Community Church of the Verdes uses Fund
Accounting. We currently have the
Operating Fund – Receives our undesignated weekly
offerings and pays our operating expenses (HVAC, utilities, repairs, salaries,
missions support, ministry support, etc.). This fund is administered by the
Board of Trustees per our annual budget.
Capital Reserve Fund – Funded from the Operating Fund to
provide for repair or replacement of capital items.
Endowment Fund – Contributions designated for the Endowment Fund are
placed here. These funds are to provide long term returns to expand and enrich
the mission of the congregation, to initiate new ministries or significantly
change the scope of existing ministries of the Community Church of the
Verdes. The distribution will be based
on an average of the market value of the assets for the three previous calendar
years. These distributions will not
exceed 5% per annum of the calculated asset base, unless deviations from this
amount are expressly approved by the Board of Trustees, by majority vote. These
funds cannot be used for the daily operating needs of the Church.
Memorial Garden Fund – Contributions to this fund are
invested to provide long term returns to fund the perpetual care and operation
of the Memorial Garden. Any shortfalls from the annual operating requirements
are funded by transfers from the Operating Fund as authorized by the Board of
Scholarship Fund – Contributions to this fund are awarded annually to
scholarship applicants entering their second year of an educational institution
that will allow the recipient to be a candidate for a degree. Recipients are applicants who have
demonstrated academic excellence, commitment and service in or to one of the
following institutions: Community Church of the Verdes, Friends of the Orphans,
Sunshine Acres. Recipients of the scholarship must not be related to members of
the Community Church of the Verdes. Recipients will be chosen on a
non-discriminatory basis, after review of applicants, by our Scholarship
Committee and awards are approved by our Board of Trustees.
Spirituality and the Arts Fund – Provides funding
for our lecture series, Harmony: Body, Mind and Spirit, and our concert
series. All proceeds from ticket sales
for the concert series are deposited into this fund and all expenses for
concerts, lectures and Harmony speakers are charged against this fund.