St. Alban s Episcopal Church. Policy for Gifts & Endowments. Final

Transcription

1 St. Alban s Episcopal Church Policy for Gifts & Endowments Final Approved on: 17 March 2009

2 TABLE OF CONTENTS 1. Preamble 4 2. Purpose 4 3. Gift Administration & Evaluation Evaluation of Gifts Gift Policy Updates 5 4. Types of Gifts Accepted by St. Alban s Church Unrestricted Gifts Restricted Gifts Memorial Gifts Cash Gifts Property Gifts Securities Mortgages & Notes Insurance Gifts-in-Kind Real Estate Charitable Planned Gifts Bequest by Will or Trust Pooled Income Fund Gift Annuity Charitable Remainder Trusts Charitable Lead Trust Life Estate Agreement Payable on Death Note (Retirement Plans and Other Assets): Endowments Endowments Fund Types Permanent Endowment Funds Temporary Endowment Funds Quasi-Endowment Funds The St. Alban s Episcopal Church Permanent Unrestricted Endowment Allocation of Annual Earnings Invasion of Principal The St. Alban s Episcopal Church s Permanent Restricted Endowment Allocation of Annual Earnings Invasion of Principal St. Alban s Episcopal Church s Quasi Endowment Allocation of Annual Earnings Invasion of Principal Transfer of Endowments if St. Alban s Episcopal Church Ceases to Exist Investment Management 15 Printed on: 3/23/2009 Page 2 of 18

3 This page intentionally left blank. Printed on: 3/23/2009 Page 3 of 18

4 1. Preamble Our mission statement, St. Alban s is called to be a vibrant, Christ centered community witnessing God s love for all people through worship, education, outreach, pastoral care, and stewardship. reminds us that God calls us to live our lives as Christians, not just as individuals, but as a community part of the larger body of Christ. We are called to witness God s love for people everywhere nearby and afar. We believe God does not want us ever to be comfortable and complacent, but rather to be vibrant, vigorous, lively and vital. Of these disciplines, it is the stewardship of our time, talents, and treasures by which our corporate worship is made possible. Christian stewardship begins with God s invitation to give. We must conserve, develop and distribute the gifts He has given to all people. As Christians we believe in the Scriptural principles of giving, including proportionate giving. We believe that returning to the Lord a portion of the gifts He has first given us is both a privilege and an appropriate response in all times and circumstances. St. Alban s Episcopal Church, as part of the Holy Catholic and Apostolic Church dedicated to communicating the unfailing love of God and promoting love of neighbor has established a permanent endowment fund to sustain its work and mission. This fund consists of a permanent corpus of resources originating from the gifts of faithful church members and friends of the Church. The vision of the future toward which God calls us forms the basis of that mission. The use of endowment funds assists the congregation in pursuing its mission toward the vision of God s coming kingdom. Hence, St. Alban s Church encourages its members and friends to include endowment giving as part of their lifetime stewardship plans. 2. Purpose The following policy and procedures provide guidelines related to all gifts received by St. Alban s Church for immediate use and for addition to its Endowment including: The what types of gifts that may be accepted The establishment and use of endowed funds The management and administration of both current and endowed funds The stewardship of donors. The intent of the comprehensive policy is to Protect and honor donors Printed on: 3/23/2009 Page 4 of 18

