Disposition of Bequests Policy
This policy statement governs the disposition of bequests which, for purposes of this statement, will mean any type of gift in which the assets are transferred upon the death of the donor. The assets may be in any form, such as cash, securities, personal property, real property, etc.
The bequest may identify the beneficiary in one of two general ways: St. Boniface of Guilderland, NY Episcopal Church of the Episcopal Diocese of Albany, NY or some other wording such as St. Boniface of Guilderland, NY Church, Guilderland, NY; or The Endowment Fund of St. Boniface of Guilderland, NY Episcopal Church or similar wording.
Bequests with St. Boniface of Guilderland, NY Episcopal Church as beneficiary can be of two general types:
a. Restricted: The donor has identified a specific purpose(s) to which the funds should be directed. The Vestry will guarantee that the use(s) to which those funds are applied is faithful to the donor's wishes. The funds may be directed to their designated purpose(s) either as an endowment, in which case they normally would become a designated fund within the Endowment Fund, or by direct expenditure of the funds through the Treasurer of the Parish.
b. Unrestricted: The expectation is that such a bequest will be transferred to the Endowment Fund. Such transfers are intended to be held in perpetuity. This policy specifically acknowledges that from time to time truly extraordinary needs of the parish may arise to necessitate an exception to this policy.
In such instances the following procedure will apply:
The Rector and Senior Warden of the Parish will assess the particular circumstances giving rise to a perceived need to make an exception to the policy. Such circumstances should be judged to be truly extraordinary and that no other financial resources of the Parish are available or are expected to become available in time to fulfill the urgent need. If an exception is deemed appropriate, the Rector and Senior Warden will make a recommendation. Final authority for granting such an exception to the policy will rest with the Vestry.
Bequests designating the Endowment Fund as beneficiary are automatically transferred to the Endowment Fund upon receipt. If the bequest was given for a designated purpose, then the value of the assets will be applied to establish a designated fund of the Endowment Fund, as provided for in a separate policy. If the bequest to the Endowment Fund is otherwise undesignated, the assets will be directed to that portion of the corpus of the Endowment Fund where earnings are unrestricted.
