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Jim Key: So our next
item of business today

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is to consider and vote on the
proposed amendments to Sections

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C10-6 and C10-7 regarding
provisions concerning

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investments.

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The text is found at page
98 of the final agenda.

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The mini assembly concerning
this amendment was held Friday.

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You're closing in on me.

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Donna Harrison,
the Vice Moderator,

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will make the
appropriate motion.

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Donna Harrison: Moved, that the
proposed amendment to Section

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C-10.6 and C-10.7 regarding
provisions concerning

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investments found at page 98
of the final agenda be adopted

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by this assembly.

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Jim Key: I now call upon Sarah
Stewart, chair of our finance

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committee, to give the position
of the Board of Trustees.

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Sarah Stewart: The UUA
Common Endowment Fund--

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Jim Key: Start again.

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I'm sorry I didn't
use the pro microphone

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cue to cue the tech deck.

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My fault.

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I recognize the trustee
at the pro microphone.

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Sarah Stewart: The UUA Common
Endowment Fund, or UCEF,

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has about $175 million
in invested assets.

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The Association's own endowment
funds are invested in UCEF,

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yet about half of the
$175 million in the Fund

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were invested by more than 300
UU congregations and related

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organizations.

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Several years ago, the UUA's
independent auditing firm

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recommended that we change the
legal structure of the Fund

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to provide better protection
to the congregations that

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invest in UCEF.

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Currently, the funds
invested by congregations

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are technically
owned by the UUA,

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subject to obligations and
subscription agreements.

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In the highly unlikely
event that the UUA were

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to lose a lawsuit
by a plaintiff who

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was awarded many millions
of dollars in damages,

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the assets in the Fund that
are owed to investing UU

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congregations might arguably
be subject to those claims

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against the UUA.

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To prevent such a dire
if remote possibility,

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the UUA board voted in 2012
to set up a limited liability

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company, or LLC, to own the
endowment, both the UUA's

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funds and those invested
by congregations.

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The LLC will be under the full
control of the UUA Board, which

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will appoint the members of
the LLC's Investment Committee.

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The LLC has now received
IRS approval as a 501(c)(3)

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organization.

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And the UUA plans to
transfer UCEF's assets

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to the new LLC in January 2015.

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A number of provisions
of the bylaws

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control the investment
of endowment funds.

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In consultation with
our legal counsel,

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last year the Board recommended
a series of bylaw amendments

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to align the bylaws
with the new LLC.

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The 2013 General Assembly
passed them overwhelmingly.

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The Board urges
their final adoption

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by a 2/3 vote at this
General Assembly.

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Jim Key: Thank you.

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As a reminder, those speaking
in favor of this bylaw amendment

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should use the pro
microphone, and those

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who wish to speak against,
the con microphone.

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I recognize-- excuse me.

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Let me--

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Speaker: Why don't you clarify
that before anybody speaks?

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Jim Key: It's not on this one.

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Speaker: No.

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We're not--

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Jim Key: No.

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You were over here.

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Speaker: Oh.

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Jim Key: This isn't
what we're doing.

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Speaker: Oh.

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My mistake, then.

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Never mind.

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Jim Key: Takes a
village, my friends.

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I recognize the delegate
at the pro microphone.

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Steve Finner: Thank
you, Mr. Moderator.

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Steve Finner, president of the
Vermont Quebec Universalist

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Convention, the only state
organization guaranteeing

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salvation to all those who love.

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[LAUGHTER]

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Our funds are invested
in the Common Fund.

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And we favor this bylaw change.

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Thank you.

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Jim Key: Thank you.

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I recognize the delegate at
the procedure microphone.

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Jim Graham: Thank
you, Moderator Key.

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Jim Graham from the Church
of the Larger Fellowship.

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Just a point of clarification.

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Is a 2/3 majority a
2/3 of the delegates

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who are currently on the floor?

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Jim Key: Yes.

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Jim Graham: Thank you.

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Jim Key: Am I
correct on that, sir?

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There being no one at
the con microphone,

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I suspect we're ready to vote.

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Yes?

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Any comments on the
off-site delegates?

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No.

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You're ready to vote then.

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All those in favor of
adopting this resolution,

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raise your hand.

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Your bylaw change, here we go.

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Cards down.

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Opposed?

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The motion clearly passes.

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Thank you very much.

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[APPLAUSE]

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You all are moving through
these things with great speed

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and efficiency.

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Speaker: Yeah.

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Now we're doing that.

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Jim Key: Yeah.

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OK.

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Speaker: Want this?

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Jim Key: Yeah.

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I do.

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