Request from The Episcopal Church in Liberia – TF 853 - consent
Resolution text
Resolved, That based on a written request from the Rt. Rev. Jonathan B. Hart of the Episcopal Church of Liberia (ECL), the Executive Council authorizes that $75,000 be withdrawn from Trust Fund 853 (Class 179) and be distributed to ECL Liberia to fund its budgetary needs arising from the impact of COVID-19 and declining rental income.
Explanation
In a letter received September 8, 2020, Bishop Hart notes that revenue from commercial properties constitutes over (65%) sixty-five percent of annual revenue to ECL. COVID-19 disruptions have curtailed tenants’ abilities to make rental payments; so, ECL has not been able to fund its own operations and mission schools.
Trust Fund 853, Liberia, Episcopal Church of, Endowment Fund (1982) was established to benefit ECL and had over $363,000 of accumulated appreciation at 07/31/2020.