WHEREAS, University Lutheran Chapel of Minneapolis, Minnesota, has a living endowment of faithful members with rich gifts and varied talents.

        "As each has received a gift, employ it for another, as good stewards of God's varied grace:.....whoever renders it by the strength which God supplied, in order that in everything God may be glorified." (1 Peter 4:10-11)

        NOW, THEREFORE, in order to establish an Endowment Fund from which both principal and income may be used, all to enable the further growth of our church, its ministries and stewardship opportunities,

        BE IT RESOLVED that the members of University Lutheran Chapel establish an Endowment Fund to receive and administer bequests, estates, insurance, gifts and other assets. And,

        BE IT FURTHER RESOLVED that the efforts of University Lutheran Chapel in establishing the Endowment Fund be dedicated to the Glory of Almighty God. And,

        BE IT FURTHER RESOLVED that the University Lutheran Chapel Endowment Fund shall not be a separate legal entity, but shall be part of University Lutheran Chapel. And,

        BE IT FURTHER RESOLVED that the Board of Elders shall be custodian of the Endowment Fund. And,

      BE IT FURTHER RESOLVED that both the principal and income from unrestricted gifts and bequests are to be used for the purposes, projects, and programs recommended by the Board of Elders and approved by the Voters Assembly by simple majority. And,

        BE IT FURTHER RESOLVED that gifts and bequests may be made with special terms or containing limitations or directions as to the use of the gifts or the use of income. The Board of Elders will determine the acceptability of these restricted gifts. The acceptance of such gifts shall be by a simple majority of the Voters Assembly. And,

        BE IT FURTHER RESOLVED that while University Lutheran Chapel has every intention of using the Endowment Fund as set forth in these resolutions, it does recognize that with the passage of time and changing circumstances, University Lutheran Chapel could cease to exist. If University Lutheran Chapel should cease to exist, the assets constituting the fund shall become the property of Concordia Theological Seminary of Fort Wayne, Indiana. Should this situation develop, then Concordia Theological Seminary of Fort Wayne, Indiana, shall then be free to make such other use of the income and principal as is consistent with the charitable and religious purposes of Concordia Theological Seminary, in accordance with the laws of the State of Indiana and preserving the principal of those gifts designated to be perpetual, carrying out the donor's wishes.

        NOW, THEREFORE, in order to carry out the purposes of the Endowment Fund and to enable the further extension and stewardship work of our church,

      BE IT FURTHER RESOLVED:

1.     The Board of Elders shall administer the Endowment Fund.

2.     All Board of Elders' members shall endeavor to maintain a high degree of communication with the church council, other board and committees within the church and members of the congregation to nurture the total life and mission of the church and of the Endowment Fund.

3.     The Board of Elders may establish and maintain accounts with such financial institutions as it mayby resolution authorize and determine. All checks and other documents transferring or expending any funds or assets in the Fund shall be executed by the Chairman of the Board of Elders, the Pastor and the Treasurer of the congregation.

4.     The Board of Elders may ask other members of the congregation to serve as advisory members and may employ, at the expense of the Fund, such professional counseling on investments and legal matters as it deems to be in the best interests of the Endowment Fund.

5.     The Board of Elders shall maintain complete and accurate books of the accounts and may employ such professional help as it deems necessary in this regard. The books shall be audited annually in time so that such audit report will be on file at the time of the annual meeting of the voters' assembly.

6.     No member of the Board of Elders shall engage in any self dealing or transactions with theEndowment Fund in which the member has direct or indirect financial interest. Each member shall at all times refrain from any conduct in which his or her financial interests would conflict with the interests of the Endowment Fund.

1.     The Board of Elders or church may receive funds through gifts, bequests, wills, estates or trusts from any source whether in cash or in other property. All Endowment Fund monies and property shall be kept and maintained separate, distinct and independent from the funds and property otherwise belonging to the church.

2.     The Board of Elders shall investigate ways in which the Endowment Fund can best be used to the Glory of God. Other boards and committees within the church and members of the congregation may make written requests to the Board of Elders.

3.     The Board of Elders, at each annual meeting of the voters' assembly, shall render a full and complete account of the administration of the Endowment Fund during the preceding year.

4.     The Board of Elders shall in no event be required to make physical segregation of the assets of the Endowment Fund in order to conform to the directions of any individual donor, but may establish separate accounts in its accounting records.

5.     All new members of the Board of Elders are to receive a copy of this Resolution, a copy of the standards and goals adopted by the Board and shall become acquainted with the function and purposes of the Endowment Fund.