5 Ensure that all gifts to St. Alban s are beneficial to the church and its ministries Provide an efficient and consistent administration of gifts 3. Gift Administration & Evaluation Non-cash gifts and restricted gifts must be approved by the Vestry, but may be received by the Rector or others authorized by the Rector, subject to final vestry approval. Gifts that possibly require liquidation after acceptance, (e.g., all property gifts), will be referred to the Finance Committee for appropriate action. All donor information will be treated as confidential, including, but not limited to gift amounts, demographic and family information. All donors will receive gift acknowledgements, receipts, and other appropriate documentation Evaluation of Gifts The Vestry may appoint an ad-hoc committee to evaluate any gift offered to St. Alban s in advance of formal acceptance. This may especially apply to gifts of real property or any gifts that may present potential risks, losses, or liabilities for the Church. The Vestry has the authority to accept or decline all gifts offered to St. Alban s Church. At a minimum, the ad-hoc committee will have the following membership: Rector Senior or Junior Warden (based upon availability) One other vestry member Chair of the Finance Committee (or his or her designee) Chair of the Stewardship Committee (or his or her designee) Treasurer (or designee) Subject matter experts as deemed necessary by the Vestry 3.2. Gift Policy Updates The Gift and Endowment Policy will be reviewed every three years by the Stewardship Committee, and it will make recommendations for revisions by the Vestry. 4. Types of Gifts Accepted by St. Alban s Church St. Alban s Church encourages gifts in support of its current mission and ministries and its endowments. Immediate, outright gifts, as well as gifts conveyed through wills, trusts, or other planned gift vehicles are welcomed. The Vestry has the authority to accept or decline all gifts offered to St. Alban s Church. All actions to hold, sell, exchange, rent, lease, transfer, convert, invest and in all other respects to manage and Printed on: 3/23/2009 Page 5 of 18

6 control gifts conveyed to St. Alban s Church will be the responsibility of the Vestry in accordance with the Church s Gift and Endowment Policy and other applicable policies. The types of gifts are: Unrestricted Gifts Restricted Gifts Memorial Gifts Cash Gifts Property Gifts Charitable Planned Gifts 4.1. Unrestricted Gifts Unrestricted gifts have no specific purpose attached to them by the donor except that they shall be used to advance the mission of St. Alban s Church. The Vestry has final authority over how unrestricted gifts will be used. All unrestricted gifts received through bequests, (e.g., wills or trusts), or as a result of charitable planned gifts will be added to the permanent endowment. All unrestricted gifts received through bequests, (e.g., wills or trusts), or as a result of charitable planned gifts will be added to one of or a combination of the five (5) permanent endowment funds at the Vestry s discretion. An example of an unrestricted gift is: I bequeath $100,000 to St. Alban s Episcopal Church. NOTE: All gifts received in direct response to the St. Alban s annual pledge campaign will always be considered unrestricted and earmarked for the annual operating budget Restricted Gifts A restricted gift is one that is assigned a specific purpose by the donor. Restrictions may include an endowed gift or a gift for one of the current ministries of the church to include: Worship Education Outreach Pastoral Care Stewardship Printed on: 3/23/2009 Page 6 of 18

7 A list of preferred, restricted gift opportunities for current gifts is compiled annually by the Memorial Committee; as well as, other committees. These lists will be on file in the parish office as well as posted on the Internet and made accessible to all who inquire about them. Unless a specific item appears on the list of preferred restricted gift opportunities, St. Alban s will encourage donors to avoid narrow gift restrictions and instead, consider giving to one of the five general ministries listed above. For example, unless choir robes is listed on the list of preferred, restricted gift opportunities for the current year, Worship would be a more useful restriction if a donor wants to give a special gift related to music in the church. The Vestry may reject any gift that carries restrictions it deems unbeneficial or inconsistent with the church s current mission and ministries. An example of a restricted gift is: I bequeath $100,000 to St. Alban s Choir fund Memorial Gifts A Memorial Fund will be maintained for gifts given to St. Alban s Church to honor or remember loved ones, to give thanksgiving, or express appreciation. For donors who wish to restrict their memorial gift for a special purpose, the Memorial Committee will annually compile a list of preferred gift opportunities that are both memorial and nonmemorial. The Memorial Committee s Memorial Fund guidelines and procedures are attached as Attachment-A Cash Gifts All gifts of negotiable currencies are acceptable Property Gifts Securities Gifts of publicly traded securities, stocks and bonds may be accepted by St. Alban s Church. The Church is solely responsible for all decisions related to disposition of securities, and its general policy will be to sell them as soon as practical. Valuation of the securities for purposes of the donor s tax records is the responsibility of the donor and his or her broker. The Church will provide a letter of acknowledgement noting the number of shares received as a gift and the date the gift was completed and if liquidated, the net sum received. Printed on: 3/23/2009 Page 7 of 18

