Memorial Funds

St. Paul’s Episcopal Church

Columbus, Indiana

July 19, 2005

ESTABLISHED FUNDS & MEMORIALS

 

Individuals and organizations may make special offerings to the parish for the general use of the parish or for inclusion in an established fund.  The Vestry, by transfer of undesignated receipts of the parish, may also make similar contributions to an established fund.

 

Such contributions, if desired, may be made as a memorial.  A memorial book will be maintained by the Parish Administrator, Treasurer, and Assistant Treasurer to show the date of the contribution, the name of the donor, the name of the person(s) to be remembered, and the designated fund and specific use, if any.  Unless otherwise specified, memorial contributions will be included in the general receipts of the parish.

 

Contributions to an established fund will be held by the Treasurer and Assistant Treasurer and will be invested in an appropriate interest or dividend-earning account, as may be determined by the Finance Committee of the Vestry.

 

The following funds are established within the financial structure of St. Paul’s Episcopal Church:

 

  1. THE CAPITAL / MAINTENANCE FUND

 

The fund is established to provide a reserve designated for capital improvements to the physical assets of the parish.  Undesignated principal and all earnings of the fund may be used for such improvements at the discretion of the Vestry.

 

  1. THE BUILDING FUND

 

The fund is established to provide either for the reserve of funds for future building renovation projects or for the retirement of debt related to previous building projects.  Undesignated principal and all earnings of the fund may be used for such improvements or debt reduction at the discretion of the Vestry.

 

  1. THE COLUMBARIUM FUND

 

The fund is established to provide for the future establishment of a columbarium at St. Paul’s Columbus and for any retirement of debt related to this project.  Undesignated principal and all earnings of the fund may be used for such improvements or debt reduction at the discretion of the Vestry.

 

 

  1. THE WAYCROSS SCHOLARSHIP FUND

 

The fund is established to provide scholarship assistance to parish members wishing to participate in functions at WAYCROSS.  Undesignated principal and all earnings of the fund may be used for such financial scholarship assistance at the discretion of the Vestry.

 

  1. THE FLOWER FUND

 

The fund is established to provide funds for beautification, in the form of flowers or plants, of the altar and various garden areas of the church grounds.  Undesignated principal and all earnings of the fund may be used for such financial assistance at the discretion of the Vestry.

 

 

  1. THE MUSIC & EDUCATION ENDOWMENT FUND

 

This fund is established to provide a permanent reserve of which the earnings may be used for the special educational use of the parish or for special purpose music and/or musical related items.  Earnings of the Fund, but not the principal amount may be used for expenditures, at the discretion of the Vestry.

 

  1. MISCELLANEOUS RESTRICTED FUNDS – FISH, Bishop’s Discretionary, UTO, EFHN, etc.

 

This fund is established to provide a temporary holding of the accumulation of the various misc. restricted funds, such as the ones named above, until the funds can be remitted to the various beneficiary / organizations originally designated at the time of the gift.  The funds shall be remitted no later than the end of the following month or the original gift, ie any receipts in July would be remitted no later than August 31.  The above listing is just an example of the type of misc. restricted contributions and is not meant to exclude any of the various types of gifts to be received.

 

  1. THE MEMORIAL FUND

 

St. Paul’s Memorial Fund is established as a means whereby persons or organizations may make special offering to the parish in memory of a deceased person or as a gift of Thanksgiving for a particular event, occurrence, or person(s).  A record of all contributions to the Memorial Fund is maintained by the Parish Administrator, Treasurer, or Assistant Treasurer in a Book of Remembrance, which is to be displayed in a case in the rear of the church nave.

 

 

Disbursements from the Memorial Fund are approved by the Vestry for the purchase of specific items or services for use in the parish as determined by the Vestry.  The Memorials committee is appointed by the Vestry to administer the Memorial fund and to establish and maintain the “Available Memorials List” of appropriate gifts or services to be obtained through the fund.  The Memorials committee will function as a sub-committee of the building committee, if there is one, and under the direction of the Building Committee Chairman.  If the is no Building Committee, the Memorials Committee will report directly to the Vestry.

 

When all of the offerings in memory of an individual or in thanksgiving of a particular event, occurrence, or person(s) total $250 or more, the Memorials Committee will consult with the donor or family of the individual to be remembered, as appropriate, prior to making a recommendation to the Vestry for the use of the offering.

 

When the total offering received or the remainder of the offering disbursed for a specific memorial or gift total less than $250, they will become a part of the general Memorial Fund and will be used at the discretion of the Vestry as recommended by the Memorials Committee.

 

The Memorials Committee with suggestions from other parish committees and groups will identify items that are suitable for memorials that are needed by the parish.  The committee will attempt to establish the cost of such an item including installation or construction costs.  The suggested item and its cost will be presented for Vestry approval for inclusion on the “Available Memorials List”.  When several items on the list are in the same general price range, the Vestry will establish a priority for their acquisition.

 

When a donor wishes to contribute toward a memorial or wishes to purchase an entire memorial, the committee will attempt to match the donor’s gift with an item on the “Approved Memorial List”.   If the donor insists upon contributing funds toward an item not on the list, the committee shall make a report of the offer to the Vestry, which will then decide upon a course of action.  If the donor selects an item from the approved list, the committee is empowered to accept the gift without further consultation of the Vestry.

 

Memorial items that cost over $250 may have the contributor identified on the item, or on a suitable memorials plaque.  On larger memorials, which require a number of individual gifts for their purchase, only donors who each contributed $250 or more of the cost may be identified on the item or plaque; however, all donors will be identified in the Book of Remembrance.

 

 

From time to time the Vestry may determine that it is in the best interest of the parish to establish a separate memorial sub-fund for a specific item or objective.  When such a specific sub-fund is established all contributions to that fund will be retained solely for the stated item or objective.  At any time after five years, if the stated item or objective has not been obtained, the Vestry may reevaluate the purpose of the sub-fund to determine if the funds should be used for another memorial or capital improvement.  If this situation occurs, contributors of record will be consulted (if at all possible) in determining a new use of their donation.

 

The Vestry may refuse any contribution to the Memorials Fund that it deems to have come from a questionable or inappropriate source.  The Vestry may also refuse any contributions, which have been given in memory of, or in thanksgiving for a particular event, occurrence, or person(s) that the Vestry determines is inconsistent with the aims of the church.

 

Any amounts existing in the Memorials Fund will be subject to this policy at the time of its adoption.

 

The Vestry will decide all questions concerning the interpretation or effect of this policy.