering circular highlights the foundation's development fund which primarily makes loans to florida united methodist chuirches and returns interest income for the churches. The fumf fund disclosure describes the church endowment investments through the fumf funds and reports their performance. Both documents, offering circular and fumf fund disclosure, also includes the foundation's annual audit. The foundation also mails its annual report or an annual newsletter to all account holders, which highlights its financials for the year. The annual report and newsletter are also available online at the foundation's website. Current audited financials are part of the printed offering circular and fumf fund disclosure and are sent out with any request or distributed circulars even by email.”

“Methodist church under the provisions of chapter 617, florida statutes, and not for pecuniary profit or financial gain. The specific purposes for which the corporation is organized are as follows: a. To act as trustee, to administer trusts, to receive and administer funds for religious, charitable, and educational purposes, and to that end to take title to and hold, by contract, bequest, devise, gift, purchase or lease, either absolutely or in trust, any property, real, personal and mixed, without limitations as to amounts or value; b. To receive, administer and participate in charitable remainder trusts, unitrusts and other like trusts, to the extent this corporation is lawfully permitted to do so; to sell, convey and dispose of any such property and to invest and reinvest the principal and income thereof, and to deal with and expend the principal and income of this corporation for any of the aforementioned objectives and purposes, without limitation, except as to such limitations, if any, as may be contained in the instrument under which such property is received or other limitations imposed by law; c. To receive deposits from local churches and other organizations and institutions of the florida annual conference of the united methodist church or florida residents as may be permitted or authorized by applicable law; to pay interest on such deposits; to offer debt securities the proceeds of which to fund loans made to churches, individuals, entities, agencies and other organizations the foundation serves; to lend money to local churches, organizations, institutions and agencies related to the florida annual conference of the united methodist church or the united methodist church, or to churches, agencies, districts, schools, organizations and charities whose mission complements and supports a wesleyan focus on abundant grace and shared commitment to making disciples of jesus christ for the transformation of the world; d. To receive any property, real, personal or mixed in trust, under the terms of any will, trust or other instrument for the foregoing purposes or any of them, and in administering same to carry out the directions and exercise the powers contained in the trust instrument under which the property is received, including the expenditure of the principal, as well as the income, for one or more of such purposes, if authorized or directed in the trust instrument under which it is received; to receive, take title to, hold, and use the proceeds and income of stocks, bonds, obligations, or other securities of any corporations or corporation, domestic or foreign, only for the foregoing powers, or any of them; e. To acquire, receive and accept, by way of grant, gift, devise, bequest, purchase, lease or otherwise, money and real and personal property of every kind, nature and description, without limitation as to amount or value, including securities (which term, for all purposes hereof, includes without limiting the generality thereof, shares of stock, bonds debentures, notes, mortgages or other obligations, and any certificates, receipt or other instruments, representing any rights or interest therein or with respect thereto) created or issued by any person, firm, association, corporation or government or subdivision thereof; to exercise as owner or holder of any such property any and all rights, powers and privileges in respect thereof, to hold, administer, sell, convey, dispose of, invest and reinvest such property and the income and proceeds thereof; to use, apply or disburse any of its property or the income or the proceeds thereof, exclusively for or toward any one or more of its purposes as listed herein; f. To solicit the donation or investment of funds from boards, agencies, and institutions affiliated with the florida annual conference of the united methodist church and from donors, individuals, families and supporters of the united methodist church; to receive, hold, invest, reinvest, and administer such funds”

“Change in present value of future interest in trusts 55,371.”