Temple leaders decided to create an endowment account, concurrent with acquiring a line of credit to handle cash flow. In Phase One of the endowment, we informed donors that of every $3 contributed, $1 would go to payoff the line of credit and replenish the restricted funds. The other $2 would go to the endowment account.

 

We are now in Phase Two of the endowment plan. The original line of credit has been paid off in full and restricted funds brought current. Once fully funded, the interest the endowment earns will contribute substantially to help pay for today's costs. The goal of Phase Two is to have three million dollars in the endowment account by 2012. More details about Phase Two