8 Mortgages & Notes In accordance with section 3.1, the Church may, but is not obligated to accept gifts of deeds of trust, mortgages and notes Insurance The Church may, but is not obligated to accept both paid-up and non-paid-up life insurance policies as gifts. Transfer of policy ownership to the Church is encouraged for paid-up policies. However, the Church also welcomes being named as whole or partial beneficiary in policies that it does not own. The Church may accept transfer of ownership of non-paid-up whole or universal life policies, but may require a commitment from the donor to continue policy payments. A cash gift to cover the amount of the policy premium may be given by the donor to the church on an annual or other basis. The Church is not obligated to pay any premium on gifted insurance policies, and may allow a policy to lapse when policy premiums are not paid. The Church may liquidate gift policies for their cash values if the Vestry deems this to be in the best interest of the Church. The Vestry, pursuant to section 3.1, may decline any insurance gift that it deems not to be in the best interest of St. Alban s Episcopal Church Gifts-in-Kind St. Alban s may accept gifts of equipment, supplies, professional services, furnishings, books, vestments, transportation vehicles, worship aids, or any other personal property that add materially to accomplishing the mission of the Church or that may be sold to provide additional cash assets. Other gifts of personal property that may provide income or be sold to provide funds to further the Church s mission may be accepted at the discretion of the Vestry. Such gifts may include works of art; automobiles; stamp and coin collections; antiques; furnishings; oil, mineral, gas, patent and other rights; rare books; collectibles; household items; and so forth. Valuation of gifts-in-kind is strictly the responsibility of the donor. All appraisals shall be paid for by the donor. In accordance with section, 3.1, the Vestry of St. Alban s Episcopal Church may reject any gift-in-kind deemed not to be in the best interests of the church and has final authority to liquidate or of any gift-in-kind in any manner. If an item has been accepted by the Church for use for a particular purpose, when and if the ministry no longer has use for the item, the Vestry may dispose of it as it sees fit, even if originally restricted for a particular ministry by the donor. Proceeds from the sale or disposal of such gifts will always be the property of the Church, and will be added to the endowment. Printed on: 3/23/2009 Page 8 of 18

9 Real Estate Real estate gifts may include, but are not limited to: residences, vacation property, farms, ranches, resorts, undeveloped property and commercial property. The Church reserves the right to refuse, use or dispose of unrestricted or restricted real estate gifts, as the Vestry deems most advantageous for the Church and its mission. As a general rule, donors are expected to arrange and pay for appraisals for any real estate gifts offered to St. Alban s Episcopal Church. In accordance with section 3.1, all proposed real estate gifts will be evaluated prior to acceptance according to the following criteria, including, but not limited to: Marketability Proximity to St. Alban s Episcopal Church s existing property or potential use Costs associated with sale Liabilities (environmental hazards, insurance requirements and liens) Restrictions on use Effect on St. Alban s Episcopal Church s status as a non-profit entity Defect in title Licensing requirements, or other legal ramifications Constraints in alienation, (e.g., requirements to hold for a time before sale) Costs to own and maintain property, if not sold 4.6. Charitable Planned Gifts Charitable planned gifts are sometimes referred to as deferred gifts, since the Church may not be able to use the gift, if at all, until a specified period of time has elapsed or specified event has occurred. Such gifts are recognized as contingencies until the gift becomes available for the Church s use. Unless original donors of such contingencies have indicated restrictions as to the eventual use of their planned gift(s), the Vestry will consider the gift to be unrestricted and will determine the use of the gift according to St. Alban s Episcopal Church s Gift Policy. Donor-imposed restrictions or lack of restrictions for use of gifts received or available for Church use after the death of the donor cannot be altered by a donor s heirs or beneficiaries or other parties unless authorized by the donor in appropriate legal documents. Donors of any form of charitable planned gift are strongly encouraged by St. Alban s Episcopal Church to obtain legal and financial advice from their own advisors prior to finalizing the gift commitment. Donors are also encouraged to consult with appropriate family members prior to a gift commitment Bequest by Will or Trust Bequests may be made through a will or trust, specifying a percentage, a fixed amount, specific property, or the residual estate. Percentage bequests may be given from the gross estate or from the residue thereof. For an example, see Attachment-B. Printed on: 3/23/2009 Page 9 of 18

