Historical Foundation of the Presbyterian & Reformed Church

Hist - Quasi Endowment Fund

Beneficiary location:

Louisville, KY

Account number: 203115057713

Designated Use

Excerpt from: The Minutes of the 1981 Annual Meeting of the Board of Directors of the Historical Foundation of the presbyterian ad Reformed Churches, Incorporated. Page 3: 81-5 – [Creation of a Quasi-Endowment]: The Board approved unanimously resolutions I and II (See Appendix C, Resolutions Governing Endowments), creating the Historical Foundation Endowment, a quasi-endowment composed of funds contributed as Life Memberships prior to January 1, 1981, proceeds from sale of equipment, and excess revenues of Historical Foundation Operating Expense Fund at the end of each Calendar year, with the interest to be used for the Operating Expense Fund. Appendix C, Resolution Governing Endowment: I. Resolved that the Board of Directors of the Historical Foundation herby establishes the Historical Foundation Endowment, a quasi-endowment, and that Life Membership Funds received prior to January 1, 1981, together with the proceeds from the sale of equipment either before or after that date be allocated to this fund. It is further resolved that the Board of Directors may at any time appropriate the principal of this endowment for such purpose as it deems necessary, and that interest is to be available for the operating Expense Fund. III. Resolved that if there be any excess revenues of the Historical Foundation operating Expense Fund at the end of any calendar year, all such funds shall be deposited din the Historical Foundation Endowment, the interest of which is to be used for the Operating Expense Fund.