All Saints Episcopal Church


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Legal title to all moneys and other assets given, granted, devised or bequeathed to Component Funds of The All Saints Permanent Endowment Fund shall be vested in the Church; and the Vestry of the Church shall exercise in respect of such moneys and assets all rights of absolute ownership other than those held by the Trustees pursuant to this Agreement. Without in any way limiting or restricting the generality of the foregoing, the Vestry shall have the power to vote upon all stocks held by it; to unite with other owners of the securities of any corporation in carrying out any plan for the reorganization thereof; to exchange the securities of any corporation for others issued by the same or by any other corporation upon such terms the Trustees shall deem proper; to assent to the consolidation or merger of any corporation whose securities are held by it with any other corporation; to lease by such corporation of substantially all of its property to any other corporation, or to lease by any other corporation of substantially all of its property to such corporation, and upon such consolidation, merger, lease, or similar arrangement; to exchange the securities held by the Trustees for other securities issued in substitution therefore; to borrow or loan money and to make such pledges and mortgages in connection thereof as may be reasonably necessary; to pay all such assessments, expenses, and sums of money as it may deem expedient for the protection of the interest of the Fund as holder of the stocks, bonds, or other securities of any corporation. The term "corporation' as used in this paragraph shall include any other business organization. B. Declination of Gifts. The Vestry of the Church shall have the duty and authority to decline, on behalf of the Church and, The All Saints Permanent Endowment Fund and its Component Funds, any gift, grant, bequest or devise, or any part thereof, made to a Component Fund of The All Saints Permanent Endowment Fund which, in the Vestry's opinion, will not properly serve the purposes thereof. C. Expenditure of Funds. The Vestry of the Church shall have the exclusive power and authority to direct the expenditure of the income and principal of each of the Component Funds of the All Saints Permanent Endowment Fund. (Such authority as to recommendation for expenditure may be delegated by the Vestry to others.) The Vestry may expend, for the uses and purposes of each Component Fund, the entire income available for expenditure as computed using the income ratio. Any Income computed for a particular Component Fund which has not been expended by the end of a calendar year may be added to the principal of that component. In the alternative, unexpended income from one calendar year may be allocated to a later year. Income so allocated shall then be available for distribution in that later year together with all the other net income available for expenditure by that Component Fund in that later year. The Vestry may also expend in any calendar year, for the uses and purposes of any Component Fund (other than the 75th Jubilee Community Fund) in the event of an extraordinary need therefor as determined by the Vestry, such amounts of the principal of such Component Fund as shall not exceed in the aggregate five percent (5%) of the value of the principal of such Fund at the commencement of the calendar year; provided, however, that the Vestry may not so expend amounts of the principal of any Component Fund in more than two (2) successive calendar years; and provided, further, that any amounts of principal so expended shall be returned to the Component Fund out of subsequent investment income within three (3) years from the date of the last invasion. No further invasion of that component shall be made until the restoration of prior invasions have been repaid in full. Each invasion of principal shall first be approved by nine (9) members of the Vestry. In no event may a loan be made from the Endowment if the balance in the Endowment is less than the total of the original contributions to the Endowment less approved withdrawals of these contributions. D. Reports by Vestry. The Vestry shall render to the members of the Church at their Annual Parish Meeting a complete report of the expenditures made or directed to be made from each of the Component Funds of The All Saints Permanent Endowment Fund during the preceding calendar year and of the uses and purposes for which such expenditures were made. If any income has not been expended for a particular Component Fund, the Vestry report shall include an explanation of the intended use of the allocated but unexpended income. Back to Table of Contents Next Page

The Permanent Endowment Fund of All Saints Episcopal Church

Revised as of January 23, 2005

II. Responsibilities of the Vestry of the Church

A. Ownership of Funds.
Legal title to all moneys and other assets given, granted, devised or bequeathed to Component Funds of The All Saints Permanent Endowment Fund shall be vested in the Church; and the Vestry of the Church shall exercise in respect of such moneys and assets all rights of absolute ownership other than those held by the Trustees pursuant to this Agreement. Without in any way limiting or restricting the generality of the foregoing, the Vestry shall have the power to vote upon all stocks held by it; to unite with other owners of the securities of any corporation in carrying out any plan for the reorganization thereof; to exchange the securities of any corporation for others issued by the same or by any other corporation upon such terms the Trustees shall deem proper; to assent to the consolidation or merger of any corporation whose securities are held by it with any other corporation; to lease by such corporation of substantially all of its property to any other corporation, or to lease by any other corporation of substantially all of its property to such corporation, and upon such consolidation, merger, lease, or similar arrangement; to exchange the securities held by the Trustees for other securities issued in substitution therefore; to borrow or loan money and to make such pledges and mortgages in connection thereof as may be reasonably necessary; to pay all such assessments, expenses, and sums of money as it may deem expedient for the protection of the interest of the Fund as holder of the stocks, bonds, or other securities of any corporation. The term "corporation' as used in this paragraph shall include any other business organization.

B. Declination of Gifts.
The Vestry of the Church shall have the duty and authority to decline, on behalf of the Church and, The All Saints Permanent Endowment Fund and its Component Funds, any gift, grant, bequest or devise, or any part thereof, made to a Component Fund of The All Saints Permanent Endowment Fund which, in the Vestry's opinion, will not properly serve the purposes thereof.

C. Expenditure of Funds.
The Vestry of the Church shall have the exclusive power and authority to direct the expenditure of the income and principal of each of the Component Funds of the All Saints Permanent Endowment Fund. (Such authority as to recommendation for expenditure may be delegated by the Vestry to others.) The Vestry may expend, for the uses and purposes of each Component Fund, the entire income available for expenditure as computed using the income ratio. Any Income computed for a particular Component Fund which has not been expended by the end of a calendar year may be added to the principal of that component. In the alternative, unexpended income from one calendar year may be allocated to a later year. Income so allocated shall then be available for distribution in that later year together with all the other net income available for expenditure by that Component Fund in that later year.

The Vestry may also expend in any calendar year, for the uses and purposes of any Component Fund (other than the 75th Jubilee Community Fund) in the event of an extraordinary need therefor as determined by the Vestry, such amounts of the principal of such Component Fund as shall not exceed in the aggregate five percent (5%) of the value of the principal of such Fund at the commencement of the calendar year; provided, however, that the Vestry may not so expend amounts of the principal of any Component Fund in more than two (2) successive calendar years; and provided, further, that any amounts of principal so expended shall be returned to the Component Fund out of subsequent investment income within three (3) years from the date of the last invasion. No further invasion of that component shall be made until the restoration of prior invasions have been repaid in full. Each invasion of principal shall first be approved by nine (9) members of the Vestry.

In no event may a loan be made from the Endowment if the balance in the Endowment is less than the total of the original contributions to the Endowment less approved withdrawals of these contributions.

D. Reports by Vestry.
The Vestry shall render to the members of the Church at their Annual Parish Meeting a complete report of the expenditures made or directed to be made from each of the Component Funds of The All Saints Permanent Endowment Fund during the preceding calendar year and of the uses and purposes for which such expenditures were made. If any income has not been expended for a particular Component Fund, the Vestry report shall include an explanation of the intended use of the allocated but unexpended income.

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