Yearly Meeting Trust Funds — Descriptions of the Funds

 

New York Yearly Meeting Trust Fund Descriptions

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Go to a page with a list of all funds with titles hyperlinked to their descriptions.

 

Table of Contents

Overview

Trust Fund Categories

Dividends

Disbursements

  • Disbursed Automatically to Named Recipients
  • Retained Pending Request from Named Committee
  • Retained Pending Request to Trustees

Trust Fund Descriptions

 

Trust Funds with Named Recipients

NEW YORK YEARLY MEETING OPERATING BUDGET

Cheeseman Memorial Fund
Helene E. Kenmore Fund
Stamford-Greenwich Trust
Treasurer’s Fund

ADVANCEMENT

Martin Leach Fund
Women’s Fund

INDIAN AFFAIRS

Enzo A. Ferrante Fund
Levinus Painter Scholarship Fund
Mae D. Barton Fund

COMMITTEE ON THE EXPENDITURE OF THE H.H. MOSHER FUND

Mosher Fund

WORLD MINISTRIES

Agnes S. Lawrence Missionary Fund
Dikran B. Donchian Missionary Fund
Ella J. Chapman Fund
Ellen Collins Missionary Fund
Ellen L. Congdon Fund
Loder Chapel Fund
Mary F. Thomas Missionary Fund
Smyrna Meeting Fund
Sutton-Haviland Fund

POWELL HOUSE

Ella L. Burdge Fund
Emma Cheeseman Bruns Fund
Maria W. Barton Fund

OAKWOOD FRIENDS SCHOOL – SCHOLARSHIP

Dikran B. Donchian Educational Fund
Educational Fund
George H. Carpenter Fund
Henry Y. Ostrander Fund
High Point Funds
Lotta Merrill Scholarship Fund
Simeon Loder Fund

OAKWOOD FRIENDS SCHOOL – ADMINISTRATION

Edward B. Underhill Fund
Ellen Collins Fund
Grace & Freeman Shepard Memorial Fund
John G. Lane Fund
Loder-Clark Fund
Oakwood Biblical Fund
Oakwood Endowment Fund
Slocum Howland Fund
Skaneateles Fund

NINE PARTNERS QUARTERLY MEETING

Albert B. Merritt Fund
Highland Mills Fund
Milton Meeting Fund
Sarah Gardner Magill Fund

FRIENDS HISTORICAL LIBRARY

Irving B. Rymph Fund
John Cox, Jr. Memorial Fund

MANASQUAN MONTHLY MEETING

Ella Burdge Fund – Manasquan Monthly Meeting

FRIENDS FOUNDATION FOR THE AGING

Margaret B. Dietrich Fund

 

Trust funds with Dividends Held (Retained Income)

DONOR RESTRICTED TRUST FUNDS WITH NAMED COMMITTEES

Brinkerhoff Fund
Lockport Fund
Lindley Murray Fund
Mahlon D. York Fund
Stevens Funds
Sharing Fund Endowment
Sufferings Fund

DONOR RESTRICTED TRUST FUNDS APPROVED BY TRUSTEES

Caleb Sutton Fund
Edward B. Underhill (Yorktown) Fund
Jesse P. Haines Fund
Monkton Fund
Morris Cemetery Fund
Nathaniel Smith Fund
Sophia M. Beers Fund

UNRESTRICTED TRUST FUNDS APPROVED BY TRUSTEES

General Fund
Florence Stevens Fund

 

OVERVIEW

The Yearly Meeting Trustees are responsible for managing the assets of several trust funds which, for the most part, consist of a number of bequests or gifts made to the Yearly Meeting over the past 300 years. Trustees are responsible for interpretation of the conditions of trust and for administration according to their best judgment of the purposes and intent of the original creator of the trust.

Trust Fund Categories

Endowments and Permanently Restricted
An endowment fund is a donation made by a donor who specifies that the fund cannot be spent in its entirety. Endowments typically permit the expenditure of income but not principal. Typically the initial dollar value of the gift is permanently restricted. If an endowment fund has increased in value, the law permits the expenditure of some appreciation over the initial value.

Donor Designated Funds and Temporarily Restricted
The donor may designate that the donation be used for a specified purpose. For designated trust funds, the income must be used according to the terms of the trust. The money available for disbursement is temporarily restricted. If the principal is not permanently restricted, the principal is also designated as temporarily restricted.

Undesignated Trust Funds and Unrestricted
Some trust funds are given with no specific designation or with a vague designation such as “any worthy cause”. For undesignated trust funds, the income may be used for any purpose. The money available for disbursement is unrestricted. If the principal is not permanently restricted, the principal is also designated as unrestricted.

NYYM Designated
For donations received without donor designation, the Yearly Meeting may assign the trust fund to a specific purpose. Since this assignment was not part of the terms of the trust, it may be changed at a later time by direction of the Yearly Meeting.

