A separate and designated fund of the Legacy Fund may be established for gifts in the amount of $15,000 or more. These assets are merged with other assets of the Legacy Fund for investment purposes, but the identity and designated purpose of each fund is preserved individually.
The fund is established effective the last day of the quarter in which the gift is received. The value is determined either by the actual value, if received by the Legacy Fund in cash, or the market value of the assets determined on the date the fund is established.
Income, realized gains or losses, and unrealized gains or losses are allocated quarterly to each fund based on its market value relative to the total market value of the Legacy Fund at the end of the previous quarter. New gifts are then added and withdrawals are subtracted to arrive at the new value of the designated funds on the last day of the quarter.
The funds made available for expenditure, under the formula defined in the Allocations Policy, are limited to the purposes specified in the designation. Unless otherwise restricted by the donor, the Vestry, or the Board of the Legacy Fund, any available but unspent funds remain in the fund and are available for expenditure in subsequent years, as stipulated in the Allocations Policy. These unspent funds increase the total market value of the designated fund and continue to accrue earnings until expended.
The Legacy Fund Board may agree to establish an individual fund with a lesser amount than $15,000, with the assurance of the donor(s) that the fund will be added to over time and that the $15,000 minimum level will be reached in a reasonable time. Until such time as the minimum level is reached and a designated fund is established, no earnings will be available for expenditure. The portion of the earnings attributed to that fund will be accrued and become part of the corpus to more readily move the fund to the $15,000 minimum level.
Adopted by action of the Legacy Fund Board of the Church of the Resurrection this 13th day of July in 2005.