All Saints Episcopal Church


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The Trustees shall formulate and implement continuing programs (1) to make members of the Church and others in the community aware of the existence, structure, goals and activities of The All Saints Permanent Endowment Fund and its Component Funds; (2) to encourage others to make gifts, grants, and bequests to The All Saints Permanent Endowment Fund and its Component Funds; and (3) to acquire by direct and personal solicitation from persons of wealth and persons of modest means alike and from large and small entities, such sums of money and other assets as will enable The All Saints Permanent Endowment Fund and its Component Funds to meet the needs which have given rise to their creation or such needs as have been recently identified by the Vestry. B. Acknowledgement of Gifts. The Trustees shall publicly acknowledge those persons and entities that have made gifts and shall maintain a permanent record of such persons. C. Management of Funds. The Trustees shall have the control and direction of the investment and reinvestment of any and all moneys and other assets received and accepted into each Component Fund of the All Saints Permanent Endowment Fund. In carrying out these duties, the Trustee shall be guided by investments which a prudent person would make in investing his or her own property, having in view the preservation of the Fund and the amount and regularity of the income sought to be derived. In extension of the common law and statutory investment powers of fiduciaries (FS 518.11), the Trustees shall have the following powers: 1. Right of Retention. To retain any and all property, real or personal, which may come into a Component Fund in the form and condition in which it may be, notwithstanding the same be not a lawful investment for trust funds under the laws of the State of Florida; or, if they shall deem it advisable, from time to time, to sell, exchange, mortgage, lease, or otherwise dispose of any or all such property, and to execute and deliver any and all such instruments of conveyance or otherwise as the Trustees, in their discretion, deem necessary or proper to effect any of the uses and purposes of such Fund. 2. Duty of Inquiry. No purchaser of any securities or property sold or otherwise disposed of by the Trustees, and no transfer agent or other transferor of security, shall be bound to ascertain or inquire into the necessity or propriety of any such disposition, or shall be bound to see to the application of the purchase money paid thereon, and the receipts or receipt in writing of the Trustees for the purchase money of any property sold or for any moneys, stocks, funds, shares, or securities which may be paid or transferred to them shall effectually discharge the purchaser or purchasers or other person or persons paying or transferring the same therefrom or from being answerable for the application or misapplication thereof. 3. Right of Extension. To consent to the extension, refunding or renewal of any such securities and to the extension or renewal of any mortgage or lien securing the same. 4. Right of Conveyance. To make, execute, and deliver all proper receipts, bills of sale, conveyances, assignments, transfers, powers of attorney and agreements as the Trustees shall deem best in the management and control of the securities and property constituting a Component Fund. 5. Right to Apportion. To apportion any losses to principal or income as the Trustees shall deem best, with full power to decide all questions as to what is income and what is principal, and to decide whether securities or investments are wasting securities or investments. 6. Duty to Set Aside. To refrain, in their discretion, from setting aside any part of the income received from securities taken or purchased as part of a Component Fund at a premium as a sinking fund to amortize such premium. 7. Vestry Review. In making investment and reinvestment decisions in accordance with the aforesaid standards and powers, the Trustees shall be vested with broad discretion, subject only to Vestry Review. In carrying out its investment functions, the Trustees may delegate some or all of its duties to other agents subject to the provisions and limitations of this instrument and subject to monitoring by the Trustees of any agent's recommendations. D. Accounts and Reports. The Trustees shall cause to be entered regularly in books kept for that purpose a full and complete account of all moneys and other assets received by each of the Component Funds of The All Saints Permanent Endowment Fund of the investment and reinvestment thereof, of the income earned thereon, and of moneys expended therefrom. The Trustees shall render to the Vestry a detailed report of their accounts and actions in these regards for each semi-annual calendar period ended June 30 and December 31, and shall include in each such report a separate statement of the amount of accumulated but unexpended income in each Component Fund as of the end of such period. The Trustees shall also provide to the Vestry such other reports of their accounts and actions as the Vestry may request from time to time. Back to Table of Contents Next Page