For donations received without a restriction on the use of the principal, the Yearly Meeting may decide to preserve and invest the principal and only use the income. Since this assignment was not part of the terms of the donation, it may be changed at a later time by direction of the Yearly Meeting.

Dividends

All the trust funds held for investment are administered as a common pool with proportionate distribution of income. Distributions of income are based on the number of shares assigned to each trust fund.

Trustees designate an annual dividend per share in January. The dividend is credited at the end of each quarter to each fund based on the number of shares.

A small percentage of the dividend is allocated to the Trustee Administrative Fund for the common expenses associated with managing the trusts. This percentage is determined at the same time as the annual dividend.

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Disbursements

Disbursed Automatically to Named Recipients

The dividends from these funds are paid directly to the designated organization or committee. The decision on named recipients was pre-approved by NYYM.

Dividends are disbursed to named recipients twice yearly on April 15 and October 15. The April dividend is for the fourth quarter of the previous year and the first quarter of the current year. The October dividend is for the second and third quarters of the current year.

Selected designated named recipients are asked to submit an annual report of the use of the disbursements to ensure that the disbursements are used in accordance with the terms of the trust and the conditions imposed by NYYM when approving the named recipient.

Retained Pending Request from Named Committee

The dividends from these funds are kept in reserve pending a request from the named committee that is consistent with the terms of the trust and the conditions imposed by NYYM when approving the named committee.

The named committee is charged with vetting requests. Disbursements from trust funds approved by named committees are supported by a minute of the named committee.

Retained Pending Request to Trustees

The dividends from these funds are kept in reserve pending a request to the NYYM trustees that is consistent with the terms of the trust.

Disbursements from trust funds that are approved by the trustees are supported by an application letter and a trustee minute approving the grant.

Trust Fund Descriptions

The descriptions in this document include the donor designation, the current beneficiary assignment, and the process used to determine the beneficiary assignment.

The descriptions were compiled from the following sources:

  • May 1937 document signed by Abraham Underhill as Treasurer of Trustees which included a description of the YM trust funds under the care of the trustees. The document states that it includes the material from a 1906 pamphlet containing a description of the YM trust funds.
  • 1973 Yearbook describing establishment of unit plan
  • 1979 update to 1937 doc to include funds added since 1937 and funds from joined YM not in the 1937 document
  • July 1992 summary of trust funds
  • Original will or documentation for selected bequests and donations
  • Trustee minutesM
  • NYYM minutes
  • 2013 Handbook

TRUST FUNDS WITH NAMED RECIPIENTS

The dividends from these funds are paid directly to the designated organization or committee.

NEW YORK YEARLY MEETING OPERATING BUDGET

The income from these funds is applied to the annual operating expenses of the Yearly Meeting.

Cheeseman Memorial Fund

This was a donation from Emma Cheeseman Bruns in 1945. Her letter of transmittal directed the principal to be held in trust as a memorial to Charles and Harriet Cheeseman, with the income to be used “for support of the Meeting at Clinton Corners” or if that Meeting became inactive, the income should be applied to “the general uses and purposes of New York Yearly Meeting.”

In 1960 a letter from the donor requested that the second purpose be made effective instead of the first as the Clinton Corners Meeting was about to become a community church.

In December 1961, trustees agreed to direct the income to the YM operating expenses.

Helene E. Kenmore Fund

This was a bequest in 2003 from the estate of Helene E. Kenmore, a longtime member of Buffalo Meeting. There were no restrictions on the use of the bequest.

In 2003, trustees recommended to the Yearly Meeting that the bequest be invested and the income used for operating expenses. The Yearly Meeting approved.

Stamford-Greenwich Trust

When the Stamford-Greenwich Monthly Meeting was laid down in 2010, its assets, including the John DeForest Trust Fund, were transferred to the Trustees. The property was sold in May 2013 and the Trustees hold a mortgage until June 1, 2028.

As there were no donor restrictions on the John DeForest Trust Fund, the assets of the fund were combined with the income from the sale of the property into the Stamford-Greenwich Trust.

The Yearly Meeting in July 2013 approved that the principal be held for investment, the income be applied to the operating budget of the Yearly Meeting, and the mortgage receipts be added to the principal of the trust as they are received. (Minute 2013-07-51 – page 159, 2013-2014 Yearbook)

At the end of each quarter, the accumulated mortgage receipts are used to purchase additional shares for the Stamford-Greenwich trust.

Treasurer’s Fund

This was an accumulation of several smaller funds given to the Yearly Meeting of General Conference affiliation for general use. The fund was conveyed to the Trustees of the united Yearly Meeting in 1957.

ADVANCEMENT

The income from these funds is added to similarly named funds shown as part of the YM Treasurer’s report; those funds would be more accurately named retained income funds as they consist of the dividends from the invested trust funds.

