ENDOWMENT

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 $1,000 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.

To set up a Special or Permanent Endowment Fund, complete the Contribution Agreement Form and return it to the St. Peter Church office. Contact the church office if you have any questions.

* Please print out and mail the completed form to:

P.O. Box 196 – Watervliet, New York 12189