SECOND

DRAFT BY-LAWS FOR

THE ENDOWMENT FUND OF

CENTRAL LUTHERAN CHURCH OF DALLAS

The Endowment Fund of Central Lutheran Church in Dallas, Texas, shall be established and maintained to provide a permanent source of income for ministries not included in the annual budget. The income from the Endowment Fund shall be used for the following purposes:

a. Christian Education - within the congregation and beyond

b. Mission development

3. Improvements and enhancements to congregational facilities

The principal of the Endowment Fund shall remain intact so long as Central Lutheran Church continues to function as a congregation of the Evangelical Lutheran Church in America (or its successor). Should the congregation be dissolved or cease to exist, the income from the accumulated assets of the Endowment Fund shall be to NTNL Synod Mission Fund.

The Endowment Fund of Central Lutheran Church shall be governed by an Endowment Fund Committee consisting of five (5) members: the pastor, the congregation's Vice-President, and three members of the congregation-at-large. The members-at-large shall each serve a three-year term, one to be appointed each year, with the following conditions:

a. Appointments to the Endowment Fund Committee shall be made by a voting majority of the Church Council.

b. No member of the Endowment Fund Committee shall serve more than two consecutive terms after which there shall be at least a three-year interval before a person may be re-appointed.

c. Appointments to the Endowment Fund Committee shall be made within thirty (30) days after the beginning of the congregation's fiscal year.

d. In the event of a vacancy on the Endowment Fund Committee, the Church Council shall make an appointment to fill the unexpired term.

e. The Endowment Fund Committee shall meet at least twice a year and at other times as necessary. All such meetings shall be governed by the Constitution and By-laws of the congregation. Written minutes of all meetings shall be provided to the Church Council.

The Endowment Fund shall be established and increased through gifts and bequests naming the Endowment Fund of Central Lutheran Church as beneficiary. The Endowment Fund Committee may choose not to accept any potential gift or bequest. Gifts may be in the form of:

a. Money;

b. Stocks, bonds, or other negotiable instruments;

c. Real and/or personal property which can be sold for cash.

d. Insurance policies

e. Specified bequests in wills

Funds to increase the principal of the Endowment Fund shall be sought and accepted at any time. Members of the Endowment Fund Committee shall be available to assist donors in the process of making gifts to the Fund.

The assets of the Endowment Fund shall be invested with and managed by Lutheran Community

Foundation.

Each fiscal year, the Endowment Fund committee shall distribute an amount as provided by our agreement with Lutheran Communities Foundation.

Funds shall be distributed as follows:

a. No less than one-third to Christian education - within the congregation and beyond;

b. No less than one-third to mission development;

a. No more than one-third to improvements and enhancements to congregational facilities.

Specific expenditures shall be made as follows:

a. Expenditure requests for specific programs may be made by any Committee of the congregation or any member of the congregation. Such requests shall be made in writing to the Endowment Fund Committee no later than ninety (90) days after the start of the fiscal year.

b. The Endowment Fund Committee shall review these requests and submit to the Church Council the recommended expenditures for the fiscal year. This recommendation must be approved by a majority of the Endowment Fund Committee and shall be provided to the Church Council no later than one hundred and twenty (120) days after the start of the fiscal year.

c. The Church Council may approve or reject the expenditure recommendation but it may not alter it.

d. Should the Church Council reject the expenditure recommendation, the Endowment Fund Committee may submit a revised recommendation or call a special congregational meeting to approve the original recommendation. Such meeting shall be subject to all the terms and conditions as outlined in the Constitution and By-laws of the congregation.

e. Upon approval, either by the Church Council or by a special congregational meeting, the Endowment Fund Committee shall disburse the funds.

The Endowment Fund records shall be subject to an annual audit and the Endowment Fund

Committee shall file an annual report for inclusion with the annual report of the congregation.

The Endowment Fund Committee may seek legal and other professional counsel as necessary.

Legal fees may be charged as administrative expenditures and paid from available income of

the Endowment Fund.

The Endowment Fund Committee shall meet as necessary. All such meetings shall be governed by the Constitution, By-laws and Continuing Resolutions of the congregation. Written minutes of all meetings shall be provided to the Church Council.

Amendments to these by-laws may be made in accordance with the constitution and by-laws of

Central Lutheran Church.