McCormick Theological Seminary

Doherty Fund

Beneficiary location:

Chicago, IL

Account number: 103120053044

Designated Use

For the education of ministers of the Gospel in said Church, as herein provided. The principal of said fund shall never be diminished, and the interest thereon, less the proper and necessary charges and expenses upon said fund, if any, shall be paid, and is directed to be pain, annually to the professors or teachers of the Theological Department of Cumberland University, located at Lebanon, in Wilson County, Tennessee, or to such person for the use and benefit of the said professors or teaches as may be designated for that purpose by the General Assembly of said Church. Should the said Theological School, which is now under the supervision of the General Assembly of said Church, cease to exist at Lebanon, Tennessee, or should the General Assembly of the Cumberland Presbyterian Church, in their discretion, remove it elsewhere, they may, in that event, direct the interest on said fund, as aforesaid, to be paid to the professors or teaches of the said Theological School wherever it may be located, or to some person for the use and benefit of such professors or teaches and in that event, the interest on said fund shall be paid to the person, and in that way and manner directed by the General Assembly of said Church, for the purpose aforesaid. And if there should be a loss of any part of the principal of said fund, from any cause, with other means which may be at their disposal, or to be raised by them, to be paid to said Trustees as a part of the principal of said fund, to keep the same perpetually at the amount or value of ten thousand dollars, and the acceptance of the gift of said fund, as herein provided, by the General Assembly of said Church shall be a pledge on the part of the General Assembly of said Church to replace and make good any such loss in the manner aforesaid. [GA Minutes 1917, page 245] That in accordance with the terms of the bequest, which makes the interest on the Doherty Fund subject to the direction of the General Assembly, the Assembly hereby directs the trustees of the General Assembly of the Cumberland Presbyterian Church henceforth to pay the interest on said Doherty Fund to the treasurer of Lane Theological Seminary, until other direction may be given by the General Assembly.