Martin Leach Fund

This was an unrestricted bequest made in 1917 to the Yearly Meeting from Martin Leach.

In 1918, the Meeting approved that the principal be held as a permanent fund with income paid semiannually to the Evangelistic and Church Extension Committee “as that committee was in urgent need of funds to carry out its work”.

When that committee became the Advancement Committee of the Yearly Meeting, the income continued to be directed to Advancement for use in that committee’s work.

Women’s Fund

This fund originated in 1799 in the women’s yearly meeting of Orthodox Friends. The purpose was to “provide the necessities of such Friends that may be engaged in travel, in Truth’s service, and in such other cases as may appear necessary.” The principal transferred to the custody of the Yearly Meeting Trustees upon discontinuance of separate men’s and women’s yearly meetings in 1886.

Income from this fund was designated for distribution by a Committee for Care of the Women’s Fund. This committee was laid down in 1983. At that time, the income was directed to the Advancement Committee to aid women Friends to attend Yearly Meeting.

INDIAN AFFAIRS

The income from these funds is added to the Indian Affairs sub-fund under the NYYM Sharing Fund. The Indian Affairs Committee is responsible for designating the beneficiaries.

Enzo A. Ferrante Fund

This bequest in 2012 from the estate of Enzo A. Ferrante was directed by the donor to the work of the Indian Affairs Committee.

Levinus Painter Scholarship Fund

In 1990, the Indian Affairs Committee transferred $3,000 to the Trustees of New York Yearly Meeting for investment. The committee has the option of withdrawing the entire principal, should the committee need the whole sum, at some later date.

Mae D. Barton Fund

This was a bequest in 1967 to the Yearly Meeting from the estate of Mae Barton for the “benefit of the American Indian”.

The trustees approved that the bequest be invested and the income used by the Committee on Indian Affairs for the benefit of American Indians.

COMMITTEE ON THE EXPENDITURE OF THE H.H. MOSHER FUND

The income of this fund is added to in a similarly named fund that is part of the YM Treasurer’s report: in addition to the income from the Mosher Trust Fund, the fund shown as part of the YM Treasurer’s report includes profit from the sale of books at summer sessions

Mosher Fund

This bequest received in 1875 directed the income to be used “for the purpose of printing and circulating books and tracts, inculcating and developing the principles of the Christian religion as preached and promulgated by the early Friends.”

The Committee on the Expenditure of the H.H.Mosher Fund was assigned responsibility for distributing the income in accordance with the terms of the bequest.

Around the year 1937, the Yearly Meeting asked this committee to take over the additional function of maintaining a book table at Yearly Meeting sessions. About $300 was transferred to the Mosher Fund Committee at that time, and it has continued to be used as a revolving fund for this purpose.

The committee meets the terms of the H.H.Mosher Fund by allocating an equal portion of the income from the trust to each monthly meeting as credit for the purchase of books at summer sessions.

WORLD MINISTRIES

The income from these funds is added to a similarly named sub-fund under the NYYM Sharing Fund. The Committee on World Ministries is responsible for designating the beneficiaries.

With the reunion of the two New York Yearly Meetings, the Mission Board continued as a body of the united Yearly Meeting. The broader concept of wider ministries adopted by Friends United Meeting led to the name being changed in 1971 to Committee on Wider Ministries, and later to Committee on World Ministries.

Agnes S. Lawrence Missionary Fund

This fund is made up of a direct bequest of $20,000 and a remainder bequest of $9,000 left to NYYM in 1931 in the will of Agnes Lawrence. The will specified distribution, through the Yearly Meeting Board of Missions, of particular amounts of income “as nearly as possible” from the $20,000 bequest and additional amounts in like proportion from the remainder bequest. After adjustment for the remainder bequest, the amounts of income payable annually are as follows:

  1. To American Friends Board of Missions, Richmond, Indiana: $435
  2. To Women’s Missionary Society of New York Quarterly Meeting: $145
  3. To the personal use of any needy ministers and missionaries at the discretion of the Mission Board: $145
  4. For help of Friends Missions for Colored People and American Indians at the discretion of the Mission Board: (Amt. of Balance)

The income from this fund was assigned to the Yearly Meeting Board of Missions.

So using a literal reading of the bequest, then option 4 would receive the bulk of the distribution. But it seems to be more true to the wishes of the donor to use a proportional distribution based on the assumed income at the time of the bequest; the 10 year treasury was yielding about 3.5% at the time of the bequest.

$29,000 3.50% 1930 Percent
Am Friends Board of Missions $435 43%
NYQ Women's Missionary Society $145 14%
Personal use of need ministers $145 14%
Colored People and American Indians $290 29%
  $1,015  

Trustees are currently working with World Ministries and Nurture committee to make a recommendation on recipients of these funds.

