Trust Benefactors
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What are they?
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Trust Benefactors are persons, parishes, or organizations
which indirectly make use of the DIT by their having given
assets to the TEP, as trustee, for it to hold and invest
for the benefit of the Diocese or its member institutions.
The TEP has been managing such trusts for over a century
and a quarter and currently manages over 100. All of these
trusts are invested identically, utilizing the Funds of the
DIT and occasionally, when and if warranted, an additional
cash equivalent.
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Why trusts?
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Trusts serve the purpose of enabling individuals or other
entities to place some kind of asset(s) in the hands of a
trustee and to specify exactly how the income or proceeds
derived from the asset(s) may be used and by whom (the beneficiary).
One of the primary purposes for which the TEP was created
was to enable donations by interested individuals to be held
in trust so as 1) not to be diverted from their specific
objects and 2) to be protected and managed by a corporate
board created by and responsible to Diocesan Convention.
The TEP is authorized to act as trustee and to provide professional
investment management for individual trusts of any size,
both large and modest.
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What kind of trusts?
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Trusts come in many shapes and sizes. Those administered
by the TEP are called express trusts (as distinct from endowments)
and include perpetual trusts. They are created either 1)
through a trust agreement made by a donor (the benefactor)
during the donor's life or 2) in the Will of the donor, if
an individual, and in either case specify who or what is
to benefit from the agreement (the beneficiary). Trusts that
the TEP may receive must have as beneficiaries either the
Diocese or individual parishes and other institutions existing
or acting under the Diocesan Convention. Such trusts may
be either unrestricted, i.e., for the general support of
the beneficiary, or they may be restricted to a specific
religious, educational, or charitable purpose of the specified
beneficiary.
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How to become a benefactor:
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As noted above, trusts come about through a Will or a trust
agreement. Both customarily involve attorneys. For further
information on how to initiate a trust benefaction with the
TEP, please contact our Executive
Director, who will put you in touch with our General
Counsel for assistance in preparing the requisite documents
or in having them prepared by your attorney.
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