NEWS 1.TRUSTEES’ REPORT to VESTRY Jan. 27,2019
NEWS 2, REVISED TRUSTEE TERMS OF REFERENCE
NEWS 3. Do you enjoy singing in the shower?
NEWS 1.TRUSTEES’ REPORT to VESTRY Jan. 27,2019
Activities: 2018 was a very active year right from the beginning. We not only managed to fulfill our commitment for four meetings per year but we squeezed in a few “special” meetings in order to get the work done. Under Ed’s guidance and help from Sask and Hermann (Standards Committee), the memorial boards in the Narthex have been rearranged, refurbished as required and updated to make them consistent with the wording in our Terms of Reference.
We had ongoing dialogue with several community service groups with the objective of showing support under our Community Outreach initiative while at the same time meeting our commitment to support the AS General Fund on a quarterly basis.
And finally, we undertook to review, reorganize and update our Terms of Reference. This was a major effort which required several rewrites and consumed most of the last six months. Thanks to Beth’s hard work and related skills we now have the completed revision of this document ready for presentation to Vestry.
In addition to approving minor revisions, typos and updates, Vestry will be required to give approval for two substantive policy additions:
#1 – Under the heading “Distinguishing Features” – Insert a new #5
- Extraordinary Financial Support to the All Saints General Fund
In the event that the Corporation and/or Parish Council should request the Trustees for “Extraordinary” Financial Support to the All Saints General Fund, the Trustees will be guided by the following protocol:
* Trustees may approve/provide financial support in an amount totalling up to, but not more than, 20% of the Fund Capital of each Trust Fund.
* Although this support will normally be in the form of a short-term bridge loan at zero interest rate, the Trustees will determine the actual terms and conditions as they relate to the situation at the time.
* Should the requested amount of support exceed the above aggregate total, approval must be provided by Vestry.
#2 – Under the heading “Trustees Duties” – insert:
Trustees will also maintain the Narthex board which identifies the recipients of the Order of Niagara.
Personnel: Lynne Dole retired early (after serving continuously for 38 years), and Ed Sykes was elected as her replacement for the remaining two years of her term. Also, since Lynne was our serving Chairwoman, we had to fill that role. Sask was elected Chair. Beth remains our trustworthy Treasurer and Ed assumed the role of Memorial Plaque coordinator. Mike Curtis continued to serve as our “Trustee in Training” and will be highly qualified as our Trustee nominee, if and when he chooses to relinquish his role as Warden. Pam Cook, the only other candidate who has completed the Trustee Familiarization Program, has graciously agreed to stand as our nominee for election this year since Sask will be retiring (after 18 yrs. continuous service).
TRUSTEE EMERITUS/EMERITA – The Trustees have created a new category of trustee. With the retirement of Lynne Dole last year, we unanimously agreed that it would be a blessing to have Lynne remain with us in an advisory capacity only. Thankfully she has agreed and will now serve as our first ever TRUSTEE EMERITA.
(see appendix “C” to our Terms of Reference for the conditions related to this position)
Business: Although the stock market performance this past year has been somewhat of a concern your Trustees are confident that their decision to remain with the Diocesan Investment Fund as our account manager is still the correct one. Thanks to Beth’s accounting skills and attention to detail, our books are in good order for the coming year.
Donations to the various funds in 2018 totaled $ 6,930.00 and were given in memory of the following: Janet Tompkins, Jane Leigh, John Gregory, Peter Smith and Steven Angus.
The Capital Preservation Amount (CPA) which is our target for the Endowment Fund has now risen to a comfortable $75,606.03
At year end, our fund balances were: Endowment Trust Fund – $78,165.10, McGibbon Memorial Fund $46,198.66, Donor Advised Funds $22,682.54, RBC operating Account – $6,444.19
Our contribution to the AS General Fund for 2018 was $3850.00
Our Community Outreach efforts were: YFC Director Kelly Culp – $1000.00 and the Syrian Refugee Committee $500.00.
Conclusion: All things considered, it has been a busy but meaningful year for the Trustees. It has been our distinct pleasure in serving you.
Your Trustees: Sask Wilford Beth Hopkins Ed Sykes
NEWS 2.
