St. Chad's Episcopal Church
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St. Chad's Episcopal Church
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Distribution of Funds 
The
distribution Policy of the foundation defines the criteria and conditions
under which distributions may be made by the Board of Directors from the
assets of the Foundation for the long-term benefit of St. Chad's.
The two key
provisions of the policy are that:
 No
distributions from the foundation will be made until or unless the fair market
value of the marketable assets of the Foundation is equal to or greater than
$125,000, and
The
aggregate distributions of funds and property of the Foundation in any
calendar year will not exceed the lower of
50% of the
total annual investment return for the preceding calendar year, or
25% of St.
Chad's annual operating budget for the year in which the distributions are
made.
All
requests for distribution of any funds by the Foundation must originate from a
member of the Board. Also, there is no provision in the By-laws or the
Distribution Policy to allow for the designation of funds for a specific
purpose, including memorials and tributes.
A copy of
either the Distribution Policy or Investment Policy may be obtained from any
member of the Board of Directors of the Foundation.
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St. Chad's Home E-Mail Us: Rector Office Webmaster Site Updated June 29, 2008, Page Updated June 29, 2008 |
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