The Episcopal Diocese of Southwestern Virginia 100th Annual Convention

ENDOWMENT POLICY STATEMENT For The Pooled Endowment Fund TRUSTEES OF THE FUNDS OF THE PROTESTANT EPISCOPAL CHURCH IN THE DIOCESE OF SOUTHWESTERN VIRGINIA, INCORPORATED “The Trustees.” Trustees of the Funds of the Protestant Episcopal Church in the Diocese of Southwestern Virginia, Incorporated, a non- stock, nonprofit Virginia corporation. “The Diocese.” The Diocese of Southwestern Virginia, a constituent part of the Protestant Episcopal Church in the United States of America. “The Fund.” The pooled endowment fund held by the Trustees comprising various funds held for the benefit of the diocese, certain parishes, and other similar or related charitable purposes.

I.

DEFINITIONS

A.

B.

C.

D.

“Council.” The council of the Diocese.

E.

“The Executive Committee.” The Executive Committee of the board of the Trustees. “UMIFA.” The Uniform Management of Institutional Funds Act as in effect in the Commonwealth of Virginia.

F.

G.

“Fiscal year.” The calendar year.

H. “Expenses.” The costs of administering the Fund, including but not limited to investment management and custodian fees, accounting fees, and payments to reimburse the Diocese for accounting and administrative services.

I.

“Fund Spending.” All withdrawals from the Fund, other than Expenses.

J.

“The Spending Base.” For any fiscal year, the average value of the Fund using the quarter-end market value of the Fund for 12 consecutive calendar quarters up to and including the third quarter of the immediately preceding fiscal year.

37