ALL SAINTS ANGLICAN CHURCH, ErIN |
OUR TRUST FUNDS |
And how they are managed |
Trustees Committee |
Revised December, 2018 |
CONTENTS
History……………………………………………………………………………….3
Introduction……………………………………………………………………….4
Terms of Reference:
Mandate……………………………………………………………………5
Management of the Funds………………………………………….5
- Endowment Trust Fund………………………………..6
- McGibbon Memorial Trust Fund………………….8
- Discretionary Trust Fund…………………………….9
- Donor-Advised Trust Funds…………………………9
- Extraordinary Financial Support…………………10
Trustees Duties…………………………………………………………10
Vestry approvals………………………………………………………12
Appendix A: Protocol for Memorial Gifts………………….13
Appendix B: Trustees Succession Plan……………………..15
Appendix C: Trustee Emeritus/Emerita……………………18
Related Documents:
Trustee Job Description……………………………………………… 19
Indemnification…………………………………………………………… 21
Clarification Circular, 28/11/11 ………………………………….. 22
HISTORY
Prior to the 1980s, donations/gifts to All Saints were normally tangible (non-monetary) items. They were dedicated as a memorial, in memory of the donor’s family member or friend. These gifts, chosen by the donor, were usually modest in size/expense and were accepted as an improvement to facilities within the church. Examples of such gifts include altar linens, cruets, a mobile serving kit, altar rail, pew cushions, front doors, dishwasher and steeple.
Over the years All Saints Church has also received monetary donations, memorials and gifts. In 1984 it was decided to re-name the then-existing Memorial Fund as the Endowment Fund. Subsequently two additional funds, the Music Fund and the New Ministry and Outreach Fund were established. In 1995, at the request of Parish Council, three trustees were appointed to review the Funds’ records and practices and recommend appropriate changes. This review resulted in the Terms of Reference which were passed at the Vestry meeting in 1996. Following the example of the Rectory Fund, the Trust Funds were sent to the Niagara Diocesan Investment Fund for management.
Three Trust Fund Dedication Boards and a Gift Board were created and placed in the narthex of the Church, replacing the one existing Board. Donations and gifts are recorded on these Boards . It was agreed that only gifts in excess of $100 would merit a plaque on the Boards. A Memorial Book was purchased in which all donations and gifts, monetary or otherwise are entered, with date, item, name of donor and person memorialized (if applicable).
In 2001 it was decided to formalize the procedures for dealing with tangible memorial gifts, their selection, refurbishment, replacement when and if required. In 2007 this “Protocol for Dealing with Memorial Gifts and Gifts-in-Kind” was appended to the Trustees’ “Terms of Reference”. It was also decided that the church would create a “wish list” of items that would be appropriate as tangible memorial gifts. Donors would then be able to select from this approved list and thus avoid controversy.
The “Terms of Reference” have been updated several times over the years and each vestry-approved amendment is recorded in the ToR document.
In 2005 the Discretionary Trust Fund was established and a new Donor-Advised Trust Fund was set up. In 2011 it was decided to combine the Music Fund and the New Ministry and Outreach Fund into one fund, renamed the McGibbon Memorial Trust Fund. There were two reasons for this: first, it was seen as a timely and fitting tribute to Ian and Tassie McGibbon; second, combining the assets of these two funds would broaden the scope of projects which could be supported by them.
INTRODUCTION
All Saints Anglican Church, Erin, has established a number of Trust Funds, the administration of which is guided by the wishes of the donors, namely to have the funds facilitate God’s ministry in Erin on an ongoing basis. Thus the main objective of the Trustees is to encourage growth and development inside and outside our church family by supporting the operations of All Saints and providing seed money or grants to worthy projects.
A donation to any of the Trust Funds will not conflict with All Saints long-standing practice that families and/or friends may make cash donations towards the purchase or funding of specific memorials selected from the Parish’s “wish list”. (See Appendix A: “Protocol for Memorial Gifts, Donations and Gifts-in-Kind”)
Since the roles and responsibilities of the Trustees have been a work-in-progress over the years, we now see the need to identify Terms of Reference and guiding principles which we have developed and adhered to since the establishment of the funds in 1980. These principles must serve at least three needs. First, they must be meaningful; second, they must be easy for Trustees and others to remember and espouse, and third, they should serve as introductory guidelines for future Trustees.