10 When testamentary or inter vivos trusts are involved, a gift may be made at the termination or final distribution, according to the needs and wishes of the donor Pooled Income Fund Gifts benefiting St. Alban s Episcopal Church are encouraged through The Episcopal Church Foundation s Pooled Income Fund (see or a future St. Alban s Episcopal Church Pooled Income Fund. A Pooled Income Fund gift is an irrevocable transfer of cash or marketable securities in exchange for a life income. The funds are commingled or "pooled" and the donor's income share is determined and distributed on a pro rata basis of the total trust fund's earnings. The donor may receive income tax deductions now and could possibly bypass capital gains taxes, with possible ultimate savings in probate and estate costs. Such donors are urged to consult their legal and financial advisors for the full effects of these gifts Gift Annuity Gift annuities benefiting St. Alban s Episcopal Church may be purchased through The Episcopal Church Foundation. A gift annuity involves an irrevocable transfer of assets usually securities or cash, but sometimes real estate or other property. Donors may receive guaranteed life annuity payments at fixed rates, depending on age and other underwriting consequences. Income tax deductions may be received if the donor itemizes, and the donor also may realize partial savings of capital gains. Deferred payment gift annuities are also available. The gift is transferred to St. Alban s Episcopal Church upon the death of the life income beneficiary or beneficiaries Charitable Remainder Trusts All charitable remainder trusts are established through the Episcopal Church Foundation, which serves as manager and administrator and handles ongoing reporting and related communications with the donor Charitable Remainder Unitrust: A "unitrust" is a trust in which the periodic payout to the term beneficiary is determined with reference to a percentage of the net value of the trust assets, determined from time to time. In its current usage, the "unitrust" can be thought of as a trust in which there is a "unity" of interest between the term beneficiary and the remainder beneficiary, because both desire a higher value of trust assets. This gift involves an irrevocable transfer of usually $50,000 or more of real estate, securities or cash and enables a donor or other beneficiaries to receive income for life. The income is determined by a percentage chosen by the donor but not less than 5% - of the fair market value of the Unitrust corpus, valued annually. The Charitable Remainder Unitrust may enable donors to realize charitable gift tax deductions and avoid capital gains taxes. When the donor and any other life income beneficiaries have died, the remaining amount in the Unitrust passes to St. Alban s Episcopal Church. Donors may make additions to an existing Unitrust. Printed on: 3/23/2009 Page 10 of 18

11 Charitable Remainder Annuity Trust: This gift is an irrevocable transfer, usually $50,000 or more, of marketable securities or cash to a trust, resulting in a lifetime guaranteed percentage income set by mutual agreement at not less than 5% of the initial fair market value of the trust corpus for the donor and a beneficiary. Income tax and capital gains tax benefits may be available to the donor. The Church receives the Trust s remainder upon the death of the donor and any other life income beneficiaries Charitable Lead Trust In this gift, a transfer of securities, real estate or cash into an agreement provides for the income to go to St. Alban s Church, or to the Diocese of Virginia or its designee, for the benefit of St. Alban s Church for a term of years as determined by the donor. Upon termination of income benefits, the trust assets will be distributed to the donor, the donor s family beneficiaries, individuals, or organizations, as determined by the donor Life Estate Agreement This arrangement allows an individual to give a gift of a personal residence, farm or other real estate, while reserving the right to use the property for a term of years or for life. The individual is responsible for maintenance and expenses, but there may be an immediate income tax benefit for the donor. Life estate gifts may include life income to the donor Payable on Death Note (Retirement Plans and Other Assets): This simple revocable gift arrangement can be attached to a variety of assets (IRA s, CD s, 401K Plans, qualified pension and profit-sharing plans, Keough Plans, annuities, employee savings plans, etc.) to facilitate a gift at the death of the owner(s). The Church may be named as first, second or last beneficiary for part or all of the remainder. 5. Endowments An endowment fund is a fund set up to support St. Alban s Episcopal Church s programs over time. The total endowment fund may consist of: Permanent endowment funds Temporary endowment funds Quasi-endowment funds Each of these three categories of funds may be either restricted or unrestricted in terms of their uses. Printed on: 3/23/2009 Page 11 of 18

