This policy statement governs the disposition of bequests which, for the 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:
- "Church of the Resurrection of the Episcopal Diocese of California" or some other wording such as, "Church of the Resurrection, 399 Gregory, Pleasant Hill, CA 94523."
"The Legacy Fund of the Church of the Resurrection" or similar wording.
Bequests with "Church of the Resurrection" as beneficiary can be of two general types:
"Designated" in which the donor has identified a specific purpose(s) to which the funds should be directed. The Board has ultimate responsibility to determine 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 a Legacy (in which case they normally would be established as a designated fund of the Parish Legacy Fund) or with the appropriate consultation with the Vestry by direct expenditure of the funds through the Treasurer of the Parish.
"Undesignated" in which case the Board has greater freedom in determining their ultimate use, though the expectation is that such a bequest would be transferred at the earliest practicable time to the Legacy Fund. Such transfers, once made, are intended to be held in perpetuity. This policy specifically acknowledges, however, that from time to time urgent needs of the parish may arise to necessitate an exception to this policy.
In such undesignated instances the following procedures will apply:
The Rector 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 by the Rector to be truly extraordinary and that no other financial resources of the Parish are available or are expected to be available in time to fulfill the urgent needs. If the Rector concludes that an exception is appropriate, the Rector will bring a recommendation to the Board and the Vestry at the earliest practicable time.
Final authority for granting such an exception to policy will rest with the Board and the Vestry.
Bequests designating the Parish Legacy Fund as beneficiary are automatically transferred to the Legacy 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 Legacy Fund, as provided for in a separate policy, and the earnings made available for use for that designated purpose only. If the bequest to the Legacy Fund is otherwise undesignated, the assets will be directed to that portion of the corpus of the Legacy Fund whose earnings are unrestricted.
The procedure for handling bequests begins with the Treasurer of the parish, who will see that any cash is immediately deposited and held in the bank pending a decision regarding the final disposition of the bequest. The Treasurer will prepare copies of relevant documents and distribute them to the relevant officers of the Parish, including the Rector, the Senior Warden, the Finance Committee, and the Chair of the Board of the Legacy Fund. A decision regarding the liquidation of securities will not be made until it is determined whether those assets are to be directed to the Legacy Fund, in which case the certificates will be given to the Investment Manager of the Fund to be held or sold, which decision will be made on portfolio considerations. Otherwise the liquidation of securities will be handled according to the normal practices of the Treasurer of the Parish. The method, timing, agent, etc. for the liquidation of other assets (such as real estate or personal property) will be decided by the Board.
Appropriate acknowledgements of bequests will be given by the Rector and the Chair of the Board of the Legacy Fund.
Adopted by action of the Board of the Legacy Fund of the Church of the Resurrection this 13th day of July in 2005.