Whenever an individual or group within the parish identifies a project that might require financial support, they should make a proposal in writing to the Parish Council. Should Parish Council decide to provide support they will normally choose from the following options, usually in the order listed below:
- Create a budget line to cover the project
- Draw funding from a Parish Surplus Account (Roof, Furnace, etc.) if available
- Canvass parishioners directly by creating a “…….. Project Fund”
- Appeal in writing to the Trustees for financial support
When option #4 is selected, the Trustees will refer to these Terms of Reference for guidance as to the correct procedure and/or limitations and then, in most cases, the funding is provided. The only exception to this procedure is in the use of the Endowment Trust Fund which is somewhat complex but is fully covered in these Terms of Reference.
TERMS OF REFERENCE
Mandate of the Trustees
All Saints Trustees are entrusted by Vestry with the management of money which has been donated specifically to All Saints’ various Trust Funds. This trust empowers the Trustees to determine how these funds are invested and how they are ultimately used as described in these Terms of Reference (ToR). It also confers upon them the responsibility of interpreting the intent of the ToR in situations which are not specifically covered therein.
We, the Trustees of All Saints Anglican Church, Erin, are:
*the willing servants of Vestry for any and all future direction
*committed to working harmoniously with the Corporation and Parish Council
*conservative in our approach to the establishment of investment strategies
*liberal in our philosophy of supporting programs and projects approved by Parish Council
*democratic (simple majority vote) in our interpretation of the ToR
Management of the Funds
* The Trustees have been mandated by Vestry to receive and manage all contributions, bequests and memorial donations to the Trust Funds as well as the granting of money from the Funds.
* Although the Trustees have discretionary power over the granting of monies from the Funds, the overall direction for the operation of the Trust Funds rests with Vestry.
* Tax receipts for donations, memorial gifts and/or gifts-in-kind will be issued in accordance with the protocol found in ToR Appendix A.
* Grants from the Trust Funds will usually be considered in order of priority as follows: Seed Money for project start-up; Interest Free Loan; Outright Grant; Loan to the Parish General Fund.
* When Trust Fund money is approved as a grant or otherwise, the transfer of funds will be by cheque only.
* Any and all cheques drawn on the All Saints Trust Funds will require the signature of one of the Trustees plus the signature of a Signing Officer of the Corporation. (See Vestry Resolutions.)
* The Trustees will establish a balanced investment strategy for these Funds, designed to protect the Funds’ capital over the long term, while still providing a reasonable potential for income. Investment of the Funds in the diocesan Niagara Investment Fund currently satisfies these objectives.
* Each year a review of this investment strategy will be undertaken and the findings, along with recommendations, will be included in the Trustees’ Annual Report to Vestry.
* Guidance for the use of each of the Trust Funds follows under their titles below.
- Endowment Trust Fund, All Saints Church, Erin
* Purpose of the Fund: To provide financial support to the Parish General Fund on an annual basis, and at other times when requested by Corporation and Parish Council.
* Fund Capital: While the objective for this Fund is to preserve the fund capital over the long term, investment strategy must also be guided by the intent of our donors, which is to have this Fund facilitate God’s ministry in Erin on an ongoing basis, by providing support for the day-to-day operation of All Saints Church through donations to the parish’s General Fund.
It is conceivable that with a poorly performing stock market ,the Fund’s capital could dip below the desired preservation level in the short term. This is the balanced risk/reward strategy that the trustees have established with reasonable confidence that, over the long term, Fund capital will not only be preserved but grow.
Capital Preservation Amount – Determination of this dollar amount is the responsibility of the Treasurer of the Trustees and is identified as the sum of all donations and bequests to the Fund, plus a CPI uplift for that year, but will not include earned interest. The Capital Preservation Amount could change year-over-year and thus this dollar amount will be submitted as part of the Trustees’ Annual Report to Vestry.
Calculating the Fund Support to the Parish General Fund: Our chosen investment vehicle, the diocesan Niagara Investment Fund, publishes a monthly “unit value” which fluctuates with the stock market. This “unit value” when multiplied by the number of units owned, produces the Fund Value in dollars. We use the “unit value” on October 31 each year for our calculation. The challenge to the trustees is to determine a support figure which is based solely on “Fund Income” and produce it in time for inclusion in the budgeting process. Therefore, effective March 1, 2015, the Trustees will offer to the All Saints General Fund, prior to November 30 of each year, a forecast budgetary support figure which will be calculated as follows:
- Determine the Capital Preservation Amount (CPA) as at October 31 of the previous year (ie. the sum of all donations/bequests and Cost of Living uplifts).
