All Saints Episcopal Church


worship services find us about us clergy and staff mission vision goals history contact us news & events special events weekly bulletin newsletter monthly calendar ordo calendar photo gallery ministries children hispanic music neighborhood outreach pastoral care spiritual life worship sacraments preparing for baptism planning a wedding planning a funeral episcopal church women membership stewardship administration vestry new building project finances by-laws permanent endowment committees communications links home 333 Tarpon Drive Fort Lauderdale Florida 33301 954-467-6496	The Permanent Endowment Fund of All Saints Episcopal Church Revised as of January 23, 2005 The Vestry of All Saints Episcopal Church of Fort Lauderdale, Florida hereby adopts The All Saints Permanent Endowment Fund. The Fund will consist of five (5) separate Component Funds in order to better carry out the parish's mission. I. Composition of the Permanent Endowment Fund A. Five Component Funds There shall be five Component Funds in The All Saints Permanent Endowment Fund. The uses and purposes for which the moneys and assets of each such Fund shall be expended are described generally hereinafter. The Vestry of the Church, in directing expenditures pursuant to the provisions of this Agreement, shall have broad discretion to identify specific needs as they arise and evolve over time without in any way enlarging or extending the general description of the Component Funds. B. Income Ratio At the beginning of each calendar year, each Component Fund shall compute an income percentage based on the dollar ratio that particular component bears to the total dollar value of the Permanent Fund. The percentage thus obtained shall then be used for the determination and assignment of income available for expenditure by that Component Fund during the calendar year. Thus, for example, if the Jubilee Component Fund ratio to the Permanent Fund is 20%; then 20% of the total income generated by the Permanent Fund in that calendar year shall be available to the Jubilee Component for expenditure. C. Total Return The term "income" as used in the Endowment Agreement shall be defined as an amount set by the Vestry annually not to exceed five percent (5%) of the average market value of the Permanent Endowment fluid on December 31 for the prior three (3) years. The foregoing percentage, once determined, shall apply to all component finds of the endowment except the 75th Jubilee Community Fund component. The foregoing also shall not be interpreted to change any of the provisions in the endowment document, as originally adopted, regarding the 75th Jubilee Community Fund. D. New Gifts In the event that any new gift is received by the Permanent Fund in excess of 15% of its total principal between January 1st and June 30th of any year, then the income percentages for all components shall be recalculated and shall control for the balance of that calendar year after the date of the gift. (prior to that date the old percentages shall control). If a gift in excess of Fifteen (15%) Percent of the total principal of the Permanent Fund is received subsequent to June 30, then none of the percentages shall be changed until the beginning of the next calendar year. Similarly, if a gift totaling less than Fifteen (15%) Percent of the principal of the Permanent Fund is received at any time during the calendar year, no changes in the income percentages of any Component Fund shall be made until the beginning of the next calendar year. E. Donor Designation Any donor or maker of any gift to the Permanent Endowment Fund may designate which component such donor or maker desires to receive such gift. In the event a gift shall be received without the donor designating a specific component, then such proceeds shall be added to the Unrestricted Fund Component. F. Component Funds Description 1. Unrestrictcd Fund. Income expenditures from this Fund shall be made for such uses and purposes (including, without limitation, the uses and purposes of any other Component Fund of The All Saints Permanent Endowment Fund) as will, in the judgement of the Vestry, most effectively assist, encourage and promote the overall purpose of the Church, as set forth in its Articles and By-laws, and the well being of the Church and its members. 2. Building and Grounds Fund. Income expenditures from this Fund shall be used for the capital improvement, expansion and construction of Church properties. 3. Ministry and Music Fund Income expenditures from this Fund shall be used to support the Ministry of all persons, lay and ordained, and to fund special extra-budgetary programs that afford spiritual and musical support to the people of the Church and the community. 4. 75th Jubilee Community Fund Income expenditures from this Fund shall be used to do God's work for those other than ourselves and to enhance the mission outreach of the Church. A minimum of twenty-five percent (25%) of the net income attributable to this Fund shall be expended each year. With approval by the Vestry, income also may be allocated, even though not actually disbursed in the year in which such allocation is made. (Income so allocated shall then be available for distribution in a later year, together with all the net income attributable to the Jubilee Fund in that later year.) Any net income not distributed or allocated in a given year shall be added to the Jubilee Fund principal. In no event shall there be an invasion of Fund principal, nor shall income or principal from this Fund be diverted into any of the other Component Funds. 5. Christian Education Fund Income expenditures from this Fund shall be used to support special Christian education, events or programs for persons of all ages. Back to Table of Contents Next Page

The Permanent Endowment Fund of All Saints Episcopal Church

Revised as of January 23, 2005

The Vestry of All Saints Episcopal Church of Fort Lauderdale, Florida hereby adopts The All Saints Permanent Endowment Fund. The Fund will consist of five (5) separate Component Funds in order to better carry out the parish's mission.

