Withdrawal Request from The Diocese of Cuba - Trust Funds Class 99
Resolution text
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.
Explanation
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- The Diocese has withdrawn $10,000 from its existing custodial investment account (as it entitled)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.
Class | TF# | Trust description and purpose | 12/31/2019 Market Value | Accumulated Appreciation |
99 | 245 | Whitney Missionary League, W. Beaumont, Philadelphia, PA (1917) Gift of, A Special | 29,487.74 | 24,573.66 |
99 | 522 | Cuba, Missionary District of, Endowment of the Episcopate | 538,788.36 | 497,315.86 |