WHEREAS, Christian stewardship involves the faithful management of all the gifts God has given to humankind—time, talents, the created world and money, including accumulated, inherited and appreciated assets; and
WHEREAS, Christians can give to the work of the Church through a variety of gift vehicles, in addition to cash, including securities, bequests in wills, charitable remainder trusts and other life income gifts, other trusts, life insurance policies, real estate, and other property; and
WHEREAS, it is the desire of Trinity Church to encourage, receive, and administer these gifts in a manner faithful to the loyalty and devotion to God expressed by the donors, and in accord with the canons of the Episcopal Church and the Diocese of Rhode Island, and the policies of Trinity Church:
WHEREAS, it is the Desire of Trinity Church to clearly communicate its policy regarding the unrestricted gifts it has received and may receive in the future and will adopt immediately upon passage of the following resolutions:
THEREFORE BE IT RESOLVED, that Trinity Church, through an affirmative vote of more than two-thirds (2/3) of its membership in good standing (Member in good standing defined as any Baptized and/or Confirmed person who has attained the aged of 16 years, been an active worshipper, regularly attended Divine Service when feasible, and regularly contributed to the financial support of the Parish for a period of at least six months immediately preceding a Meeting of the Parish.), establishes to clearly instruct its Vestry in the administration of its Memorial Fund;
BE IT FURTHER RESOLVED, that the purpose of this Memorial Fund is for, (i) such purposes as are specifically designated by donors to Trinity Church whose gifts are included in the Memorial Fund, and (ii) to enable Trinity Church to more completely fulfill its mission by developing its ministries beyond what is possible through its annual operating funds.
BE IT FURTHER RESOLVED, that distributions from the Memorial Fund shall not be made to the operating budget of Trinity Church;
BE IT FURTHER RESOLVED, that the Vestry of Trinity Church shall be the custodian and Trustees of the Memorial Fund;
BE IT FURTHER RESOLVED, that the following PLAN OF OPERATION sets forth the administration and management of the Memorial Fund:
Plan of Operation
1. Acceptance of gifts to the Endowment Fund
In the absence of a Gift Review Policy of the Parish, the Vestry will establish a Gift-Review Policy through which the decision is made as to whether a gift to the Memorial Fund shall be accepted. This policy will incorporate the provision that, if a gift of property other than cash or publicly traded securities is offered to the parish, there will be conducted a careful review to determine whether the best interests of the congregation are served by accepting or rejecting the gift. Guidelines for conducting such a review shall be incorporated in the Gift Review Policy.
2. Distributions from the Endowment Fund
It is the intent of this resolution that the Memorial Fund shall be managed as a true endowment employing the restriction that the principal shall not be invaded; however, distributions from the Memorial Fund shall be made utilizing a Total Return Policy that incorporates a designated percentage of 5% the corpus that will be available for expenditure annually. The Vestry shall formulate a policy defining the spending rules and protocols, with the approval of the Vestry that will provide for the withdrawal and use of funds consistent with the stated purposes of the Memorial Fund as defined in the first section of this resolution. With the exception of the Emergency Provision section below no portion of the principal amount of the Memorial Fund shall be ìborrowed,î including any ìtemporary usageî for other parish needs.
3. Emergency Provision:
From the time of this Plan of Operationís adoption, in the event the Treasurer, Vestry Members and or the Rector become aware that Trinity Church may not be able to meet its financial obligations without violating this policy the Treasurer and Senior Warden are required to submit to the Vestry a report including:
o The events surrounding and contributing to the pending violation.
o Estimates of the amount of capital required to meet Trinityís obligations
Before making any emergency withdrawal from the Endowment Fund, the Vestry must first:
o Solicit from the members of the Parish donations to meet the shortfall.
ß Such solicitation is to include at a minimum; notation in the weekly bulletin for at least two weeks, oral announcements made during all church services for at least two weeks.
o Submit to the Vestry and have accepted in the form of a resolution a plan for the repayment to the Memorial Fund any emergency withdrawal.
4. Amendment of these resolutions
Any amendment to these resolutions shall be adopted by a vote of at least two-thirds (2/3) of the membership in good standing of the membership of Trinity Church at a regularly scheduled meeting or at a special meeting called specifically for the purpose of amending these resolutions.
5. Disposition or transfer of Fund
In the event Trinity Church ceases to exist, whether through merger, dissolution, or some other event, disposition or transfer of the Memorial Fund shall be at the discretion of the Vestry in conformity with the approved congregational constitution and in accord with diocesan canons and the Bishop of the Diocese of Rhode Island.
The foregoing resolutions are hereby ADOPTED by the people of Trinity Church this 18th day of