Withdrawal Request from The Diocese of Cuba - Trust Funds Class 99
Resolved, That having received a written request from the Rt. Rev. Griselda Delgado del Carpio, the Executive Council authorizes that $14,000 from Trust Funds #275 and #522 of Class 99 be distributed to the Diocese of Cuba.
Trust Funds of Class 99 were established for the benefit of the Diocese of Cuba and held, at year-end, $521,889.52 of undistributed appreciation.
Using a portion of the 2019 block grant of $116,000 disbursed in a lump sum in May 2019, the Diocese purchased a house for a clergy retiree, Rev. Ivan Gonzalez, at a cost of $30,000.
The Diocese is now attempting to rebuild its operating cash as follows:
- Rev. Gonzalez has signed a loan repayment agreement with the Diocese and has already repaid $6,000
- The Diocese has withdrawn $10,000 from its existing custodial investment account (as it entitled)
- Bishop Griselda has provided a written request for the remaining $14,000 by withdrawing from Class 99 trust funds where it is the beneficiary.
Class 99 currently provides approximately $25,000 in annual income to Cuba. A $14,000 withdrawal from the trusts will reduce that income by $700 in 2020 and future years, as has been explained to and acknowledged by the Diocese of Cuba.
Trust description and purpose
12/31/2019 Market Value
Whitney Missionary League, W. Beaumont, Philadelphia, PA (1917) Gift of, A Special
Cuba, Missionary District of, Endowment of the Episcopate