Dikran B. Donchian Missionary Fund

This bequest to the New York Yearly Meeting in 1924 was directed to be held as a permanent fund and the income applied “to the aid and support of a missionary of the Gospel, or of evangelical native churches in the foreign field.”

The YM assigned the income to the Mission Board for its work.

Ella J. Chapman Fund

A bequest in memory of the decedent’s mother, Lydia W. Whitlock, was given to New York Yearly Meeting, Orthodox in 1942, “for the cause of missions.”

The trustees decided to invest the principal and assign the income to the Yearly Meeting Mission Board.

Ellen Collins Missionary Fund

This bequest was made to New York Yearly Meeting in 1914 to be used “for missionary purposes.”

The YM assigned the income to the Mission Board for its work.

Ellen L. Congdon Fund

This bequest to New York Yearly Meeting in 1898 was directed to be applied through the “Missionary Board” and divided at its discretion “to the benefit of the Indians and the freed colored people of the South, and to its mission work carried on by its direction in Mexico.”

By authorization of the Yearly Meeting in 1898, the principal was paid to the Board of Home and Foreign Missions, to be applied upon land and a building known as Congdon Hall of the High Point Normal and Industrial School. After sale of the High Point property in 1926, the Yearly Meeting directed the principal amount to be restored to its original purposes and reinvested as the Ellen L. Congdon Fund.

Loder Chapel Fund

This was the proceeds of sale of a small chapel building and plot of land in Cornwall, New York which was part of property that passed to New York Yearly Meeting, Orthodox, as the residuary beneficiary under the will of Sarah F. Loder who died in 1914. There were no restrictions on the use of the bequest.

By direction of the Yearly Meeting, the principal was invested and the income was assigned to Marlborough Monthly Meeting for “Evangelistic Work”. Then the income was assigned to Clintondale Monthly Meeting. When that meeting became a community church, the income was assigned to the World Ministries committee.

Mary F. Thomas Missionary Fund

This bequest was made in 1924 to New York Yearly Meeting, Orthodox, to be used by them as they shall see fit for Home and Foreign Missions.

The YM assigned the income to the Mission Board for its work.

Smyrna Meeting Fund

This fund was transferred to the trustees in 1967 by the Yearly Meeting Mission Board to be invested on its behalf. The principal was part of funds originally received by the treasurer of the

Mission Board upon discontinuance of Smyrna Monthly Meeting. A minute of the meeting indicated its desire that the “proceeds be used for Friends Missionary work.”

Sutton-Haviland Fund

This fund originated with a bequest of $400 from the estate of Amy Sutton in 1875, which was afterward increased by a donation from Rebecca S. Haviland. There were no restrictions on the use of the bequest.

The Yearly Meeting directed that the principal be invested and the income be directed to the Board of Home and Foreign Missions.

POWELL HOUSE

Ella L. Burdge Fund

This bequest received in 1943 was directed to be kept as a permanent fund with one-half of the income designated for the use of Manasquan Monthly Meeting and the other half for the use of the Yearly Meeting as it might decide.

First distributions of the undesignated income were made to Oakwood School, but in 1968 this income was reassigned for the use of Powell House in response to an appeal for financial aid from the Yearly Meeting.

Emma Cheeseman Bruns Fund

This fund, received in 1974, derived from remainder balances in two savings accounts for which the decedent had designated the New York Yearly Meeting as trust beneficiary.

On recommendation of the estate executrix, the Trustees designated this fund to be used for educational purposes and proposed that the income be assigned initially to the Powell House Scholarship Fund. This usage was approved by Representative Meeting to be effective until further action by the Yearly Meeting.

Maria W. Barton Fund

This fund derived from a life estate created by the decedent in 1976 for the benefit of Katherine B. Barton, after whose death the remainder became payable to New York Yearly Meeting (called Orthodox) “for educational purposes.”

With approval of Representative Meeting, a children’s educational grant of $4,000 was made to the Peace Action Committee, and the balance of principal was designated as a continuing trust with income applied to educational purposes as seems appropriate to the Trustees. Initial assignment of income was made to Powell House for exclusive use as scholarship funds.

OAKWOOD FRIENDS SCHOOL – SCHOLARSHIP

Dikran B. Donchian Educational Fund

This bequest to New York Yearly Meeting in 1924 directed the principal to be invested and the income applied “to the tuition and support of one or more needy students in any educational institution that may be operated or maintained by or under supervision of said Society of Friends, preference to be given to any student that may be recommended by any Armenian civil or religious or educational institution.”

The income was assigned to Oakwood School for scholarships.

Educational Fund

This was an accumulation of small bequests and donations made to a “permanent fund” established by the Yearly Meeting in 1780, with income to be used for aid in “the education of the children of Friends in limited circumstances.” Creation of this fund coincided with the concern to establish a Yearly Meeting school, thus associating this fund with aid to students attending such a school.