- Add all year-to-date donations/bequests and an appropriate current Cost of Living (CPI) to step 1 to determine the new CPA.
- Review the global economic performance over the preceding twelve months to identify any financial or other concerns for the near term which might negatively impact our funds. If concerns are identified, make an allowance by increasing the CPA appropriately. If no concerns identified, go to step 4.
- Determine the Diocesan “unit value” as at October 31 and the number of units in the Fund.
- Multiply “unit value” times the number of units to determine the Fund Value at October 31.
- Subtract the new CPA from the Fund Value to determine the Fund available income.
- The forecast donation amount will be the lesser of – the available income (from #6 above) and the Fund Value x 5%.
8.The donation (cheque only) to the General Fund may be submitted by December 31, if desired.
The All Saints Wardens will review their budgetary needs for the following fiscal year and either accept or defer the offer. Should the offer be deferred and acceptance not exercised within the following fiscal year, the future availability of that offer will be at the sole discretion of the Trustees.
Large Bequests/Donations: In the event of a large bequest/donation to this Fund, the Trustees will continue to manage the fund as above until such time as new/revised management guidelines may be determined by the Trustees and approved by Vestry.
- McGibbon Memorial Trust Fund, All Saints Church, Erin
In the interest of streamlining the administrative responsibilities of the Trustees, two of the original Trust Funds, the Music Fund and the New Ministry and Outreach Fund, were amalgamated at Vestry 2011 under a new title, the McGibbon Memorial Trust Fund.
Ian McGibbon was the “father” of the All Saints Trust Funds. With the able assistance of two other Trustees he directed and managed the investment and growth of the three original Trust Funds for years, while also serving as our Finance Committee chairman. He was a passionate supporter of the community and the All Saints presence therein; his commitment to the growth and welfare of his beloved “kirk” is legendary. Catherine “Tassie” McGibbon, in her capacity as organist and choir director of both the senior and junior choirs, created and nurtured a meaningful music ministry at All Saints for more than twenty years without compensation. She also established and stocked a significant music library from which we are still reaping the benefits.
This new Fund will not only retain the objectives of the two previous funds but will broaden the scope of projects which can be supported for the general welfare of the Parish and thus provide an ongoing tribute to the enormous contribution made to All Saints by the McGibbons.
Purpose of the Fund: to support music ministry, new ministry, outreach and the general welfare of the Parish.
Fund Capital: The Fund capital may be made available to support a major capital expenditure in the fields of music ministry, local outreach ministry or Parish facility upgrade projects which have been initiated by Parish Council. Examples of such major projects might be: new choir gowns, piano rebuild, chimes for the organ, expensive office equipment and other church facility upgrades, purchase of additional land/buildings for the expansion of All Saints.
Fund Income: The income generated by this Fund may be used to support or fund smaller projects in the fields of music ministry, local outreach ministry and others which will contribute to the general welfare of the Parish. Residual funds from income will be reinvested to achieve Fund growth. Typical initiatives seeking income from this source, and which could be supported by Parish Council and the Trustees, might include: temporary support for the salary of an organist/choir director, seed money for a special concert, sheet music purchase, special mailings, brochures or visitations to promote new membership, contribution to the building fund of a parish in our region that is planning to expand its facilities, financial support for youth organizations within the community, smaller office equipment upgrades, recovering pew cushions…..
Guidelines for the support of these initiatives include, but are not restricted to, the following:
* Although the Trustees will function as a support group to Parish Council on project initiatives, the Trustees may independently identify projects that warrant support from this Fund
* Requests for support from outside agencies should be in writing to Parish Council. If Parish Council agrees with the request they will be guided by the options as indicated on p. 4 of this document.
- Discretionary Trust Fund, All Saints Church, Erin
Purpose of the Fund: This fund is intended to provide Trustees with a meaningful degree of flexibility when responding to requests for support in areas that are not fully covered by the other funds. It may also serve as a small “petty cash” source for trustee expenses such as purchases of memorial plaques, special printing, memorial books, stationery and postage. Donors to this Fund will place the responsibility for determining the best use of the Fund assets solely in the hands of the Trustees.
Fund Capital: At the discretion of the Trustees, the capital may be made available in part or in whole to support any project or operational need.
