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Account Policies and Procedures

Interpreting Quarterly Statements

Each Core Balanced Account Holder is issued a quarterly statement that provides detail about activity in the account, the current market value of the fund, and the income that has been distributed or reinvested for the quarter.

How to interpret information on your statement

  • Cash Balances: This section indicates the total amount of income and principal cash in the account on the last day of the date-range of the statement. The principal cash reflects the total of any deposits or withdrawals that have occurred in the last quarter represented by the time period of this statement.
  • Asset details: In this section, you will find information regarding your investments
    • Asset description: indicates whether you have investments in the Core Balanced Account, as well as any cash balances
    • Shares: indicates the number of units held in your investment, including any reinvested income in this quarter
    • Market price: the value of each share on the last day of the last quarter represented by the time period of this statement
    • FMV: stands for “Fair Market Value“ and is determined by multiplying the number of shares you own by the Market Price. If you closed your account on the last day of the last quarter represented by this statement, the FMV Grand Total would be the amount you would receive.
    • Net Cost: (formerly Book Value) the historic total of all your deposits and reinvested income less any distributions of principal or distributions of reinvested income taking into account any realized gain or loss on such distributions
  • Income transactions: The amount of income this account has received during the date-range of this statement is reflected in this section. This is either the amount that you have elected to receive in a check or to reinvest. If you have elected to have distributions less frequently than quarterly, this is the amount that will be credited to your account for the time period of this statement.
  • Principal transactions: The cash value of contributions or distributions that have been made in this account during the time period represented by this statement
  • Realized gain (loss): When there is a distribution of any principal or reinvested income, the realized gain or loss is computed using the average cost of all shares held in the account.
  • Asset transactions: Principal deposits or withdrawals, as well as reinvested income transactions, are detailed in this area. Principal transactions are recorded on the first business day of the new month following the principal transaction.

NOTE: If one or more of these sections does not appear on your statement, you have had no transactions in this area.

How to Make a Deposit into your account

On a letter of instruction, identify the name and account number into which you want to make a deposit and include a check made payable to the United Methodist Foundation in the desired amount. Forward that information to United Methodist Foundation, 223 Fourth Avenue, Suite 707, Pittsburgh, PA 15222. There are no minimum deposits. Any deposit received during a given month will be credited to your account on the first business day of the following month. Please note that no short-term interest is paid on deposits. Interest will be paid only at the close of the current month.

How to Make a withdrawal from your account

On church letterhead, send us a letter of instruction indicating the name and number of the account, the dollar amount you wish to withdraw, and when you would like to receive the money. Also, provide a signed copy of the minutes from your administrative council/charge conference meeting at which this withdrawal was approved.

Withdrawals requested will be processed on a monthly basis. Any withdrawal request received before the 15th of the month will be processed at the end of that month. Any withdrawal request received on or after the 15th of the month will be processed at the end of the following month.

Closing an Account with the Foundation

On church letterhead, send us a letter of instruction indicating the name and number of the account you wish to close and when you would like to have this take place. Also, provide an excerpt from your administrative council/charge conference meeting at which this closure was approved.

Closing an account — Account closings are processed on a monthly basis. If a request to close an account is received before the 15th day of the month, your account will be valued at the end of that month and the following business day a check will be forwarded in the amount of the value of said account at month-end. If a request to close an account is received on or after the 15th day of the month, your account will be valued at the end of the following month and the following business day a check will be forwarded in the amount of the value of said account at month-end.

If there are any other questions or comments about the Foundation’s account policies and procedures that you would like to discuss, please send us an email.

 
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