The Memorial Trust shall be administered by a Committee of three members, one elected by a Parish Meeting to serve for a three-year term, the Treasurer and a chair who shall serve at the Rector’s pleasure. The Committee shall keep a written account of the Memorial and a record of its actions.
The Treasurer shall maintain a separate capital fund titled the “Memorial Trust” to record and receive all gifts and bequests designated for the support of community, social ministry or outreach programs.
The Memorial Committee may choose to release up to one-half of the gifts received and income earned in each year for community, social ministry or outreach programs. The Vestry or any Committee appointed by the Vestry for that purpose shall grant these funds for these intentions.
The funds of the St. Luke’s Foundation and of the Memorial Trust shall be invested according to guidelines adopted from time to time by their respective Committees with the consent of the Vestry. The Committees may elect to appoint one or more investment committees, subject to ratification by the Vestry. Any funds invested by either of the Committees under their own authorities or by an investment committee shall be subject to audit, and summary accounts shall be presented quarterly to the Vestry and respective Committees.