Endowments, Memorials, In Lieu of Flowers Donations & Bequests

ST. PETER ARMENIAN CHURCH
FINANCIAL GUIDELINES

(Note: These guidelines were updated as of January 8, 2001, and are meant to be consistent with the St. Peter Armenian Church guidelines adopted by the Special Parish Assembly held April 17, 1991.)

I. Endowments:

Definition — Endowments are funds or property donated to St. Peter Armenian Church. The income from the endowments shall be used as follows:

A. Special Purpose Funds (Restricted endowments): Funds or property donated for a specific purpose or use defined by the donor in cooperation with the Parish Council. Such purposes may include: scholarship, educational experience, or a specifically funded program.

Special Considerations: Any Special Purpose Fund shall require a minimum of $2,500 and the approval of Parish Council. Additions to the fund may be made at any time. No subsidiary organization for the Church may establish or contribute to a Special Purpose Fund.

B. Permanent Funds (Unrestricted endowments): Funds or property donated without any specific purpose or use identified by the donor. The income from these endowments may be used for general operating expenses or as designated by the Parish Council.

Special Considerations: Any Permanent Fund shall require a minimum of $500 as an initial principal. All interest generated from the Permanent Fund shall be transferred annually to the General Fund.

Note: In the event of dissolution of the St. Peter Armenian Church, the above funds shall revert to the Diocese of the Armenian Church of America without restrictions.

II. Memorials:

Definition — Funds, property, or items donated or established to serve as a remembrance of a person or event. They may be initiated by the Church or by an individual or group(s).

A. Church Initiated: For memorials of this type, donors are sought to establish a memorial in the name(s) of loved ones (e.g., stained glass windows).

B. Individual or Group Initiated: An individual or group may propose a memorial, which much have approval of the Parish Council.

III. In Lieu of Flowers:

Definition — Funds which are gifted to the church in the name of someone deceased. The following apply to "In Lieu of Flowers" (ILF) donations:

A. The family members of the deceased may request that arrangements be made for ILF.

B. Funds that are gifted to the Church in the name of the deceased become an asset of the Church and are placed in the General Fund of the St. Peter Armenian Church.

C. Only the portion of ILF donations by the immediate family may be used to establish a Memorial or Endowment Fund. The family will define the members who are considered "immediate" family.

IV. Bequests (As defined at the May 2006 Parish Council meeting)

The Parish Council decided to set up a special committee to provide assistance and information to interested members and friends of St. Peter Church who are seeking information on how they can support the church through bequests.

A will is one of the most common ways to make charitable bequests to the church.  A will is a legal instrument by which you can specify how all the real and personal property you own is to be distributed upon your death.  Since it is a legal document, a will should be prepared with the assitance of an attorney to insure that it meets the requirements of state law.

A charitable bequest can be in the form of a specific piece of property or a specified amount of money or specific percent of one's estate.  Including a bequest in your will can enable you to make a gift to the church while still retaining your assets during your lifetime.  It will also reduce any state and federal taxes on your estate.  You can also designate that your gift be used for a specific purpose in the church or to establish a memorial endowment fund.

It is important that you notify the Parish Council through the church office if you intend to include St. Peter Armenian Church in your will or if you have already done so to make sure that your wishes are clearly understood.  Another important reason is to be recogized as a member of St. Peter 21st Century Society which has been established by the Parish Council as a means of recognizing those who do make charitable bequests to the church.