Basic HTML Version
28
Document Section
Original
Revision
equal to 5% of the Net
Asset
Value
of
the
Endowment Fund averaged
over the previous eight
quarters.
paid to the church instead of
the automatic reinvestment of
the distribution. The TOTF
annual distribution rate is
defined in its “Investment Policy
Statement."
A greater amount shall be
distributed if approved by an
affirmative vote of all of the
following:
A. Unanimous vote of the
Vestry
B. Unanimous vote of Board
Members; and
C. A majority of a quorum of the
congregation
The Board may recommend any
proposed expenditure of funds
from the annual disbursement
to the Vestry; however, the
Vestry has sole authority over
the use of the funds. The Vestry
in its sole discretion may
request the Board to evaluate
any proposed expenditure of
Endowment funds to ensure
that the expenditure is
consistent with this Charter.
The final determination of any
such matter shall rest with the
Vestry.
Operations
Distributions from the
Endowment Fund shall be used
to fund purposes of the
Endowment Fund. The Board of
Trustees shall develop and
submit to the Vestry for its
approval a plan for the funding
of specific endeavors, to
include:
(A) Maintenance of the Church
(including capital
acquisitions, improvements and
Distributions from the
Endowment Fund shall be
used to fund purposes of the
Endowment Fund.
A. Longer term expenses of
the Church (including capital
acquisitions, improvements,
renovations and
replacements)
B. Outreach ministries.