First Presbyterian Church

Kenneth Clark Endowment Fund

Beneficiary location:

Pine City, MN

Account number: 102240000067

Designated Use

Distributions: The amount and timing of distributions from the Fund will be consistent with Presbyterian Foundation's (the Foundation) policies for spending from endowment Funds as amended from time to time. To the extent that the spendable amount under the preceding sentence for a year exceeds the total prescribed minimum amount of the salary, housing allowance, health insurance and retirement contribution benefits payable to the pastor of the Pine City Church (Church), including a part-time or interim pastor, or other person serving in a similar capacity, approved by the Presbytery of the Twin Cities Area, the Church shall remit and return that excess to the Fund. Further, if the pastor (including interim pastors or persons in other forms of pastoral service) has not been approved by the Presbytery of the Twin Cities Area or its successor and does not receive at least the minimum terms of call set by the Presbytery for a called and installed pastor, the Church shall remit and return the distribution for that year to the Fund. In any year when the balance of the Fund (as of the first day of that year) exceeds $516,000, the Church may request in writing amounts in excess of $258,000, for purposes of capital improvements and maintenance of the Church's buildings, equipment and facilities and payments of income and principal on the Church's mortgage, and such request must be endorsed by a majority of the Church's congregation as certified by the Clerk of Session. Dissolution: If the Church is dissolved by a vote of its congregation or action of the Presbytery of the Twin Cities Area, or is no longer recognized as a constituent congregation of the Presbyterian Church (U.S.A.) or its successor, or if for some other reason the Foundation determines that the purpose of the Fund expressed herein has become impracticable, inexpedient, or impossible, the Foundation may, in its sole discretion, terminate the Fund and distribute the entire balance of the Fund to the Presbytery of the Twin Cities Area for use in furtherance of its religious and charitable purposes. If at the time of the Fund's termination, the Presbytery of the Twin Cities Area is not an organization described in §§ 170(b)(1)(A), 170(c), 2055(a), and 2522(a) of the Code (a Qualified Charity), the Fund shall be distributed to one or more Qualified Charities which the Foundation selects.