- Donor-Advised Trust Funds, All Saints, Erin
Purpose of the Funds: These Funds, although grouped under a single banner, will be individually identified by a name selected by the donors, (eg. “The J. Doe Fund”) and will normally be invested and utilized in accordance with the wishes of the donor. Although donors will have input into the distribution of the funds on a ongoing basis, they will be made aware that their gifts are classified as “Unrestricted Charitable Gifts” under law and as such are beneficially owned by the charity and may be used at its (All Saints’) absolute discretion.
Fund Capital: Normally invested by the Trustees and utilized in accordance with the wishes of the donor(s).
Fund Income: Normally reinvested by the Trustees and utilized in accordance with the wishes of the donor(s).
- Extraordinary Financial Support to the All Saints General Fund
In the event that the Corporation or Parish Council should request the Trustees for “Extraordinary” Financial Support to the All Saints General Fund, the Trustees will be guided by the following protocol:
* Trustees may approve/provide financial support in an amount totalling up to, but not more than, 20% of the Fund Capital of each Trust Fund.
* Although this support will normally be in the form of a short-term bridge loan at zero interest rate, the Trustees will determine the actual terms and conditions as they relate to the situation at the time.
* Should the requested amount of support exceed the above aggregate total, approval must be provided by Vestry.
TRUSTEES’ DUTIES
Three Trustees will be elected by Vestry for staggered terms of 3 (three) years. (See Appendix B; Trustee Succession Plan)
The Trustees will be responsible to Vestry for the management of All Saints Trust Funds including administration, trustee nominations, record keeping and investment policy as outlined herein.
The Trustees will maintain commemorative panels in the narthex, one for each of the Trust Funds that record bequests and/or memorial cash donations the total of which is $100 or more, and one for tangible Gifts. Such gifts will be recorded by brass plaques (identifying the memorialized person with his/her years of birth/death) placed on the boards in the church narthex.
Trustees will also maintain the board in the narthex listing the recipients of the Order of Niagara.
In addition the Trustees will maintain a Memorials and Gifts Record Book which records pertinent information for all gifts and donations to the Parish.
In their Annual Report to Vestry, the Trustees will:
* record all bequests, memorial donations, contributions and transfers received by the Trust Funds and any disbursements or grants made over the year
* identify the current Capital Preservation Amount of the Endowment Trust Fund
* provide an update as to their investment strategy for the Funds for the coming year
The Treasurer of the Trustees will send an Annual Report to the Treasurer of the Corporation of All Saints Church which will include:
* total number of tax receipts issued in the calendar year
* total dollar amount of all donations/gifts/bequests to the Trust Funds in the calendar year
The Treasurer of the Corporation will include this data in the Church’s Charitable Returns Report to the federal government.
Any and all amendments to these Terms of Reference will require the approval of Vestry.
Originally issued and approved March, 1996
Revisions approved by Vestry January 30, 2000
Revisions approved by Vestry February 16, 2004
Revisions approved by Vestry February 20, 2005
Revisions approved by Special Vestry November 13, 2005
Revisions approved by Vestry February 15, 2009
Revisions approved by Vestry February 20, 2011
Revisions approved by Vestry, February 8, 2015
Revisions – Appendix A – approved by Vestry, February 21, 2016
Appendices
- Protocol for Dealing with Memorial Gifts, Donations and Gifts in Kind
- Trustee Succession Plan
- Trustee Emeritus/Emerita
APPENDIX A:
Protocol for Dealing with Memorial Gifts, Donations and Gifts in Kind
( revised as approved at Vestry, February 21, 2016)
DEFINITIONS
- a) MEMORIAL GIFT — This is the all-encompassing descriptor for gifts to All Saints which have “memorial” as their impetus or “raison d’etre”. Memorial gifts are the only gifts which fall under the scope of the Trustees.
Examples: A gift or donation of cash, stocks, bonds, other securities or any tangible items of furnishings or equipment (hereafter referred to as a “gift of choice”) given to the Church in memory of a loved one or friend
- b) GIFT-IN-KIND — This category of gifting refers to “services rendered” be they “time, skills, effort. etc.”. These gifts are not “property” under law, and thus do not qualify as such for the issuance of a tax receipt. There is, however, a means to which a donor could subscribe that would enable the eventual issue of a tax receipt. This procedure is commonly referred to as a “cheque exchange”. Please refer to the Diocesan Parish Treasurer’s Manual, page 59, for the legal and approved procedure.