I. Composition of the Permanent Endowment Fund

A. Five Component Funds
There shall be five Component Funds in The All Saints Permanent Endowment Fund. The uses and purposes for which the moneys and assets of each such Fund shall be expended are described generally hereinafter. The Vestry of the Church, in directing expenditures pursuant to the provisions of this Agreement, shall have broad discretion to identify specific needs as they arise and evolve over time without in any way enlarging or extending the general description of the Component Funds.

B. Income Ratio
At the beginning of each calendar year, each Component Fund shall compute an income percentage based on the dollar ratio that particular component bears to the total dollar value of the Permanent Fund. The percentage thus obtained shall then be used for the determination and assignment of income available for expenditure by that Component Fund during the calendar year. Thus, for example, if the Jubilee Component Fund ratio to the Permanent Fund is 20%; then 20% of the total income generated by the Permanent Fund in that calendar year shall be available to the Jubilee Component for expenditure.

C. Total Return
The term "income" as used in the Endowment Agreement shall be defined as an amount set by the Vestry annually not to exceed five percent (5%) of the average market value of the Permanent Endowment fluid on December 31 for the prior three (3) years.

The foregoing percentage, once determined, shall apply to all component finds of the endowment except the 75th Jubilee Community Fund component. The foregoing also shall not be interpreted to change any of the provisions in the endowment document, as originally adopted, regarding the 75th Jubilee Community Fund.

D. New Gifts
In the event that any new gift is received by the Permanent Fund in excess of 15% of its total principal between January 1st and June 30th of any year, then the income percentages for all components shall be recalculated and shall control for the balance of that calendar year after the date of the gift. (prior to that date the old percentages shall control). If a gift in excess of Fifteen (15%) Percent of the total principal of the Permanent Fund is received subsequent to June 30, then none of the percentages shall be changed until the beginning of the next calendar year. Similarly, if a gift totaling less than Fifteen (15%) Percent of the principal of the Permanent Fund is received at any time during the calendar year, no changes in the income percentages of any Component Fund shall be made until the beginning of the next calendar year.

E. Donor Designation
Any donor or maker of any gift to the Permanent Endowment Fund may designate which component such donor or maker desires to receive such gift. In the event a gift shall be received without the donor designating a specific component, then such proceeds shall be added to the Unrestricted Fund Component.

F. Component Funds Description

1. Unrestrictcd Fund.
Income expenditures from this Fund shall be made for such uses and purposes (including, without limitation, the uses and purposes of any other Component Fund of The All Saints Permanent Endowment Fund) as will, in the judgement of the Vestry, most effectively assist, encourage and promote the overall purpose of the Church, as set forth in its Articles and By-laws, and the well being of the Church and its members.

2. Building and Grounds Fund.
Income expenditures from this Fund shall be used for the capital improvement, expansion and construction of Church properties.

3. Ministry and Music Fund Income expenditures from this Fund shall be used to support the Ministry of all persons, lay and ordained, and to fund special extra-budgetary programs that afford spiritual and musical support to the people of the Church and the community.

4. 75th Jubilee Community Fund Income expenditures from this Fund shall be used to do God's work for those other than ourselves and to enhance the mission outreach of the Church. A minimum of twenty-five percent (25%) of the net income attributable to this Fund shall be expended each year. With approval by the Vestry, income also may be allocated, even though not actually disbursed in the year in which such allocation is made. (Income so allocated shall then be available for distribution in a later year, together with all the net income attributable to the Jubilee Fund in that later year.) Any net income not distributed or allocated in a given year shall be added to the Jubilee Fund principal. In no event shall there be an invasion of Fund principal, nor shall income or principal from this Fund be diverted into any of the other Component Funds.

5. Christian Education Fund Income expenditures from this Fund shall be used to support special Christian education, events or programs for persons of all ages.

Back to Table of Contents

Next Page