Gifts and Bequests to the Diocese

Avoiding burdensome restrictions

Over the years numerous gifts and bequests have been made to the Episcopal Diocese of New York that have had specific and limiting donor restrictions regarding the use of the income or the principal. In other cases, restrictions have been placed on permissible investments. Although generous in their intent, the donors have, as a result of the passage of time, placed impractical or impossible requirements on the Diocese that limit its ability to carry out its mission and, in many cases, to fulfill the donor's fundamental wishes. To avoid such problems in the future, the Trustees of the Episcopal Diocese of New York have adopted the following policies:

 

A. Where possible, the Diocese will encourage donors to make gifts or bequests to the Diocese without restriction as to permissible investments, investment strategy, or use of the principal or income. When a donor wishes to place a restriction on a gift or bequest, the Diocese will ask the donor to discuss the limitation with the Office of the Bishop prior to making the gift or bequest. If a specific restriction is designated, inclusion of the following language will make certain that the bequest will always remain useful:


If in the judgment of the Trustees changed circumstances should at some future time render any of the terms of this Fund no longer appropriate, then the Trustees shall use the Fund to further the objects and purposes of the Diocese, giving consideration to my special interest as evidenced by the purpose described above.



B. Each gift or bequest that is presented to the Diocese and that carries a donor restriction as described above must be reviewed by the Investment Committee of the Trustees of the Diocese before such gift or bequest can be accepted by the Diocese.



For more information please contact the Controller.

See Also: