As part of the Body of Christ, the community of All Saints-by-the-Sea believes that all we have come from God and that God has made us stewards over what has been given to us. To promote wise and faithful stewardship and to further the Kingdom of God, the Governing Committee has established the following policy to guide and direct the giving of gifts and endowments to All Saints.
1. All Saints encourages and welcomes current gifts and deferred gifts through wills or otherwise. Donors may advise the Governing Committee that their gifts are either unrestricted or restricted to a particular Chapel-related purpose. At their option, donors may memorialize loved ones through unrestricted or restricted gifts, including endowment contributions. The final decision to accept any gift rests with the Governing Committee which may seek the advice of the Finance Committee in making a determination. The amount or value of all gifts shall be kept confidential, except to the extent necessary for internal accounting purposes.
2.. Unrestricted gifts are those contributions for which the donor has not designated a particular purpose. Unrestricted gifts, including unrestricted memorials, shall be utilized for the annual operating budget of the Chapel unless such gifts are specifically designated as endowment contributions. The Governing Committee, in its discretion, may designate up to 20% of significant unrestricted gifts as endowment contributions.
3. Restricted gifts are those contributions for which donor has designated a specific Chapel-related purpose. Restricted gifts may be designated for immediate use or as endowment contributions.
4. Gifts designated as endowment contributions shall be placed in the general All Saints endowment fund managed by the Episcopal Diocese of Maine. Management and distribution of income/principal shall be in accordance with current policies of the Diocese. Income from unrestricted endowment contributions shall be used for the general annual operating budget of the Chapel. Income from restricted endowment contributions shall be used only for the purpose designated by the donor. At the request of the donor, principal and income for memorial endowment contributions in excess of $10,000 shall be accounted for separately in internal Chapel records.
5. All Saints encourages and welcomes gifts of all types of property. It is anticipated that gifts ordinarily will be contributions of cash, cash equivalents, or publicly marketable securities. All cash equivalents or publicly marketable securities shall be liquidated immediately upon acceptance and receipt. The liquidation and handling of other types of property, such as real estate, life insurance, closely-held securities, tangible personal property, etc. shall be determined by the Governing Committee.
6. All gifts designated as memorial contributions shall be recorded by the Memorial Committee in the Book of Memorials maintained at the Chapel. Entries in the Book shall be limited to a reference to the person memorialized. The Governing Committee each year shall designate one Sunday during July or August as “Memorial Sunday,” and the service on that day shall be dedicated to all persons memorialized at All Saints. On Memorial Sunday, the Book of Memorials shall be prominently placed at the entrance of the Chapel.
7. Any questions regarding the interpretation of this Policy or the Policy for Memorials shall be resolved by the Governing Committee.