Effective immediately the OSLC Memorial and Endowment Fund will be known as the “OSLC Memorial and Endowment Trust Fund.” As approved at two Congregational Meetings, the Trust Fund is being formally established under the laws of the Commonwealth of Virginia with the assistance of Mike Brown of the Walker-Jones law firm.
There are two reasons that The Fund was converted to a Trust:
- to protect what is the second largest asset of the church from loss through possible litigation, and,
- to give the Finance Committee greater flexibility in investing the fund. The co-mingling of these funds with those of the other church accounts represents a barrier to entry for many potential investments.
All other aspects of the new Trust Fund will function exactly as the original Fund does today. The Trust will be administered by the Finance Committee and represented by the same Trustees that have been elected by the Congregation for the Church.