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Congregational Investment Trust (CIT) 01.03.2020

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CIT Oversight Committee Members Richard Rick Bauzenberger Chair Member North Shore Congregational Church Fox Point WI Nichols College BBA degree His early professional career was with the trust departments of Fidelity Bank Wells Fargo Mellon Bank BNY Mellon Marine Trust Bank One Chase Bank and Marshall Ilsley Bank BMO Harris Bank From 1997 2007 Rick was the principal of his own investment firm LakeShore Investment Management where he served as a Certified Financial Planner CFP and Registered Investment Advisor Richard Dick Peterson Member Faith Community Church Franklin WI University of Illinois BS Electrical Engineering New York University MS Electrical Engineering Dick began his professional career as a member of the tech staff at Bell Labs He was a securities broker from 1968 to 1981 and an independent investment advisor from 1981 to 2005 Steven Steve Russ Member First Congregational Church Wauwatosa WI Carroll University BA Keller Graduate School of Management MBA Steve has served as a financial advisor since 1989 and has been with Robert W Baird since 2005 James Jim H Walsh Member First Congregational Church Wauwatosa WI University of Wisconsin BBA degree in Accounting Jim was with Arthur Andersen Co for 37 years 25 as a partner He served for ten years as our Association s treasurer Ex Officio Members Jeff Dillon NACCC Treasurer Vice Chair Member Faith Community Church Franklin WI Rev Dr Martin Hall Board of Directors Liaison Senior Minister North Shore Congregational Church Fox Point WI Varn Philbrook Congregational Foundation Board of Governors Liaison Member First Congregational Church Yarmouth MA Rev Dr Michael Chittum NACCC Executive Director Dan Drea NACCC Chief Financial Officer Non voting members 2 20 The Congregational Investment Trust

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The Congregational Investment Trust Administration of the CIT The Congregational Investment Trust CIT was created in 1991 as an endowment trust for donor gifts and contributions to the National Association of Congregational Christian Churches NACCC Several years later the Trust was reconstituted as a separate 501 c 3 organization and opened to member churches as a vehicle for their endowment gifts Currently over 30 member churches utilize this exceptional NACCC service for their endowment and other long term funds How will we have access to our funds invested in the CIT Who oversees the management of the CIT The CIT is overseen by a committee of experienced members from NACCC member churches who take their fiduciary responsibility very seriously Investment advisor selection development and review of Investment Policy and performance reviews with the investment advisor are some of the tasks performed by this Committee What is the investment objective for the CIT The Oversight Committee believes a broadly diversified portfolio of U S and foreign stocks and bonds with an asset mix of approximately 65 equities and 35 fixed income provides a reasonable risk return expectation for longerterm endowment assets Who is the current investment advisor Vanguard Institutional Advisory Services VIAS one of the largest stewards of non profit assets in the U S is the current investment advisor VIAS employs a passive or indexed fund approach to portfolio construction Additional value is added by way of portfolio adjustments based on research on asset classes and strategies and proprietary models and tools from other divisions of Vanguard What benefits does the CIT offer Professional management by a leading investment advisor Aggregation of member church assets to allow low cost Responsive servicing by NACCC staff Fiduciary oversight by a committee made up of experienced people from NACCC member churches What other information is available The current Investment Policy Statement and quarterly review to include performance is available on the NACCC website https www naccc org congl investment trust html The trustee Community Bank NA NY values all accounts on the last business day of each month Any requests for withdrawals either partial or complete must be received by the Trustee in writing USPS or email no later than the last business day of the month for the distribution to occur as of that month end valuation In addition a predetermined dollar amount can be distributed on a regular basis Generally all distributions will be made within seven business days following the month end valuation What is the minimum to invest and how is the account balance reported A minimum investment of 2 500 will create a fund and an account balance of 1 000 must be maintained At the end of each calendar quarter a statement for each of the church s funds will be emailed mailed to the church What are the costs and how are they paid There are two types of fees administrative and investment management Each fee will be prorated and reported on the quarterly statement with the exception of the embedded mutual fund expense ratios In keeping fees low we increase the investment return potential Currently the fees are Trustee Administrative Investment Mgt Fund Expenses Total Fees 16 19 35 How can we participate The church must adopt the Congregational Investment Trust Adoption Agreement and execute the Account Authorization Form These forms can be obtained from the NACCC office Who can I call if I have any questions For all administrative questions about forms or statements as well as investment questions call Dan Drea CIT Administrator at the NACCC office 414 856 1616 or email him at ddrea naccc org National Association of Congregational Christian Churches 8473 South Howell Avenue P O Box 288 Oak Creek WI 53154 800 262 1620 Fax 414 764 0319 Email naccc naccc org WWW NACCC ORG

