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Attention! 2018 Updates for All Accounts

Attention! 2018 Updates for All Accounts
1/3/2018

 The following is important information for Foundation account holders regarding updates to your account documentation.

The Foundation has updated its account forms and policies in order to improve our ability to serve you, our valued account holders. We will now require all account holders to establish a list of authorized signatories. These signatories will be individuals with the authority to receive information about that church or agency’s account(s) and to issue a directive on behalf of the organization when it comes to the management of its account(s) with the Foundation. During the first weeks of January your church or agency will receive an envelope from the Foundation containing updated account documentation for approval and implementation, specifically an Authorized Signatories Form and an updated Memorandum of Agreement. You will also find enclosed the below step by step instructions for completing these forms and returning them to the Foundation office;

Steps for Implementing New Account Forms

Step 1) Once you have received your documents from the Foundation, determine who will serve as authorized signatories for the church or agency’s account(s) and have those individuals complete the Authorized Signatories Form.

Step 2) Hold a meeting of the governing body of the church or agency at which a motion is presented to empower these authorized signatories. It is suggested that this motion take the following form:

     I (name of individual making motion), motion to empower the following individuals as authorized signatories for our account(s) with the United Methodist Foundation of Western Pennsylvania…(names of authorized signatories are presented)… These individuals will have the responsibility of handling all business matters related to our accounts with the Foundation including, but not limited to, issuing directives on behalf of (the church/agency) related to the management of our funds.

The motion should then be voted on by those present and the results of the vote recorded.

Step 3) Have two empowered authorized signatories review and sign the updated Memorandum of Agreement.

Step 4) Return all forms and a copy of the minutes from the above mentioned meeting to our office (223 Fourth Ave., Suite 707, Pittsburgh, PA 15222) via USPS or via email to mcdaniell@umfoundation.org.

Please do not hesitate to let us know if you have any questions or concerns about your new account documentation or any of the steps above, or if you have not received your new documentation by the end of January, we are happy to help!

 
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