The income was assigned to Oakwood School for scholarships for children of Friends.

George H. Carpenter Fund

This fund originated in 1963 as a life interest trust created by will of the decedent for the benefit of his wife, Carabel W. Carpenter, after whose death the principal was directed to be given to the Trustees of New York Yearly Meeting, in trust, to be invested and the income used “to help pay the tuition of any deserving child or children who may wish to attend Oakwood Friends School…and who may not be able to pay the full tuition.” A residuary bequest by Carabel Carpenter was directed to be added to the George H. Carpenter Fund and used in the same manner as that fund.

Henry Y. Ostrander Fund

This was the residue of a trust fund established in 1937 directed to be transferred to the Yearly Meeting after the death of the decedent’s wife and held in perpetuity, with the income used for defraying expenses “of the children of worthy and deserving but needy members of New York Yearly Meeting” while attending Oakwood Seminary or a successor school.

High Point Funds

These funds derived from liquidation of assets of the High Point Normal and Industrial Institute for Negro Students in High Point, North Carolina, which had been operated under the care of the Mission Board of New York Yearly Meeting from 1893 through 1923. The present funds came primarily from sales of property after clearing indebtedness, but also included a small residue of scholarship funds. In 1947 a bequest of Mary F. Thomas in the amount of $3,213, originally designated for the High Point institute, was received by the Yearly Meeting as successor beneficiary. By action of the Trustees this was associated with the High Point Funds and directed to be used for the same purposes as those funds.

For a number of years after transferring operation of the school to the School Commissioners of High Point, the income was used for scholarship aid to students and graduates of the High Point Negro High School, but since 1958 the income has been assigned to Oakwood Friends School for scholarship purposes, with preference being given to African-American students.

Lotta Merrill Scholarship Fund

This fund was established in 1958 by Lafayette Avenue Friends Meeting as a memorial to Lotta Merrill. The meeting directed that the principal be held by the Trustees and the income paid annually to Oakwood Friends School “to be used in the study of music by an individual Friends student each year.”

Simeon Loder Fund

This bequest received in 1866 directed the income to be applied “to the suitable and proper education of the children of Friends…in limited circumstances.”

The income was assigned to Oakwood School for scholarships for children of Friends.

OAKWOOD FRIENDS SCHOOL – ADMINISTRATION

Edward B. Underhill Fund

This bequest received in 1889 was designated to be used by the Tract Committee of the Yearly Meeting for publication of tracts discouraging the use of tobacco or intoxicating liquor.

After the Book and Tracts Committee was discontinued in 1937, the income of this fund was assigned to Oakwood Friends School to be used for a corresponding educational purpose.

Ellen Collins Fund

This bequest received in 1914 was directed to be used for “temperance work.”

By direction of the Yearly Meeting, the income was assigned to Oakwood Friends School for education in temperance and self-control.

Grace & Freeman Shepard Memorial Fund

This fund consists of all assets of the discontinued Batavia Monthly Meeting transmitted in 1969 through Farmington Quarterly Meeting, with the direction that the principal be held by the Trustees of Yearly Meeting as a memorial to Grace and Freeman Shepard and that the income be sent to Oakwood Friends School “to be used as the administration of the school may consider wise.” If that school should close or go out of control of Friends, the capital and interest are to be used for other educational purposes in ways designated by the Trustees. Initial receipts from Batavia Meeting amounted to $5,446 in 1969, with subsequent additions representing installment payments on a purchase money mortgage held by Farmington Quarterly Meeting in connection with the sale of the Batavia Meeting parsonage.

John G. Lane Fund

This bequest received in 1900 was directed to be invested and the income used “for educational purposes under the care and supervision of said Religious Society of Friends.” The will indicated a concern that the Yearly Meeting should have “an institution of learning more in keeping with the age in which we live” and that this gift might incite others to make similar contributions.

Loder-Clark Fund

This was a part of the estate of Sarah E. Loder which was left to the Orthodox Yearly Meeting in 1914 to be held in trust for the benefit of Abram Clark during his lifetime and designated thereafter to be assigned to the use of Oakwood Friends School.

Oakwood Biblical Fund

This consisted of subscriptions to a fund proposed in 1896 by the Trustees of the New York Yearly Meeting Boarding School, the interest of which “should be used to establish, in the school, a course of Biblical Study.”

Oakwood Endowment Fund

This fund derived from contributions received toward an endowment fund started in 1895 by the Young People’s Society of Christian Endeavor of the Yearly Meeting to be used for support of Oakwood Seminary, now the Oakwood Friends School.

Slocum Howland Fund

This bequest received in 1882 established a “perpetual fund” the income of which is to be used “for payment of salaries of teachers at Oakwood Seminary.”