GENERAL PROTOCOL
When donors wish to make a Memorial Gift to All Saints, they may select from the list of options which includes: cash, stocks, bonds, other securities, a tangible “gift of choice”. A tangible “gift of choice” will require the approval of Parish Council and, as appropriate, approval by the Standards Committee. Trustees should be notified of all gifts so that memorial plaques, thank you cards and recording in the Memorial Book are all carried out.
Donors are invited to use the memorial Gift Card as a means to identify the fund for which a financial gift is intended. Should Memorial Gifts be received which are not earmarked for a specific fund, the Trustees will have sole discretion as to their allotment.
RESTORATION or REPLACEMENT
Both Donors and Parish Councillors must acknowledge that gifts presented to All Saints as memorials will, over time, require restoration or replacement due to loss, breakage, fire, theft or just normal wear.
When the need for restoration or replacement of these gifts is identified, Parish Council will evaluate each case independently and proceed in accordance with the following protocol:
- a) Parish Council will attempt to contact the original donor for direction and funding if required.
- b) If Parish Council is unable to contact the original donor, it will:
- i) fund the restoration/replacement and retain the memorial
- ii) terminate the memorial
iii) seek new funding and a change of memorial
In all cases the Gifts and Memorials Record Book will record the decision and action taken. Donors of memorials will be identified either as “Original Donor” or “Replacement Donor”.
This document, dated 09/06/07, and amended 21/02/16, is accepted by Parish Council as the official protocol of All Saints Anglican Church, Erin, for the handling of Memorial Gifts, Donations and Gifts-in-Kind.
APPENDIX B:
Trustees Succession Plan
February 20, 2011
Background
First and foremost, we must appreciate that the current rules and regulations for the management of our Trust Funds are the result of an ongoing and evolutionary process.
The All Saints Trust Funds began in the early 1980s at the request of donors and were initially placed under the able direction of Ian McGibbon, our Finance Committee chair, and two other trustees. They were charged with an unwritten mandate to manage the funds in accordance with the wishes of the donors while at the same time seeking to grow the invested capital.
Later the Trustees’ Terms of Reference (ToR) was written which served to identify the roles and responsibilities of the trustees and their reporting relationship to Vestry. In 2001 the position of Trustee became an elected position for a three year term on a staggered basis so that one of the three Trustee positions would be open for election each year at Vestry.
In recent history, serving trustees have agreed to stand for re-election in rotation and have been acclaimed at Vestry. Although the opportunity to change the membership of this committee each year remains, Vestry has, at least for the short term, indicated its support for the current members and their management of the Funds.
Now that the Funds have grown to a significant size, the management responsibility of the Trustees has perceptively increased and thus solidarity within the committee and consistency in the application of their procedural guidelines has become more and more desirable.
Understanding Succession Planning
Although basic Succession Planning was initially addressed in the ToR under “Term of Office”, there is no allowance for contingencies such as illness, demise or the relocation of a trustee.
Also, to date, there has been no identification of skill sets or other qualification requirements for prospective Trustees. For example, the role of Treasurer would be difficult for a novice to fulfill. In a similar vein, would a first year parishioner be our best choice to vote as a trustee on matters which require knowledge of historical precedence?
As a result the Trustees have created a Succession Plan which will not only deal with these issues but will create an opportunity for future trustee aspirants to become familiar with the workings of this group prior to standing for election. The Succession Plan was approved by Vestry on February 20, 2011 and is now Appendix B of the ToR.
The Plan
All Saints Anglican Church, Erin, has established several Funds: the Endowment Trust Fund, the McGibbon Memorial Trust Fund, the Discretionary Trust Fund and other Donor-Advised Funds. These Funds are held “in trust” and are managed in accordance with the Trustees’ Terms of Reference.
It is the intent of this plan to identify desirable qualifications for Trustees and also to outline and make available a Trustee Familiarization Program for future aspirants to this responsible position. Although any and all parishioners are welcome to stand for election to the position of Trustee, possessing the following qualifications would be desirable.
