Subscribing to the Fund
To invest in the Fund, a UU Congregation must complete and submit an agreement to invest in the Fund (“Subscription Agreement”) and send the Subscription Agreement either before or accompanied by an initial deposit to the UUA. Once received and approved, the UUA will confirm the UU Congregation’s starting date as an investor.
Contributions
Money transferred to the Fund may be sent to the Fund office at any time; however, those funds will not be invested in the Fund until the beginning of the next calendar month. In order to be invested in the Fund in a timely manner, new contributions must be received by the Fund by a monthly “Valuation Date”, which is the last business day of each month. It is recommended that new contributions to the Fund be received by the UUA at least 3 business days prior to the Valuation Date.
Units of Ownership
Each investor is allocated a certain number of units of the Fund, based on the value of the assets the investor places in the Fund. The net asset value (“NAV”) of each unit is calculated based on the value of the Fund assets at of the close of business on the last day of each month. Money invested in the Fund is pooled with all other assets of the Fund and invested according to the Unitarian Universalist Association’s Investment Policy (“Investment Policy”), the Investment Committee Guidelines (“IC Guidelines”) and, with respect and to the extent that the assets are directly managed on behalf of the UUA and in certain selected investment vehicles, the Socially Responsible Investing Guidelines (“SRI Guidelines”) or other applicable socially responsible investing criteria (together the “Investment Policies and Guidelines”).
Withdrawals
When an investor requests a withdrawal from the Fund, sufficient units of the Fund are redeemed by the Fund at the unit’s NAV as of the next Valuation Date. Investors may request a withdrawal by giving notice to the UUA Treasurer at least 30 days prior to the applicable Valuation Date if they wish to withdraw more than $100,000 and at least 10 days prior to the applicable Valuation Date if they wish to withdraw $100,000 or less.
Quarterly Distributions
An investor may elect to receive regular distributions from the Fund. Under the Subscription Agreement, investors may select an annual distribution rate that can range from 0% to 6% of the applicable average unit value described in Section 6 of the Subscription Agreement. Distributions are paid by ACH/Direct Deposit and sent out on or about the 15th day of January, April, July, and October. In the event that no distribution rate is selected, no money will be distributed to the investor, and any income attributable to the investor’s balance will be added to the principal and invested accordingly. Monthly and Quarterly detailed statements showing all activity related to investment in the Fund are available online.