Skaneateles Fund

This fund derived from sales of meeting house property at Skaneateles, NY in 1923.

At the suggestion of the trustees, the Yearly Meeting of 1924 approved that the principal would be invested and the income used for the benefit of Oakwood Friends School until otherwise directed.

NINE PARTNERS QUARTERLY MEETING

Albert B. Merritt Fund

This fund was given to the General Conference Yearly Meeting some time prior to 1929 and transferred to the Trustees of the united Yearly Meeting. The income was originally designated for the benefit of Nine Partners Half-Yearly Meeting which merged with the Cornwall-Nine Partners Quarterly Meeting in 1959. The income has been paid since then to the successor, Nine Partners Quarterly Meeting.

Highland Mills Fund

This fund was established in 1959 by the Marlboro Monthly Meeting after sale of the Highland Mills Meeting House. Income of this fund was designated for use of Tillson Meeting, but if that Meeting was laid down, the income was to be paid to Nine Partners Quarterly Meeting.

Milton Meeting Fund

This represents principal derived from the sale of the Milton Meeting House and parsonage in 1961, the income of which was directed to be paid to the Treasurer of Nine Partners Quarterly Meeting to be applied to the Yearly Meeting budget.

Sarah Gardner Magill Fund

This is a bequest by Sarah Gardner Magill to Nine Partners Half Yearly Meeting in 1937. The principal was to be invested and the income only used for what purpose the meeting may direct. When Nine Partners Half Yearly Meeting and Cornwall and Nine Partners Quarterly Meeting were reunited in 1959, the fund passed to the new Nine Partners Quarterly Meeting, which turned it over to the Yearly Meeting Trustees for investment in 1987.

FRIENDS HISTORICAL LIBRARY

Income from these funds is sent directly to Friends Historical Library at Swarthmore College.

Irving B. Rymph Fund

This fund represents the Yearly Meeting portion of the residuary estate of Irving B. Rymph, who died in 1978, given in memory of his father and mother, Sheldon Irving Rymph and Mary Budd Rymph. The will directed that the bequest be held in trust and that the income be used by “that branch of the Society of Friends” designated by three members of Friends named in the will. The designated committee decided that the sum be divided three-fourths to Powell House and one-fourth to the Yearly Meeting Records Committee.

Initially the income was assigned to the Records Committee. After the Yearly Meeting records were transferred to Swarthmore Friends Historical Library for safekeeping, it was decided to direct the income to the library.

John Cox, Jr. Memorial Fund

This fund was established by the Yearly Meeting in 1986 in honor of John Cox, Jr., the first keeper of the records of the (then) two New York Yearly Meetings. Funds received as gifts, as bequests, or from other sources are to be invested, and the income used for professional archival services to enhance the preservation, care, and use of New York Yearly Meeting records contained in the collection of the Friends Historical Library.

The income is directed to the Swarthmore Friends Historical Library.

MANASQUAN MONTHLY MEETING

Ella Burdge Fund – Manasquan Monthly Meeting

This bequest received in 1965 was directed to be kept as a permanent fund with one-half of the income designated for the use of Manasquan Meeting and the other half for the use of the Yearly Meeting as it might decide. The other half is currently assigned to Powell House.

FRIENDS FOUNDATION FOR THE AGING

Margaret B. Dietrich Fund

This fund derived from residual funds and sale of property that was left to the General Conference Yearly Meeting in 1901 for operation of a Friends Home. After the sale in 1937, a special committee was appointed to dispense income for the benefit of elderly and needy Friends. In 1962, after the McCutchen Friends Home had started operation, part of the annual income was directed by the committee to that institution to be added to its endowment fund for assistance of Friends in need. In 1968, when the last of the former individual beneficiaries of the fund died, the special committee was laid down, and the Trustees were instructed to pay all income directly to the McCutchen.

In 2007 when the McCutchen was sold, the successor corporation, the Friends Foundation for the Aging, was designated to receive the income.

The Friends Foundation for the Aging provides grant money to the Aging Concerns Fund, one of the funds shown in the financial reports of the YM treasurer.

TRUST FUNDS WITH DIVIDENDS HELD (RETAINED INCOME)

The quarterly dividends earned by these funds are held in reserve. The income is released upon request either by the committee assigned to designate beneficiaries or by specific request to the Trustees for funds not assigned to a committee.

DONOR RESTRICTED TRUST FUNDS WITH NAMED COMMITTEES

A designated committee is assigned to propose the beneficiaries of the following funds.

Brinkerhoff Fund

This fund derived in 1931 from the bequest of Martha H.S. Brinkerhoff, which directed the income to be used for repair of meetinghouses and properties.

Since this corresponded with similar purposes of the Lockport Fund, the combined incomes of these funds were accumulated by the Trustees.