Desirable Qualifications for the Position of Trustee
* the most desirable qualification for a candidate for Trustee will be that he/she has served at least one term as Warden of All Saints or,
* the candidate will have served as a Parish Councillor for at least five years or,
* the candidate may have had specific training/experience in accounting or other financial disciplines if seeking to fill the office of Treasurer
* the candidate will have elected to apply for the Trustee Familiarization Program
Trustee Familiarization Program
It is the desire of the Trustees to create a pool of aspirants to the office of Trustee who have had an opportunity to become familiar with the responsibilities of a Trustee, by inviting aspirant (s) to sit as observer(s) with the Trustees for one calendar year, the “Familiarization Period”.
An Observer will:
* have indicated his/her desire to serve as a trustee in the future
* be approved by the Trustees and invited to participate in the Familiarization Program
* attend all the meetings of trustees as an observer and be encouraged to contribute to all discussions
* have no voting privileges
The Trustee Familiarization Program period will begin and end at the annual Vestry meeting. Upon completion of the TFP, the candidate will enter a pool of informed candidates and
* be considered well-qualified to stand for election as a Trustee at a future date
* be considered eligible for an interim appointment as a Trustee if required
Should the need arise to fill a vacant Trustee position during the year, the trustees will select a candidate from this pool and appoint him/her to serve until the next Vestry election is held.
This “Succession Plan” must not be misconstrued as a means to restrict or limit any parishioner from standing for election to the position of Trustee. The Trustees’ primary objective with this plan is to create a continuum of thought and process which will, in the end, allow us to meet our mandate.
February 20, 2011
APPENDIX C:
Trustee Emeritus/Emerita
December, 2018
Since the early 1990s, the positions of Trustees and Trustees-in-Training have been defined and documented in the Trustees’ Terms of Reference.
In December, 2018, the Trustees created a new category of Trustee titled “Trustee Emeritus/Emerita”. The qualifications and expectations for this position are as follows:
The candidate
* will be elected by the current body of Trustees
* will have served as a Trustee for a minimum of 15 years of continuous service
* will be extended an open invitation to all Trustee meetings
* will serve in an advisory capacity only
* will not have voting privileges
Rationale : With the retirement of Lynne Dole as a Trustee at the Vestry of February 11, 2018, there was a desire on the part of currently-serving Trustees to continue to avail themselves of Lynne’s extensive experience of how the Trust Funds are managed, knowledge she developed over 38 years as a Trustee and then Chair of the Committee, 1980-2018.
The easy solution was to ask Lynne to continue to host Trustee meetings as she had done for many years. This she agreed to do, and thus we have not only enjoyed her hospitality but benefitted from her ready and useful comments regarding our history and precedent-setting actions.
It is time to regularize this situation by creating this new category of honorary Trustee and inviting Lynne Dole to become our first Trustee Emerita.
RELATED DOCUMENTS
- Job Description of a Church Trustee
(This document was prepared in response to the Diocese’s request for job descriptions as part of its “Risk Management” strategy.)
Nature of the Position
All Saints’ Vestry has tasked the Trustees with the overall management of its Trust Funds. This responsibility includes the receipt and recording of contributions, bequests and memorial donations as well as the investment and fund disbursement decisions necessary to meet the expectations of the donors.
As an All Saints Trustee you will actively participate in this process and be held jointly accountable by Vestry with the other Trustees for all decisions relating to the management and administration of the Trust Funds.
Outline of Responsibilities
Trustees shall:
* record all bequests, memorial donations, contributions and transfers received by the Trust Funds as well as any and all disbursements or grants made from the Funds,
* maintain accurate financial records for each of the Trust Funds,
* manage the investment and the disbursement of funds as required in accordance with their Terms of Reference,
* convene a minimum of three meetings per annum to ascertain the status of the Funds and to make related management decisions as required,
* prepare an Annual Report for Vestry,
* present a written and verbal report at the Vestry meeting each year – the report will highlight the performance of the Funds and will record all bequests, memorial donations, contributions and transfers received by the Trust Funds and any disbursements or grants made over the previous year,
* maintain an up-to-date record of the names and Parish connection of all individuals memorialized as well as those who make donations to the Funds during their lifetimes.
Skills and Experience
Experience, skills and other desirable qualities of a Trustee are outlined in the Trustee Succession Plan. At least one of the three Trustees should have experience with book-keeping and preparing financial statements.
