Resolution ECEC 013

Resolved, that Trust Fund #1347, The Delany Endowment Fund, shall be established pursuant to a memorandum outlined by the Trustees of the Sadie and Bessie Delany Trust (“S&B Trustees”); and be it further

Resolved, that Trust Fund #1347 shall be designated as a trustee endowment account for the benefit of scholarships for students of St. Augustine’s University (“SAU”), Raleigh, North Carolina; and be it further

Resolved, that the trust fund balance shall be transferred to SAU when the university regains and maintains its academic accreditation and financial stability for three consecutive fiscal years; and be it further

Resolved, that should SAU not be able to comply with the third Resolve above by March 2026, the Domestic & Foreign Missionary Society shall rename the trust as the “Bishop Henry Delany Endowment” and be used to support undergraduate students attending any accredited college or university.

The S&B Trustees are concerned about the financial viability of SAU and its ability to survive as an academic institution.  The S&B Trustees asked the DFMS to accept and manage the donation for the benefit of SAU until SAU becomes financially stable and regains its accreditation.

The DFMS will remit the Annual Scholarship Distribution Amount, as specified below, from the Delany Endowment Fund to SAU for the purpose of granting scholarships to students.

SAU will submit its nominees and the amounts to be received by each nominee to the DFMS as soon as practicable after the end of each school year.  The annual distribution shall not the exceed the annual dividend declared by Executive Council (and in no case more than 5% of the five-year average of the year-end market value of the Delany Endowment Fund).