The synagogue has over 120 Trust Funds and more then 280 Library Funds. Most have been named in honor of or in memory of a loved one.
NAMED TRUST FUND
There are two types of named trust funds at the synagogue.
A GENERAL PURPOSE NAMED FUND can be established with a minimum contribution of $2,500 payable over four (4) years.
A DONOR DESIGNATED (SPECIAL PURPOSE) NAMED FUND can be established with a minimum contribution of $5,000 payable over a four (4) year period. It is targeted to suport a special purpose or activity as selected by the donor.
Newly established Named Funds are approved only for the following:
1. Religious Ritual
3. Restoration and Facility Enhancement
4. Youth Activities
5. Communal Services
8. Nursery School
9. Day Camp
10. Adult Programming
11. Family Programming
A fund, which can not be placed in any of these categories, may be established with an affirmative vote of two-thirds (2/3) of the members of the Endowment Committee present at a meeting of the Committee.
RESTRICTIONS ON USE OF FUNDS
Each Donor Designated (Special Purpose) Named Fund shall be used for the purpose for which it was established, and in the manner prescribed, by the Donor of said Fund.
Each General Purpose Named Fund shall be used for general congregation purposes.
Donations in amounts less than $2,500 are considered gifts to the congregation. They are pooled with other like gifts into the XXI Century Endowment Fund unless the Donor requests that they be placed in a current approved synagogue Named Fund or unless the donor specifies that they be used for current operating purposes.
MANAGEMENT OF INVESTMENTS
These Trust Funds are managed by the Endowment Committee in accordance with the XXI Century Endowment Fund "Guiding Purposes, Principles and Rules of Operation".
Park does not charge an annual management fee. In lieu of this, no fund (regardless of when established) with a balance less than $5,000 will be allocated any income from investments .
TRUST FUND ESTABLISHMENT FORM
A form will be required to be signed by the Donor of all new General Purpose Named Funds and all new Donor Designated (Special Purpose) Funds, and will include the following information.
Fund Spending Policy-At the Outset the donor may impose the following limits on spending:
Spend Income Only - Income is defined as 6% of the fund's principal, which is determined annually as of the preceding June 30, the day before the start of the synagogue's fiscal year. This option is available only to funds having a minimum principal value of at least $25,000.
In Addition to Income - In addition to income as defined above, donor approves annual spending of between a minimum of 5% and a maximum of 100%, of principal or minimum dollar amount of not less than $500 .
OPERATION OF FUND
Distribution of Fund
Donors may make recemmendations with respect to the making of expenditures from their Named Funds. However, the synagogue retains the ultimate decision making authority. A majority vote of an ad hoc committee composed of the Senior Rabbi of the Synagogue, the Treasurer or President of the Synagogue and the Chair of the Committee and/or Staff Professional that oversees the operation most closely aligned with the purpose of the Fund is authorized to approve the distribution of amounts from such Fund; however, no individual grant in excess of Five Thousand Dollars ($5,000) shall be made from the Fund without approval of the Board of Trustees.
Maintenance of Fund Balance
In the event that this Named Fund balance, is as of the end of the synagogue's fiscal year which ends June 30, under $1,000.00, the donor will be notified by letter and given the opportunity to restore the fund balance to a minimum of $2,500.00 (for a Named General Purpose Fund) or $5,000.00 (for a Named Donor Designated Fund). In the event the donor does not choose one of these options within 90 days of receiving such notification, the remaining balance of the Named Fund will be transferred to the XXI Century Endowment Fund.
Funds established prior to 1986 Guidelines may elect to not meet the criteria as adopted by the Board of Trustees on April 2, 1986 or the criteria above.
Funds established after April 2, 1986 and before May 24, 1999 will be guided by the 4/2/86 criteria. Funds established after May 24, 1999 are subject to guidelines approved and adopted on May 24, 1999.