12 5.1. Endowments Fund Types Permanent Endowment Funds Permanent endowment funds are established so that the original amount of any and all gifts forming the basis of the fund is kept intact over time. Only the interest or earnings are used to finance church programs. The amount of interest or earnings to be utilized is determined by the Vestry of St. Alban s Episcopal Church, and a portion of the earnings may be reinvested to preserve the present value of the fund. Permanent endowment funds may be either restricted or unrestricted in terms of use, according to the wishes of the donor. The principal amount of a permanent endowment fund may not be distributed, except in accordance with donor wishes specified at the time the gift is made, or in response to a parish emergency, as defined in sections, 5.2.2, 5.3.2, and Unrestricted Permanent Endowment Funds Unrestricted endowment funds are established to fund the ministries of St. Alban s Episcopal Church over time. Specific uses for the interest or earnings of unrestricted endowment funds will be determined by the Vestry. If a donor has specified that a gift is for the Endowment, the corpus of the gift may not be depleted except as described in a parish emergency, as defined in section Restricted Permanent Endowment Fund A restricted endowment fund has limitations placed on the use of all or part of the fund s earnings. The restrictions are established by the donor. When the Church accepts a restricted endowment gift it acknowledges that it is ethically bound to honor the donor s wishes related to gift restrictions. However, donors wishing to make restricted gifts should consult St. Alban s Episcopal Church s current list of preferred purposes for restricted gifts, and in all cases, gift restrictions should be flexible enough to allow alternative uses for a gift should a preferred use cease to exist. The Vestry will make decisions about such alternate uses on a case-by-case basis as situations arise. If a donor has specified that a gift is for the Endowment, the corpus of the gift may not depleted except as described in a parish emergency, as defined in section Temporary Endowment Funds A temporary endowment fund may be either for restricted or unrestricted purposes, but through conditions established by the donor in accordance with St. Alban s Episcopal Church s Gift and Endowment Policy. The key difference is that the fund is intentionally depleted over a period of time. Usually this occurs when instructions for the fund s use specify distribution of earnings and/or an amount of principal, in addition to interest, which eventually exhausts the corpus of the temporary fund. Printed on: 3/23/2009 Page 12 of 18

13 Quasi-Endowment Funds A quasi-endowment fund is a fund that may be established or dis-established by the Vestry. The Vestry sets guidelines for such a fund s use, as well as specifying how long the fund shall exist. Any restrictions placed on monies placed in a quasi-endowment fund are established by the Vestry and may be changed or eliminated at any time by the same or a subsequent Vestry The St. Alban s Episcopal Church Permanent Unrestricted Endowment The general purpose of this fund is to provide additional financial assistance to St. Alban s Episcopal Church. Typically, the monies from the annual earnings of the fund are earmarked for specific purposes and it is recognized that those purposes can change from year to year Allocation of Annual Earnings Ten percent (10%) of the annual earnings from St. Alban s Episcopal Church s Permanent Unrestricted Endowment will be used to support Outreach. The Vestry will allocate the remaining ninety percent (90%) of the annual earnings. No distribution of annual earnings to any resource other than the fund itself will occur until the combined principals of both the Permanent Unrestricted Endowment and the Permanent Restricted Endowments total $200, Invasion of Principal Invasion of the principal will require a congregational meeting where two-thirds (2/3 s) of the confirmed adult communicants in good standing vote to invade the principal. Specific details of the exact amount to be withdrawn, the period over which it will be withdrawn, and any plans to make restitution to the endowment shall be documented The St. Alban s Episcopal Church Permanent Restricted Endowment In order to reduce the administration and management of a large number of restricted funds, St. Alban s Episcopal Church will be limited to the following restricted funds: St. Alban s Episcopal Church Permanent Restricted Worship Fund St. Alban s Episcopal Church Permanent Restricted Education Fund St. Alban s Episcopal Church Permanent Restricted Outreach Fund St. Alban s Episcopal Church Permanent Restricted Pastoral Care Fund St. Alban s Episcopal Church Permanent Restricted Stewardship Fund Allocation of Annual Earnings One hundred percent (100%) of the annual earnings from a specific St. Alban s Episcopal Church Permanent Restricted Endowment will be used to support its specific Printed on: 3/23/2009 Page 13 of 18

14 interests. Thus, the St. Alban s Episcopal Church Permanent Restricted Worship Fund shall only have its earnings used for those interests specific to Worship in order to remain true to the original intent of the donors of the specific fund. No distribution of annual earnings to any resource other than the fund itself will occur until the combined principals of both the Permanent Unrestricted Endowment and the Permanent Restricted Endowments total $200, Invasion of Principal Invasion of the principal, require a congregational meeting in which two-thirds (2/3 s) of the confirmed adult communicants in good standing vote to invade the principal. Any such meeting must be called in accordance with the Bylaws. Specific details of the exact amount to be withdrawn, the period over which it will be withdrawn, and any plans to make restitution to the endowment shall be documented. Every effort will be made to remain true to the original intent set forth by the donors of said Restricted Fund St. Alban s Episcopal Church s Quasi Endowment Once established by the Vestry, the St. Alban s Episcopal Church s Quasi Endowment fund will have the following details set forth (at a minimum): Purpose of the fund Intended life of the fund Restrictions on the use of the fund Allocation of Annual Earnings In general, it is the Vestry s intent to reinvest one hundred percent (100%) of the annual earnings from St. Alban s Episcopal Church s Quasi Endowment into the fund itself. However, it is in the discretion of the Vestry how the annual earnings are to be distributed and the Vestry reserves the right to allocate them to other purposes. To allocate any amount of the annual earnings to other purposes requires at least a twothirds vote of the entire Vestry Invasion of Principal Invasion of the principal will require two-thirds (2/3 s) of the entire Vestry to vote to invade the principal. Specific details of the exact amount to be withdrawn, the period over which will be withdrawn, and any plans to make restitution to the endowment shall be documented Transfer of Endowments if St. Alban s Episcopal Church Ceases to Exist Should St. Alban s Episcopal Church cease to exist, all of St. Alban s Episcopal Church s endowment funds will be transferred to a successor congregation in the Diocese of Virginia, if one exists. If not, all of the endowment funds will be transferred to the Diocese of Virginia to further the work of the Church. Printed on: 3/23/2009 Page 14 of 18

15 5.6. Investment Management St. Alban s Episcopal Church s endowment funds will be managed by the Diocese of Virginia s Trustees of the Funds or its successor. Printed on: 3/23/2009 Page 15 of 18

