At the Stated Meeting of the Presbytery of Lake Michigan on December 3, 2019 and at the Stated Meeting of the Presbytery on June 9, 2020, the Trustees of the Presbytery of Lake Michigan will include in the consent agenda a recommendation to the Presbytery of Lake Michigan to dissolve The Presbytery of Lake Michigan Foundation.
This notice is being provided in accordance of Provision 9.3 of the Foundation Bylaws:
This declaration of Trust may be revoked or amended only after such a proposed revocation or amendment has been approved by a three-fourths (¾) majority vote at two (2) regularly stated meetings of the Presbytery held upon notice, and separated by one intervening regularly stated meeting.
The Trustees of the Presbytery of Lake Michigan recommend the dissolution of The Presbytery of Lake Michigan Foundation. These funds shall be consolidated into existing, actively managed funds of the Presbytery
- This represents a housekeeping move to simplify the finances of the presbytery.
- The original plans for the foundation have not been achieved to the level anticipated at its inception in 1992. The last gift received by the foundation occurred over 15 years ago.
- The use of all restricted funds shall continue to conform to restrictions imposed by the donor.