The Permanent Endowment Fund of All Saints Episcopal Church

Revised as of January 23, 2005

IV. Responsibilities of the Trustees

A. Solicitation of Gifts.
The Trustees shall formulate and implement continuing programs (1) to make members of the Church and others in the community aware of the existence, structure, goals and activities of The All Saints Permanent Endowment Fund and its Component Funds; (2) to encourage others to make gifts, grants, and bequests to The All Saints Permanent Endowment Fund and its Component Funds; and (3) to acquire by direct and personal solicitation from persons of wealth and persons of modest means alike and from large and small entities, such sums of money and other assets as will enable The All Saints Permanent Endowment Fund and its Component Funds to meet the needs which have given rise to their creation or such needs as have been recently identified by the Vestry.

B. Acknowledgement of Gifts.
The Trustees shall publicly acknowledge those persons and entities that have made gifts and shall maintain a permanent record of such persons.
C. Management of Funds.
The Trustees shall have the control and direction of the investment and reinvestment of any and all moneys and other assets received and accepted into each Component Fund of the All Saints Permanent Endowment Fund. In carrying out these duties, the Trustee shall be guided by investments which a prudent person would make in investing his or her own property, having in view the preservation of the Fund and the amount and regularity of the income sought to be derived. In extension of the common law and statutory investment powers of fiduciaries (FS 518.11), the Trustees shall have the following powers:
1. Right of Retention.
To retain any and all property, real or personal, which may come into a Component Fund in the form and condition in which it may be, notwithstanding the same be not a lawful investment for trust funds under the laws of the State of Florida; or, if they shall deem it advisable, from time to time, to sell, exchange, mortgage, lease, or otherwise dispose of any or all such property, and to execute and deliver any and all such instruments of conveyance or otherwise as the Trustees, in their discretion, deem necessary or proper to effect any of the uses and purposes of such Fund.

2. Duty of Inquiry.
No purchaser of any securities or property sold or otherwise disposed of by the Trustees, and no transfer agent or other transferor of security, shall be bound to ascertain or inquire into the necessity or propriety of any such disposition, or shall be bound to see to the application of the purchase money paid thereon, and the receipts or receipt in writing of the Trustees for the purchase money of any property sold or for any moneys, stocks, funds, shares, or securities which may be paid or transferred to them shall effectually discharge the purchaser or purchasers or other person or persons paying or transferring the same therefrom or from being answerable for the application or misapplication thereof.

3. Right of Extension.
To consent to the extension, refunding or renewal of any such securities and to the extension or renewal of any mortgage or lien securing the same.

4. Right of Conveyance.
To make, execute, and deliver all proper receipts, bills of sale, conveyances, assignments, transfers, powers of attorney and agreements as the Trustees shall deem best in the management and control of the securities and property constituting a Component Fund.

5. Right to Apportion.
To apportion any losses to principal or income as the Trustees shall deem best, with full power to decide all questions as to what is income and what is principal, and to decide whether securities or investments are wasting securities or investments.

6. Duty to Set Aside.
To refrain, in their discretion, from setting aside any part of the income received from securities taken or purchased as part of a Component Fund at a premium as a sinking fund to amortize such premium.

7. Vestry Review. In making investment and reinvestment decisions in accordance with the aforesaid standards and powers, the Trustees shall be vested with broad discretion, subject only to Vestry Review. In carrying out its investment functions, the Trustees may delegate some or all of its duties to other agents subject to the provisions and limitations of this instrument and subject to monitoring by the Trustees of any agent's recommendations.

D. Accounts and Reports.
The Trustees shall cause to be entered regularly in books kept for that purpose a full and complete account of all moneys and other assets received by each of the Component Funds of The All Saints Permanent Endowment Fund of the investment and reinvestment thereof, of the income earned thereon, and of moneys expended therefrom. The Trustees shall render to the Vestry a detailed report of their accounts and actions in these regards for each semi-annual calendar period ended June 30 and December 31, and shall include in each such report a separate statement of the amount of accumulated but unexpended income in each Component Fund as of the end of such period. The Trustees shall also provide to the Vestry such other reports of their accounts and actions as the Vestry may request from time to time.

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