16 Attachment-A St. Alban s Episcopal Church Memorials Policy Statement Throughout the years people have wished to remember loved ones and friends with memorial or thanksgiving gifts to the church, for which we are grateful. This Memorial Policy will provide guidelines to those who wish to make a memorial gift or thank offering to St. Alban s Episcopal Church (hereafter referred to as the Church). It will cover the policies and procedures governing the giving, acceptance, recognition and final disposition of memorial gifts to the Church. Annual pledges, altar flowers, gifts to the general operating fund, gifts made to other specific committees, gifts of real property, planned gifts, or endowment funds are covered by the Church s Gift and Endowment Policies. The information given here is meant to serve as a guide to those considering memorial gifts and allows for flexibility on an individual case basis. Giving: Gifts may be given: a. In Memory of b. In Thanksgiving for c. In Honor of d. To the Glory of God e. For another reason, conveyed with the gift Memorial gifts may be either unrestricted gifts or restricted for a specific purpose. Unrestricted gifts will be used as the Vestry deems appropriate upon consideration of the recommendations of the Memorials Fund Committee. Restricted gifts are given for a specific purpose or recommended use. The Memorials Fund Committee cannot accept memorial funds for transmission to entities outside the Church and cannot accept as memorials illiquid assets such as real estate or automobiles. A gift may be given or bequeathed in monetary or tangible form. However, the Memorials Fund Committee prefers a monetary gift or financial instruments, e.g. stocks or bonds, which can then be used either for general needs or for a particular item. In this way items may be purchased according to specific requirements. According to the policy of the Church, all donated stocks or bonds are sold immediately. The proceeds will then be used as agreed upon by the appropriate parties. A gift becomes the permanent property of the Church. Thus the Church, through an appropriate entity, shall determine its use, placement and final disposition. All gifts, regardless of the amount, are welcomed. Gifts for memorials may be made to the Church by cash or check. Checks shall be made payable to St. Alban s Episcopal Church, with Memorials Committee on the memo line. In no event shall the check be made out to an individual representative of the Church. Gifts may be individual or collective. Unrestricted gifts may be combined by the Vestry to buy a specific item(s). Printed on: 3/23/2009 Page 16 of 18

17 Acceptance The Memorials Fund Committee will maintain a list of desired items needed or wanted by the Church. The list will be made available to the Vestry and parishioners ( The Wish List ). The Memorials Fund Committee will accept, on behalf of the Church, unrestricted monetary memorial gifts, and restricted monetary memorial gifts after discussion with the donors. Tangible memorial gifts shall meet the requirements of the list mentioned above or other requirements as subsequently determined. Prior to acceptance, the Memorials Fund Committee will determine, in consultation with the Vestry or clergy as necessary, that no undesirable situation is created by the acceptance of such a restricted gift. The Rector and the Memorials Fund Committee will review all tangible gifts to ensure that each gift is in keeping with the architectural design and general worship traditions of the Church. In addition, the Rector and the Vestry, upon the advice of the Memorials Committee, reserve the right to decline any gift that does not further the mission or goals of the parish. Any gift that would create an administrative burden or cause the parish to incur excessive expenses may be declined. Recognition Every monetary gift to the Memorials Fund Committee shall be recorded by the Treasurer in the financial records of the Church. Every donor and gift shall be recorded appropriately by the Memorials Fund Committee and the list shall be published periodically. Donors who wish to remain anonymous may do so. Monetary values shall not be included in the published list. In general, there will be no memorial plaques placed in the Church or grounds. However, a small engraving or personalization on the item, following established Church custom may be considered. It must not detract from or interfere with the appearance or use of the gift and shall be approved by the Memorials Fund Committee. Exceptions to this will be discussed with the Rector and the Committee. When appropriate, the Rector will schedule a dedication or blessing of each memorial item given to the Church. Such dedications or blessings will generally be held in conjunction with a regularly scheduled service. Your generosity will make the Church more welcoming to parishioners and visitors alike and we thank you for your thoughtful interest. Revised 17 March 2008 Printed on: 3/23/2009 Page 17 of 18

18 Attachment-B Example of a bequest by will or trust: Your bequest language can be as simple as, I devise and bequeath [X% of my estate or residue] OR [$ specific dollar amount] to St. Alban s Episcopal Church, Annandale, Virginia, Tax ID # By including St. Alban s in your estate planning, you ensure that we continue to be a vibrant; Christ centered community witnessing God s love for all people through worship, education, outreach, pastoral care, and stewardship. Thank you! We at St. Alban s Episcopal Church urge you to discuss your ideas for giving with your legal or financial advisors. Any information provided by St. Alban s Episcopal Church is not intended as tax, legal, or financial advice. For more information on how you can leave a lasting legacy to St. Alban s Episcopal Church, please feel free to contact any member of the Vestry, Stewardship Committee, or the Rector. God Bless You! Printed on: 3/23/2009 Page 18 of 18