All posts by Ken Stockbridge

Report on Investing our Funds, 2001

Report to Patapsco Friends Preparative Meeting on
Investing our Funds

28 January 2001

In our December Meeting for Business, Friends expressed concern about the $10,000 that our Meeting has “just sitting there.” One Friend expressed the thought of reducing their contribution next year because “we have enough.” Another Friend suggested giving it away for a worthy cause — “to Africa or whatever.” Another Friend said that we ought to be saving for the future of our Meeting, to be good stewards, just as in our personal lives we might save for a child’s college education.

Analysis of the matter was delegated to an ad hoc Building Committee that has not yet gathered. Since it has not gathered, I decided to do some investigating on my own and am providing an interim report of my findings.

    1. Indeed our $10,000 is “just sitting there” — “there” being a checking account in Sandy Spring Bank. I feel we need to do something about this inactive money without waiting for further analysis by a Building Committee.
    2. I talked with some Sandy Spring Trustees and one who had resigned Trustees in disagreement over their investment policies. Sandy Spring maintains a checking account in Sandy Spring Bank and keeps an operating reserve in a money market account. In the past few years they transferred their assets into two socially responsible investment funds: Domini Corporate Responsibility Fund (100% stock), and Friends Fiduciary Fund (a mixture of stocks and bonds that pays income to the Meeting).
    3. These reserves are of three types: unrestricted, restricted by the Meeting for special funds, and restricted by the donor.
    4. The trustee who resigned in protest said that he had led the effort to shift SSFM’s investments from a “nonfocused” collection of money market funds and Sandy Spring Bank stock to a focus on socially responsible investing. He said they collected a gym bag full of brochures on various funds. He said from their analysis he highly recommended Domini. (A quick check of their website and prospectuses for the equity fund as well as the new bond fund started last summer seemed to confirm his judgment.) He was highly opposed to the Friends Fiduciary Fund because it is not a regulated fund and does not conform to standard fund reporting requirements. He said he was a mathematician but couldn’t make any sense out of the reports that the fund does issue. Finally, he disagreed with the idea of getting income from a reserve fund to be used for operating expenses. (“Dead Friend’s funds ought not be used to support living Friends. Living Friends ought to support themselves.”)
    5. Investing in a socially responsible equity fund has the benefit that investments are made only in companies who meet strict socially responsible standards. Domini may invest in other companies (not clear how much) and pressure them in stockholder meetings. For example, their website discusses some successes in pushing Nordstrom to stop using sweatshops. Domini’s bond funds reserve a certain percentage of the investment (such as 10%) for investment in high-risk loans to poor communities.
    6. Of more interest to me is the Calvert Foundation’s micro-investment program, which is not included in Sandy Spring’s investment plan at this time. Brochure enclosed. Under this program, you purchase a certificate redeemable in 1, 3, or 5 years and specify the amount of interest you want to earn from 0% to 4%. The money is invested directly into small businesses, micro-enterprises, community development, and affordable housing — nationally or internationally, your choice. I am interested in this program because it meets one of the criteria we set forth many months ago in looking for peace and social justice activities, viz., helping people to fish rather than giving them fish.”
    7. I have four proposals that I would like to lay before the Meeting for a first reading.

First, I propose that we adopt a policy of keeping as little money as feasible (10% or $1000 whichever is smaller) in our operating funds checking account and investing the rest in two kinds of reserves: ready reserves, and long-range reserves. The ready reserves would be some mix of Domini Funds (40% of assets?). They would be liquidable in a week or so — just like any mutual fund — if we needed the money. I propose we keep 50% of assets in the Calvert Foundation program at 3% interest so that they more or less keep up with inflation. We would buy $1000 dollar certificates at staggered times — one every other month?

Second, I propose that we adopt a policy of not dipping into our reserves for routine operating expenses. Donating to the Presbyterian Church for part of the expense of their furnace would be an example of a case where it would be OK to dip into reserves. We should normally shift any excess operating funds at the end of the year into our reserves.

Third, as a corollary of the first proposal, I propose we recommend that Friends to make small, regular donations to the Meeting throughout the year so that we can keep our operating account as low as possible. A convenient way to do this is to use your bank’s web page to schedule small payments to our account.

