Dear ones,
We are writing to you with an exciting update about our recent Still Giving fundraising campaign inspired by the generosity of our Founder, Rev. Elder Troy Perry, and second Moderator, Rev. Elder Dr. Nancy Wilson. Troy and Nancy wanted to celebrate their milestone birthdays (80 and 70, respectively) by asking you to donate to Metropolitan Community Churches, the organization they have devoted their lives to.
We set an ambitious fundraising goal of US$150,000 to fund two initiatives:
- Establish the first-ever MCC Endowment Fund to support MCC’s long-term future (we determined that our initial investment needed to be US$100K to do this correctly);
- Invest in immediate actions for racial justice and equity inside MCC.
The good news is that, thanks to your generosity, we successfully raised US$103,680 in actual gifts and pledges. We are aware that this gift means even more, considering it comes in the midst of a year marked by anxieties caused by a global pandemic, economic recession, and growing social unrest around the world. Thank you for your faithfulness in giving to MCC!
In order to come nearer to the US$150,000 campaign goal and fully fund the above-mentioned initiatives, the Governing Board recently approved the transfer of an additional $34,742.11 that had been designated as an investment in MCC’s future and was being held in an investment account at Morgan Stanley. The intention for this fund was always that it would support MCC’s long-term future, which is exactly what the new MCC Endowment Fund will do. Combining these funds with those raised in the Still Giving Campaign will allow us to establish the endowment with the initial investment of US$100,000 and increase the amount of interest we would have gained if it remained in the Morgan Stanley account. Monies from the Investing in MCC's Future fund ($3,697) which were already designated to be used for anti-racism work have also been transferred. This gives a total of US$42,119.11 to be used for our racial equity and justice work.
This is a huge step forward for MCC’s financial future, and it’s all due to the generosity of Troy, Nancy, and all of you who contributed to this campaign.
IMPORTANT NOTE: The Governing Board and Finance Committee are very aware that our organizational history in dealing with investment funds is not as good as we would like it to be. In years past, funds from the Morgan Stanley account (intended for future investment) were used in order to meet operating expenses. We regret this very deeply and are entirely committed to ensuring this does not ever happen again. In fact, we also celebrate that in the last year we have made excellent progress in balancing the budget by reducing expenses, streamlining operations, and increasing our overall income. Even at this time of high financial stress in organizations around the world, MCC is financially healthy and operating under budget.
We want you to feel confident that the Governing Board and staff are going above and beyond what is required in order to ensure honesty, transparency, and the highest possible level of fiscal responsibility in the use of these and all of our financial resources. To that end, the Governing Board is establishing a working group to research and develop an MCC Investment Policy that will set out our strategies for investment, including determining the types of ethical funds we invest in, discerning the appropriate amount of risk we are willing to take in order to responsibly maximize the interest earned, establishing limits for the amount we are willing to draw from the endowment, and otherwise governing the use of these funds. The Governing Board will discuss and approve this policy once the working group has made its recommendations and we will make this public as soon as this is completed. Further, we are undertaking the task of establishing the endowment with as many checks and balances as possible. The Finance Committee will be working with at least one appointed person not serving on the Governing Board to research, interview, and recommend an investment institution and account manager who will best serve the interests of MCC.
We would also like to remind you that all of our financial reports are being published to our full email list and posted on our website just after our monthly meetings. We have also been hosting webinars so that you can bring your questions for discussion. And, we are always open to hearing from you about any ideas or concerns you may have.
Please celebrate with us this amazing news and continue to hold MCC’s future in your prayers. There are people all over the world who still need to hear the good news as only MCC can share it. We are still Transforming Ourselves as we Transform the World!
Sincerely,
Your MCC Governing Board
Rev. Elder Diane Fisher, Clerk of the Governing Board
Rev. Elder Cecilia Eggleston, Moderator
Mark Godette, Vice Chair
Chad Hobbs, Treasurer
Rev. Alberto Nájera
Clare Coughlin
James Chavis
Rev. Paul Whiting
Rev. Marie Alford-Harkey