        In the administration of the Endowment fund, the Board of Elders Shall have all powers and authority necessary to carry out the purposes of the Fund, including the following powers and authority on behalf of University Lutheran Chapel of Minneapolis, Minnesota:

1.     To take, have, hold, sell, exchange, rent, lease, transfer, convert, invest, reinvest any respective part thereof, as they in their judgment and discretion shall deem wise and prudent;

2.     To retain any property in the form in which received; to convert and reconvert the Endowment Fund, or any part thereof, into other kinds and forms of property, real or personal or mixed; and to invest or reinvest the Fund or assets herein, or any thereof, as they shall deem wise and prudent, including in such common or preferred stocks, bonds, debentures, mortgages, notes or other securities, investments, or property whether real or personal, which they in their absolute discretion may select or determine, and including without limitation, savings deposits or any bank, mutual savings bank, credit union, federal home loan bank or savings and loan association, or in any common trust fund, mutual fund, or any like fund, subject to the usual standards of prudence required of trustees of similar funds;

3.     To receive the income, profits, rents and proceeds of theEndowment Fund and to collect and receipt for the same, and pay all administrative and necessary expenses in connection with it. Expenses are to be paid from the Endowment fund income;

4.     To receive gifts, both designated and undesignated;

5.     To make, execute and deliver all instruments necessary or proper for the accomplishment of the purposes of the University Lutheran Chapel Endowment Fund or of any of the foregoing powers, including deeds, bills of sale, transfers, leases, mortgages, assignments, conveyances, contracts, purchase agreements, waivers, releases and settlements;

6.     To contribute, donate, support or distribute, from time to time, for the purposes herein stated, such payments or amounts as the Board of Elders its discretion shall determine and consistent, so far as practicable with the recommendations of the congregation as to the use of Endowment Fund principal and income;

7.     To determine what is principal and income according to accounting procedures;

8.     To hold investments in the name of the University Lutheran Chapel Endowment Fund on behalf of the congregation and to sign checks and all other necessary documents on behalf of the congregation in furtherance of the Endowment Fund purposes;

9.     To employ and reasonably compensate from the Endowment fund income and/or principal, accountants, agents, and attorneys to assist and advise in the execution of the Endowment Fund, without liability for their omissions or neglect, but using reasonable care in their selection, and to rely on the advice of the persons so employed

10.     The Board of Elders shall not be liable for any losses which may be incurred upon investments of the Endowment Fund except to the extent that such losses shall have been caused by bad faith or gross negligence of the Board members. No member shall be personally liable as long as he or she acts in good faith and with ordinary prudence in discharging the duties of the office. Each Board member shall be liable only for his or her own willful misconduct or omissions in bad faith. No Board member shall be liable for the acts or omissions of any other Board member, or of any accountant, agent, attorney or custodian selected with reasonable care;

11.     The Board of Elders' members shall not receive any compensation, but may be reimbursed from the income of the Trust Fund for expenses reasonably incurred.

        This Endowment Fund Resolution may not be altered or amended except by a two-thirds(2/3)majority vote of the Voters' Assembly at an annual meeting of the congregation, or at a special meeting called specifically for the purpose of amending this Resolution.

        Any gifts given to the Endowment Fund, as well as all income derived therefrom, shall be used exclusively for religious, charitable and education purposes within the meaning of Section 501(c)(3) of the Internal Revenue Code of 1986 or the corresponding provisions of any future United States Internal Revenue Law. This Endowment Fund is created and shall be operated exclusively for church purposes. No part of the income or property of this Fund shall inure to the benefit of or be distributable to any member, director, or officer of the church or to any other private person, except that the Endowment Fund Committee is authorized and empowered to pay reasonable compensation for services rendered and to make payments and distributions in furtherance of the purposes set forth herein. No part of the activities of the Endowment Fund shall be the carrying on or propaganda or otherwise attempting to influence legislation, and it shall not participate in or intervene in (including the publishing or distribution of statements) any political campaign on behalf of any candidate for public office. Notwithstanding any other provision of this document, the Endowment Fund shall (a) not carry on any activities not permitted to be carried on by an entity exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code of 1986 or the corresponding provision of any future United States Internal Revenue Law or (b) do any act which would render contributions to the Endowment Fund non-deductible under Section 170(c)(2) of the Internal Revenue Code of 1986 or the corresponding provision of any future United States Internal Revenue Law.

        This Endowment Fund may be dissolved in accordance with the laws of the State of Minnesota. Upon dissolution of this Endowment Fund, and after payment of all liabilities, obligations, costs and expenses incurred by this Endowment Fund, any remaining assets shall be distributed to such entities organized and operated exclusively for one or more purposes described in Section 170(c)(2) and 501(c)(3) of the Internal Revenue Code of 1954 or the corresponding provision of any future United States Internal Revenue Law