Fourth, I propose that we temporarily place the responsibility for investing our assets, a concern of Trustees, with M&O. Presumably we will want eventually to set up a Trustees Committee.

  1. I believe that these proposals would meet all of the concerns expressed in last business meeting. Our money wouldn’t be just sitting there. We would be able to follow our leading expressed in the Peace and Social Justice threshing session of helping others in a fundamental way and at the same time be good stewards of our Meeting’s future. There are many further possibilities for outward action that could flow from our investments such as establishing a relationship with one or more of the recipients of a micro-project investment. When our children become teens capable of doing fundraisers, the funds they raise could go directly into the micro-project investments. And so forth.
  2. With that thought in mind, my proposals will obviously need more detailed analysis before the Meeting could adopt them (such as a more detailed reading of prospectuses). I hope that other Friends will join me in undertaking that analysis.

Respectfully submitted,

John Buck

Spiritual State of the Meeting Report, 2000

Friendships, spiritual and otherwise, have continued to expand and deepen at Patapsco Meeting this year. Our sense of the Divine has been stretched and enlivened through our corporate worship with all ages and through our earnest searching for the truth within each member of this spiritual community. The Meeting has begun to realize the value of the honored Quaker tradition of the threshing session.

Once freed from the expectation that all views on a subject must be considered at monthly Meeting for Business, we immersed ourselves in sharing and listening to each individual’s beliefs and concerns on such matters as same gender marriage (and marriage in general), having children in the Meeting for Worship, and considering a proposal to buy, build or rent a full-time meetinghouse facility. The result in all cases has been to increase our tender regard for one another, even when our views conflict.

The Meetings for Worship are well balanced in terms of spoken messages and silent worshipping. Messages often focus on personal experiences Friends have had, and may then be related to the speakers’ spiritual journey, Quaker thought, or Biblical passages. Often, the Meeting ends with people feeling that they have experienced a gathered Meeting for Worship. Differing individuals speak on any particular Sunday, but some people speak more than others, and some almost never speak. The Meeting needs to find ways to encourage non-speakers to feel comfortable speaking if they have messages to share.

The year has seen changes in some of our regular gatherings. The monthly book discussion group was laid down, but with an eye toward re-forming it in another way in the future, so as to sustain interest over a long period of time. The monthly Meeting for Healing experienced a period of declining attendance, so leaders Elizabeth Saria and Phyllis Keenan responded by developing a theme for each session, announced well in advance. Thus far, the themes have included dealing with loss and dealing with life changes. This has renewed interest in this second-Sunday group where Friends are sharing their personal struggles and providing spiritual support. Finally, the bi-monthly Bible study group was laid down.

The Meeting provided support and discernment to several individuals within the Meeting this year through the use of clearness committees. Composed of three to six members each, the committees addressed such varied issues as spiritual leadings, healthcare decisions for family members, and personal support for life changes. Friendly Bunches have continued to re-form and meet under the continued organization of Elizabeth Saria and Special Friendships between adults and assigned children have continued to flourish. Spiritual friendship groups and pairs have also continued to meet, drawing more of the membership into spiritual community through journaling.

The establishment of an Advancement and Outreach committee has made a significant impact on the welcoming of newcomers and their introduction to Quakerism. This inaugural group has provided a display rack filled with literature, organized the greeting of visitors, purchased portable Quaker Meeting signs for use on Sunday mornings and focused our attention on the need to effectively teach attenders about Quakerism.

The Ad Hoc Peace and Social Justice Committee initiated a plan for the Meeting to prepare and deliver a meal for 12 men at a local homeless shelter on a monthly basis. After an initial 6-month commitment, the Meeting agreed to continue this work. Typically, a group of three to four households meets on a Sunday afternoon at someone’s home and jointly prepares the meal, including the participation of any children present. The meal is then delivered to the shelter in time for Sunday evening dinner. Identifying a sustainable, local, intergenerational project for the Meeting has been a process of several years and it is with great appreciation and joy that participants meet together to do this work.

