13.13.1. The Committee on Living Legacy Fund will be five (5) individuals with two (2) being ministers of the Word and Sacrament and three (3) being ruling elders who have knowledge or can gain knowledge of financial investment with the majority vote resting with ruling elders. It is also desirable that the members of the committee have some geographical diversity within the Presbytery.

13.13.2. The purpose is to empower and support the churches of the Presbytery in growing the mission of Jesus Christ.

13.13.3. Establishment of the Fund: The Living Legacy Fund will be established as a restricted fund of the Presbytery, comprised of the proceeds from the sale of the property of a church which has closed, after satisfying any outstanding debts on the property and covering the cost of maintaining the property prior to the sale. The Living Legacy Fund may also receive donations without restrictions from other sources. The list of current funds is: Albia Pitzer Fund, Colfax Fund, Knox Knolls Fund, and McCahon Fund.

13.13.4. The committee is also responsible for overseeing the investment of other restricted funds of the presbytery, such as Swan Fund and Walther Fund.

13.13.5. It is intended the Living Legacy Fund will be managed in a way that will ensure the Living Legacy Fund will continue in perpetuity, adopting investment and grantmaking policies to that end. It is intended grants made from the fund should be based on the effectiveness of the grant to grow and expand the mission of the Church of Jesus Christ and the Presbytery.

13.13.6. Responsibilities

13.13.6.1. The Committee on Living Legacy Fund will oversee the assets of the Living Legacy Fund, select financial management resource(s), establish investment goals, receive and make recommendations for grant requests, report regularly to the Presbytery and determine the Living Legacy Fund investment and its disbursement policy follow the vision and mission of the Presbytery of Des Moines.

13.13.6.2. The Committee on Living Legacy Fund will consult with the Committees of Stewardship and Mission Interpretation, Property, and Budget and Finance and with the Leadership Council.

13.13.6.3. Through written policy, the Committee on Living Legacy Fund will establish, with Presbytery approval, its methodologies and procedures: regarding investment strategy, ensuring the fund is self-sustaining, securing the principal of the funds received will be held in perpetuity, and disbursing
annually as grants no more than 6 per cent annually of the fund balance, formalizing and establishing priority by which funding is disbursed, establishing a method of accountability and reporting by grant recipients.

13.13.6.4. Promote the fund to the churches of the Presbytery. Prepare and publish grant forms by which congregations can apply for funding. And, establish deadlines for grant applications.

13.13.6.5. The committee shall report regularly to Leadership Council and a written report shall be jointly submitted to the Presbytery at the Presbytery’s four stated meetings (February, May, August, and November).