The income is disbursed on authorization of the NYYM. The Advancement Committee of Yearly Meeting was assigned responsibility for considering requests and making recommendations to NYYM.

Lockport Fund

This consists of the proceeds of the sale of the meeting house and grounds at Lockport, New York in 1884, and a later addition of proceeds of sale of similar property at Shelby, New York in 1896.

Under the direction of the Permanent Board, the income was assigned to be used in repairing meeting house property.

In 1985 and 1988, a total of $1,263 was added to the fund from the proceeds of sale of property when West Branch Monthly Meeting was laid down. In 1989 a contribution from Fredonia Monthly Meeting added another $500 to the fund.

This fund is now administered in conjunction with the Brinkerhoff Fund.

Lindley Murray Fund

The NYYM assigns a separate committee of trustees to manage the disbursements for the Lindley Murray Fund. In 2003, the trustees of the Lindley Murray Fund transferred the assets to the NYYM trustees for investment as part of the unit plan.

The income is released by the treasurer of the NYYM trustees as directed by the trustees of the Lindley Murray Fund.

In 1836, the original principal of the Lindley Murray Fund was established with the residue of the estate of Lindley Murray, who died in 1826. Six trustees were named in the will to hold this principal in trust and to apply the income thereof yearly in perpetuity for all or any of a variety of purposes, including:

  1. to liberate Black people from slavery and give them, their descendants, and other Black persons suitable education
  2. to promote the civilization and instruction of the Indians of North America
  3. to purchase and distribute books tending to promote piety and virtue and the truth of Christianity
  4. to assist and relieve the poor in any description and in any manner that may be judged proper

The description of purposes is a considerable abbreviation of the will‘s exact terms. The will also specified that the trustees should have the advice and direction of the New York Yearly Meeting of the Religious Society of Friends, which was given the power to reappoint the trustees and to establish such regulations and limitations as should seem proper and most likely to promote the ends the legator had in view.

Over a period of nearly a century and a half, ten Friends made additional contributions to the Murray Fund, either through bequests or through direct donation. These donors usually placed special emphasis upon one or more Murray goals. Prominent among their objectives were needs of Indians and Blacks, relief of the poor and needy, promotion of Christianity, and the peace principles of the Society of Friends. One found “religious, educational and charitable objects” suitable language.

In 1915, Murray Fund trustees accepted the responsibility of managing the $7,500 principal fund of the New York Female Association (NYFA) and forwarding the income to the association for distribution. Currently the trustees allocate 7.5% of the income from the combined investment pool to NYFA and the remainder to Lindley Murray grants.

Original Lindley Murray fund 1836 $42,700
David Sands 1860 5,000
William F. Mott 1867 4,000
Maria Willets 1887 2,000
Phebe J. Sampson 1888 1,000
Martha Heaton 1901 4,867
William T. Travis 1903 2,000
Joshua M. Dean 1,13, 1915 8,000
Edward Tatum 1927 2,000
Edmund Titus 1928 5,000
Maria W. Barton 1928, 1968, 1975 15,010
Murray Fund principal   $91,577
New York Female Association principal 1915 7,500
Total Contributions   $99,077

Mahlon D. York Fund

This was a remainder bequest received in 1946 from Mahlon D. York of Unadilla to the trustees of New York Yearly Meeting, Orthodox. The bequest was directed to be invested and the income used “for educational or religious purposes and in so using the income therefrom, said trustees shall first consider the needs of the particular meetings of Butternuts Quarter.”

Butternuts Quarterly Meeting appoints a York Fund Committee to consider requests from constituent meetings and make recommendations to the trustees. Other requests are considered by the trustees to the extent that unused income is available.

Stevens Funds

These consist of $14,200 from the estate of Lindley M. Stevens in 1937, $1,000 from the estate of Alice Earle Stevens (as a memorial to Seneca H. Stevens) in 1935, $1,000 from the estate of Elizabeth L. Hazard, and the balance from reinvestments of unused income of the Stevens Funds. The will of Lindley M. Stevens provided that all income of this trust above expenses “be applied

toward supplying the necessities of life…to worthy ministers, missionaries, or other members of the Yearly Meeting who through age or other disability may be in need.” The will of Alice Earle Stevens directed the income to be used at the discretion of the Trustees “for aid of superannuated ministers, missionaries, or other outstanding Christian workers among the Orthodox Friends, aged or otherwise incapacitated.” The will of Elizabeth Hazard directed that her bequest be added to the principal of the Lindley M. Stevens Fund and used in accordance with the provisions of that fund.

In 1985 the Sylvia Dean Trust Fund, formerly held by Ferrisburg Monthly Meeting for purposes similar to the above, was terminated by the court and the $1,000 principal was forwarded to New York Yearly Meeting. With the approval of Representative Meeting, this was added to the Stevens Funds. In 1989 the Yearly Meeting Committee on Sufferings turned over $5,000 of its funds to be added to the principal of the Stevens Funds.