Longtime peace activist, Emma Byrne, nominated by the Meeting, was selected as Howard County’s Volunteer of the Year for her work in numerous organizations. Jean Leslie tirelessly compiled the requisite documentation and Emma was recognized both at the county and state level, culminating in a recognition dinner in Annapolis.

Late August brought members of Patapsco to Centennial Park, the site of the third annual summer picnic, to share a meal, games and good weather. The children especially enjoyed whiffle ball, relying on the devoted pitching of Tom Byrne, and a twilight hike, led by John Buck. The month also brought a week-long Vacation Bible School sponsored by the Ad Hoc School Committee, which earlier had determined that it was not led to establish a Quaker school. Searching for a curriculum that would speak to all Quaker families was a challenge that resulted in the committee developing its own program for the 14 children who attended. Following this event, the committee was laid down, having resolved a major question and provided a useful service.

On a warm September weekend the Meeting held a retreat at Mt. Hebron House. Participants found themselves enriched and renewed through a deepening of our connections with each other, the natural world and the Divine. The gathering was launched on Friday evening with spiritual journal sharing and ice cream sundaes. The following day included sessions on simple living, blessed community, leadings and meditation, as well as an all-ages nature walk. The children baked five varieties of bread which was then used in a hands-on hunger exercise wherein groups were formed representing the continents of the world and the relative food supply. A catered lunch served to satisfy even those representing the poorest areas of the globe. The evening ended with live Celtic music, followed by line dancing. We appreciated the support of several Friends from nearby Meetings who assisted our efforts. The Sandy Spring Young Friends’ facilitation of the children’s program was especially appreciated. Overall there was a sense of sharing and helpfulness as Friends pitched in to help each other supporting the work of the planning committee and group leaders.

The Quaker Heron, our Meeting newsletter which is published quarterly and edited by Diane Reynolds, has become a vehicle for members to share their spiritual beliefs and questions, with articles on a specific theme solicited for each issue. This has been a wonderful way for members to clarify their own attitudes and thoughts, to share within our community and to reach out to occasional attenders. To date, topics have included community, peace, simplicity and equality.

Christmas was recognized by First Day Students with the production of a play in December, written by Ramona Buck, “The Children’s Meeting.” The energetic performance of the king’s soldiers was most impressive, as was the quiet line, “God is love,” from two-year-old Scully Wilhelm. Christmas Eve provided a half-hour of silent worship at the end of a busy weekend, followed by carol singing and too many cookies.

The Meeting welcomed Sam Stayton as a new member, and joyfully celebrated the Girbach family’s transfer of membership. The number of attenders has also increased, so that extra chairs are increasingly needed to accomodate the worshippers on First Day. First Day School has grown with the addition of several new families. Like many Quaker Meetings, we struggle with how to “teach” Quakerism to children and how to incorporate them into worship while preserving the silence necessary for a deep connection with God. Adults are finding that they are challenged to examine how their own behavior affects the worshipful silence. Newcomers are finding Patapsco on the internet, from other area Meetings and some are returning who attended the Columbia worship group two decades ago.

Overall, this has been a period for the Meeting to develop our use of committees, to sort out what our Meeting does well and what activities we can sustain on a regular basis, and incorporating a steady trickle of newcomers. As the new year dawns, the Meeting is planning to host Quarterly Meeting for the first time and is looking for ways to increase our understanding of Quaker process and our experience of the Divine.

Minute Creating Ad Hoc Building Committee (12/2000)

From the minutes of the meeting for worship with a concern for business, 12/17/2000:

6. On the Minute to Establish an Exploratory Committee to Study Building Needs of the Meeting: For those who are unfamiliar with the issues involved, notes from the Threshing session on Building Needs are available on the hall table, and are being placed on the Web.  Continue reading Minute Creating Ad Hoc Building Committee (12/2000)

Threshing Session on a Proposal to Purchase or Lease a Meetinghouse

11/5/2000

Responding to Query #4, “When considering the idea of our meeting purchasing a building or leasing a space on a full-time basis, what are your greatest concerns? If possible, please offer suggestions about how your concerns might be resolved satisfactorily,” the following responses were evoked. Continue reading Threshing Session on a Proposal to Purchase or Lease a Meetinghouse