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The Congregational Investment Trust Administration of the CIT The Congregational Investment Trust CIT was created in 1991 as an endowment trust for donor gifts and contributions to the National Association of Congregational Christian Churches NACCC Several years later the Trust was reconstituted as a separate 501 c 3 organization and opened to member churches as a vehicle for their endowment gifts Currently over 30 member churches utilize this exceptional NACCC service for their endowment and other long term funds How will we have access to our funds invested in the CIT Who oversees the management of the CIT The CIT is overseen by a committee of experienced members from NACCC member churches who take their fiduciary responsibility very seriously Investment advisor selection development and review of Investment Policy and performance reviews with the investment advisor are some of the tasks performed by this Committee What is the investment objective for the CIT The Oversight Committee believes a broadly diversified portfolio of U S and foreign stocks and bonds with an asset mix of approximately 65 equities and 35 fixed income provides a reasonable risk return expectation for longerterm endowment assets Who is the current investment advisor Vanguard Institutional Advisory Services VIAS one of the largest stewards of non profit assets in the U S is the current investment advisor VIAS employs a passive or indexed fund approach to portfolio construction Additional value is added by way of portfolio adjustments based on research on asset classes and strategies and proprietary models and tools from other divisions of Vanguard What benefits does the CIT offer Professional management by a leading investment advisor Aggregation of member church assets to allow low cost Responsive servicing by NACCC staff Fiduciary oversight by a committee made up of experienced people from NACCC member churches What other information is available The current Investment Policy Statement and quarterly review to include performance is available on the NACCC website https www naccc org congl investment trust html The trustee Community Bank NA NY values all accounts on the last business day of each month Any requests for withdrawals either partial or complete must be received by the Trustee in writing USPS or email no later than the last business day of the month for the distribution to occur as of that month end valuation In addition a predetermined dollar amount can be distributed on a regular basis Generally all distributions will be made within seven business days following the month end valuation What is the minimum to invest and how is the account balance reported A minimum investment of 2 500 will create a fund and an account balance of 1 000 must be maintained At the end of each calendar quarter a statement for each of the church s funds will be emailed mailed to the church What are the costs and how are they paid There are two types of fees administrative and investment management Each fee will be prorated and reported on the quarterly statement with the exception of the embedded mutual fund expense ratios In keeping fees low we increase the investment return potential Currently the fees are Trustee Administrative Investment Mgt Fund Expenses Total Fees 16 19 35 How can we participate The church must adopt the Congregational Investment Trust Adoption Agreement and execute the Account Authorization Form These forms can be obtained from the NACCC office Who can I call if I have any questions For all administrative questions about forms or statements as well as investment questions call Dan Drea CIT Administrator at the NACCC office 414 856 1616 or email him at ddrea naccc org National Association of Congregational Christian Churches 8473 South Howell Avenue P O Box 288 Oak Creek WI 53154 800 262 1620 Fax 414 764 0319 Email naccc naccc org WWW NACCC ORG

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CIT Oversight Committee Members Richard Rick Bauzenberger Chair Member North Shore Congregational Church Fox Point WI Nichols College BBA degree His early professional career was with the trust departments of Fidelity Bank Wells Fargo Mellon Bank BNY Mellon Marine Trust Bank One Chase Bank and Marshall Ilsley Bank BMO Harris Bank From 1997 2007 Rick was the principal of his own investment firm LakeShore Investment Management where he served as a Certified Financial Planner CFP and Registered Investment Advisor Richard Dick Peterson Member Faith Community Church Franklin WI University of Illinois BS Electrical Engineering New York University MS Electrical Engineering Dick began his professional career as a member of the tech staff at Bell Labs He was a securities broker from 1968 to 1981 and an independent investment advisor from 1981 to 2005 Steven Steve Russ Member First Congregational Church Wauwatosa WI Carroll University BA Keller Graduate School of Management MBA Steve has served as a financial advisor since 1989 and has been with Robert W Baird since 2005 James Jim H Walsh Member First Congregational Church Wauwatosa WI University of Wisconsin BBA degree in Accounting Jim was with Arthur Andersen Co for 37 years 25 as a partner He served for ten years as our Association s treasurer Ex Officio Members Jeff Dillon NACCC Treasurer Vice Chair Member Faith Community Church Franklin WI Rev Dr Martin Hall Board of Directors Liaison Senior Minister North Shore Congregational Church Fox Point WI Varn Philbrook Congregational Foundation Board of Governors Liaison Member First Congregational Church Yarmouth MA Rev Dr Michael Chittum NACCC Executive Director Dan Drea NACCC Chief Financial Officer Non voting members 2 20 The Congregational Investment Trust