Adelphi Friends Meeting

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Building Fund

At the 12/12/2010 business meeting, a building fund was approved. The fund provides a way for Friends to make contributions that will be set aside in an account, to be used when the meeting decides how to proceed on renovating its buildings, or new construction. It was decided to set up the fund before the close of 2010 so that those interested in making contributions could obtain a tax deduction in the current year. Friends are reminded that contributions to the building fund should consist of amounts over and above normal contributions toward the current budget. Contributions should also be specifically designated as such to go to the building fund. The meeting approved the establishment of a building fund, effective immediately, as follows:

The meeting keeps separate accounting for donations that are designated for the building fund. The amounts in this fund are to be used to defray the following costs:

1. Professional services for planning and design for renovation and improvement of existing buildings or construction of new ones, whether on the existing grounds or elsewhere;
2. Construction of a new meeting house and other facilities;
3. Renovation of the existing meeting house, white house, and other facilities on the existing grounds;
4. Any expenses that are incidental to the above (including, for example, costs of storage, moving, insurance, professional fees, licenses, or permits).

Conditions on the use of the funds:

• Expenditures will be paid for out of the building fund only upon approval of the meeting.
• Amounts in the building fund will not be used for routine maintenance of existing facilities, as this is covered by the reserve for replacement.
• In the event that amounts in the building fund remain unexpended as of Dec. 31, 2020, the amounts may be used as the meeting determines (including continuing the building fund).
• Amounts in the building fund may be invested as determined by the Finance Committee, pending their expenditure. Such amounts do not necessarily need to be held in a separate bank account or invested separately from other assets of the Meeting, as long as the amounts in the building fund can be identified by appropriate accounting. Income (or losses, if any) attributable to investment of the building fund becomes part of the principal of the fund.

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Last updated:  12/18/2010