The Board of the Endowment Fund of King of Peace Episcopal Church

Policy Regarding the Disposition of Bequests

1.   General. This policy statement governs the disposition of bequests which, for 
purposes of this statement will mean any type of gift in which the assets are
transferred upon the death of the donor.  The assets may be in any form, such as
cash, securities, personal property, real property, insurance and so on.  The bequest may
identify the beneficiary in one of two general ways:

a.	“King of Peace Episcopal Church of the Episcopal Diocese of Georgia” or some other wording such
as, King of Peace Episcopal Church located at 6230 Laurel Island Parkway, Kingsland, Georgia 31548.
b.	“The Endowment Fund of King of Peace Episcopal Church” or similar wording.

2.	Bequests with “King of Peace Episcopal Church” as beneficiary can be of two general types.

a.	“Designated,” in which the donor has identified a specific purpose(s) to
which the funds should be directed.  The Vestry has ultimate responsibility to
determine that the use(s) to which those funds are applied is faithful to the
donor’s wishes.  The funds may be directed to their designated purpose(s) either
as an endowment (in which case they normally would be established as a 
designated fund of the King of Peace Endowment Fund) or by direct expenditure of 
the funds through the treasurer of the King of Peace.
	
b. “Undesignated,” in which case the Vestry and Rector have greater freedom in
     determining their ultimate use, through the expectation is that such a bequest
     would be transferred at the earliest practicable time to the King of Peace Endowment
     Fund.  Such transfers, once made, are intended to be held in perpetuity.  This
     policy specifically acknowledges, however, that from time to time urgent needs
     of the King of Peace may arise to necessitate an exception to this policy.

     In such instances the following procedures will apply:

         i.  The Rector of the King of Peace will assess the circumstances giving rise
         to a perceived need to make an exception to the policy.  Such circumstances
         should be judged by the Rector to be truly extraordinary and that no other 
         financial resources of the King of Peace are available or are expected available
         in time to fulfill the urgent needs.  If the Rector concludes that an exception
         is appropriate, the Rector will bring a recommendation to the Vestry at the
         earliest practicable time.

        ii.   Final authority for granting such an exception to policy will rest with the
        Vestry.

3.	Bequests designating the King of Peace Endowment Fund as beneficiary are
automatically transferred to the Endowment fund upon receipt.  If the bequest
was given for a designated purpose, then the value of the assets will be applied to
establish a designated fund of the Endowment Fund, as provided for in a separate
policy, and the expendable funds made available for use for that designated 
purpose only.  If the bequest to the Endowment Fund is otherwise undesignated
the assets will be directed to that portion of the  corpus of the Endowment Fund
whose expendable funds are unrestricted.

4.   The procedure for handling bequests begins with the treasurer of the King of Peace,
who will see that any cash is immediately deposited and held in the bank pending
a decision regarding the final disposition of the bequest.  The treasurer will prepare
copies of relevant documents and distribute them to the appropriate offices of the 
King of Peace, including the Rector, the senior warden, the finance committee, and the 
chair of the board of the endowment fund.  A decision regarding the liquidation of 
securities will not be made until it is determined whether those assets are to be 
directed to the Endowment Fund, in which case the certificates will be given to the
investment manager of the Fund to be held or sold, which decision will be made
on portfolio considerations.  Otherwise the liquidation of securities will be
handled according to the normal practices of the treasurer of the King of Peace.  The
method, timing, agent, etc. for the liquidation of other assets (such as real estate or
personal property) will be decided by the Vestry with guidance of the Finance Committee.  

5.   Appropriate acknowledgment of bequests will be given by the Rector and by
the Chair of the Board of the Endowment Fund in a timely manner.

Adopted by action of the Board of the Endowment Fund of King of  Peace this ______ day
of _____________________, 200__.

_____________________________________
                         Chairperson