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St. Peter's Endowment Fund - Revisions
Document Section
Original
Revision
Purposes of the Endowment
Fund
Any distribution of the
principal of the trust may only
be used for outreach
ministries; additions and
capital improvements to the
buildings and properties of the
Parish; and to acquire other
properties for the purposes of
the Parish.
Any distribution of the
principal of the trust may
only be used for outreach
ministries or longer term
expenses of the Church
(including capital
acquisitions,
improvements,
renovations and
replacements).
Governance and Administration
The Endowment Fund is
managed by a Board of
Trustees consisting of three
members appointed by a
majority vote of the Vestry. To
serve on the Board of Trustees,
a person must be an active,
confirmed communicant of the
Parish.
The
initial
three
members of the Board of
Trustees shall be appointed by
majority vote of the Vestry. The
initial terms shall be (1) five
year term, (1) four year term,
and (1) three year term.
Thereafter,
the
Board
members shall serve five year
terms, remaining in office
unless they resign; leave the
parish; have failed to attend
meetings
with
acceptable
regularity (at least fifty percent
of meetings per year); or
are deceased.
The Endowment Fund is
managed by a Board of Trustees
consisting of three members
appointed by a majority vote of
the Vestry and who will serve
an initial 1, 2 or 3 year terms
based on the Vestry's
appointment. Thereafter, the
Board members shall serve
three year terms.
Governance and Administration
The Board of Trustees shall
designate one member of the
Board of Trustees as its Chair.
The Chair shall be responsible
for calling and chairing meetings
of the Board of Trustees,
The Board of Trustees shall
designate one member of the
Board of Trustees as its Chair
who will call meetings, and
report the Board's activities to
the Vestry and Congregation.