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.
Page updated April 10, 2010