Allocations of funds available for distribution will be made in two general ways:
Upon written request of the Vestry, and with the approval of the Board of the Legacy Fund, funds may be transferred to the parish treasurer for those uses which conform to the purposes and restrictions incorporated in the enabling resolution adopted by the Vestry on July 13, 2005.
As set forth in this enabling Vestry resolution, the Board of the Legacy Fund may obligate moneies for general expenses incident to the management and administration of the Fund. Extraordinary initiatives contemplated by the Board to be undertaken for Legacy Fund development will be approved by the Vestry before implementation.
Expendable funds will be determined on the basis of a total return principle and will not be dependent upon income generated through interest or dividends. The funds available for distribution during any one year will be limited to a percentage of the market value of the corpus that is based on a three-year rolling average with measures taken at the end of each of the preceding twelve quarters. The market value for this purpose will be taken net of the fees for investment management. All other expenditures, whether in categories 1) or 2) above, will be taken from funds available for distribution.
The percentage of the corpus to be made available shall be determined each year by the Board of the Legacy Fund. In so doing, market performance of the portfolio will be an important consideration. However, it will be the goal of the Board to grow, or at least maintain, the purchasing power of the Fund, taking inflationary effects into account.
Any unexpended funds from those available for distribution in a given year will be accrued and will continue to be considered "available for distribution" in subsequent years, unless otherwise designated by action of the Board of the Legacy Fund, with the approval of the Vestry.
Adopted by action of the Board of the Legacy Fund of The Church of the Resurrection this 13th day of July in 2005.