Boundaries and Limitations
Any action or transaction made by the Trustees must conform to their Terms of Reference. Two signatures are required on all cheques drawn on the Trust Funds: a Trustee and a signing officer of the Corporation.
Support, Supervision and Training
The Trustees are responsible to Vestry for all aspects of the Funds’ administration, record keeping, investment policy, etc. The Corporation may offer comment and/or direction to the Trustees in their capacity as the supervisory body, however, traditionally, their role has been one of support. A newly-elected Trustee will have the benefit of a training experience by serving a full year in the company of two previously-elected Trustees.
Participation Group
The three Trustees may consult with the All Saints Financial Committee and/or the Diocesan Financial Committee.
Screening Requirements – Low risk.
Length of Term
Each Trustee is elected by Vestry for a three-year term. The Trustees are elected on a staggered basis so that only one Trustee is replaced each year. (See Trustee Succession Plan).
Benefits to the Volunteer
Satisfaction and pride knowing that you have provided a service to the All Saints family by managing these Trust Funds in accordance with the wishes of the donors. You will have achieved this by having struck a balance between meeting the short term needs of the community and the long term vision of the church.
December 12, 2010
- Trustees Indemnification
- Terms of Reference Clarification Circular
November 28, 2011
It has come to the attention of the Trustees that the Corporation, Parish Council and the Congregation of All Saints Church would appreciate more information regarding the management of the Trust Funds.
This letter, although directed to the Corporation of All Saints, might also be shared with the church body as a whole. It is an informal communication which will restate the ongoing transparency of the management of the Trust Funds by the Trustees.
First, with regard to openness, the Rector is invited to all meetings of the Trustees in an ex officio (non-voting) capacity. Since the Rector is also a member of Corporation there is an open communication link to the running of the church. In addition, it is not uncommon for a Trustee to also sit as a member of Parish Council. Finally, the Trustees are required to make a full report to Vestry each year regarding their activities and management decisions.
The Trustees are:
* servants of the All Saints communion through its elected Wardens (the Corporation) but are responsible only to the congregation through Vestry.
* directed, through our Terms of Reference, to respect the wishes of our donors and report faithfully at each Vestry the results of our previous year’s endeavours.
* committed to managing the funds of our donors (which are placed in our trust) with a balanced agenda that encompasses not only the desire for retention/maintenance of the capital account but also to consider the opportunity of well-placed potential growth investments. At the moment the Funds are invested in two streams, the Niagara Diocesan Fund (a professionally managed investment fund of the Diocese) for the majority of our investments, but there is also a significant portion of the total which is invested in GICs, for stability.
* open to critique, accolades and other forms of discourse regarding our efforts on your behalf.
To the Wardens (the Corporation):
For best budget-planning purposes, you would normally include a donation of $2000 (or more) from the Endowment Trust Fund, but only after checking with our Treasurer since the annual contribution to the Parish General Fund from this Trust Fund is dependent on the success of our investment strategy and our ability to protect/maintain the capital of the Fund. Therefore, we have chosen October 31 of each year to analyse our situation based on the “unit value” of the Niagara Diocesan Fund as of that date. As a result, our Treasurer will not be in a position to indicate a final figure for this donation until some time in mid-November each year (when the “unit value” of the Niagara Diocesan Fund is published).
In addition, when budgeting for the upcoming year, please do not include a possible contribution from one of our Donor-Advised Trust Funds. These Funds have been provided as a “stop-gap” or emergency fund to get us over a difficult and unforeseen situation in any given year. Indeed, there may be a particular year when a donation from one of these Funds would have a negative impact on our overall financial picture.
Although the Trustees are restricted by their Terms of Reference, there remains a spirit of co-operation within our group to accommodate any and all suggestions which will ultimately result in a growth situation for All Saints.
Thank you,
Your Trustees
NEWS 3. Do you enjoy singing in the shower?
If you do you would really enjoy singing with us, not in the shower but at All Saints Church. We are a group of nine (both young and old), who are hoping to grow to twelve with your help. We have a lot of fun and at the same time produce some really beautiful sounds.
We have a wonderful, understanding choir director who not only teaches us but encourages us. He also plays the piano and the organ for us.
So come and give us a try. You’ll be glad you did.
You know what they say “if Sask can sing in the choir then anyone can.”
Contact “Sask” Wilford at 519-855-6268 or wilsask@hotmail.com