The Ministry and Pastoral Care Committee of the Yearly Meeting Coordinating Committee for Ministry and Counsel designate the beneficiaries.

Sharing Fund Endowment

This fund was established as a result of a bequest in 2009 from the estate of Cecile Vickery of $391,373 and a bequest in 2010 from the trust of MohLien Tsai for $22,918. The donations were designated for use by the Sharing Fund. There were no income-only restrictions.

Income is transferred to the Sharing Fund at the request of the Witness Coordinating Committee which is responsible for the disbursements from the Sharing Fund.

Sufferings Fund

This fund was transferred in 2003 to the Trustees of New York Yearly Meeting from the separate investment account maintained by the Committee on Sufferings. When the Yearly Meeting consolidated its accounts into those maintained by the Yearly Meeting treasurer and those maintained by the Trustees, $10,000 was placed in the care of the Yearly Meeting treasurer and the remainder invested with the Trustees.

The Committee on Sufferings may request withdrawals as needed.

DONOR RESTRICTED TRUST FUNDS APPROVED BY TRUSTEES

These funds are available for release by request to the Trustees.

Caleb Sutton Fund

This bequest received in 1870 directed that the principal be invested and the income used to support “a Minister of the Gospel in limited circumstances who shall feel drawn in Gospel love to visit foreign lands.” The will directed the trustees of the fund to “pay over to such Minister the income that is in their hands at that time or any part thereof at their discretion. And if at any time there should be funds remaining on hand, the Friends having charge of it shall apply it to other worthy objects of charity.”

Edward B. Underhill (Yorktown) Fund

This fund originated as a bequest by Edward B. Underhill, in 1886, to the Trustees of Yorktown Preparative Meeting and the Representative Meeting of New York Yearly Meeting of Friends (Orthodox). It was to be invested and the income used to promote and help sustain the Ministry of the Gospel of Yorktown Meeting, which subsequently became Yorktown Heights Monthly Meeting. When the latter was laid down in 1988, the fund reverted to New York Yearly Meeting.

Jesse P. Haines Fund

The income of this bequest received in 1889 was directed to be used to promote and extend knowledge “of the Gospel of our Lord and Savior Jesus Christ, either by paying the expenses of Ministers approved as such when traveling in this service in any part of the world or toward sustaining a missionary or missionaries to instruct the Heathen in the blessed truths of the Holy Scriptures.” “The desire which now rests upon my spirit: to promote the Knowledge of the pure Gospel of Christ as ever held by the Society of Friends in the most efficient and practical way.”

Monkton Fund

When Monkton Monthly Meeting was laid down in 1997, the financial assets of the meeting and the deeds to the properties were transferred to the NYYM trustees: a church building and a nearby cemetery. There were no restrictions on the use of the financial assets transferred to NYYM. The property is currently used by a community church.

The trustees decided to invest the principal and use the income to help defray various expenses of the meeting house for insurance and repairs. There is an informal cost sharing arrangement with the community church.

Morris Cemetery Fund

This was a combination of several funds relating to upkeep of the Friends Cemetery at Morris, New York. A total of $690 was received by the Yearly Meeting when Morris Meeting was discontinued in 1928. The YM currently owns the cemetery property.

The income of the present fund is held in reserve and disbursed on request for expenses of maintaining the cemetery.

Nathaniel Smith Fund

The bequest received in 18xx to New York Yearly Meeting of Friends called Orthodox was directed to be invested and the income distributed annually “among such Orthodox Ministers of great sanctity, in limited and straitened circumstances, especially those who travel in the Ministry, as said Meeting or its committee shall for that purpose name and designate.”

Sophia M. Beers Fund

This fund originated in a bequest in 1901 to the Society of Friends of Morris, New York, which directed that it be invested and the income used “for support of the Gospel of said Society,” except that permission was given for use of principal if found necessary for rebuilding or repairing the church building. A remainder amount of $685 was part of the funds transferred to the Yearly Meeting in 1928, when the Morris Meeting was discontinued. By action of the Trustees, the fund was increased by the inclusion of $125 derived from sale of materials incident to removal of the church building and sheds.

The income of the present fund is held in reserve and disbursed on request for uses consistent with the terms of the trust.

UNRESTRICTED TRUST FUNDS APPROVED BY TRUSTEES

These funds have no donor restrictions on the use of the funds. Trustees use the income for special requests not covered by other NYYM sources.

General Fund

This is a general-purpose fund. The initial bequest of $1000 from the estate of Nonette Hulme was unrestricted as to principal and interest. Similar bequests of $5,921 from the estate of Esther B. Houser and $1000 from the estate of Lewis B. Curtis were received in 1981 and 1989, respectively. These were added to the fund with the approval of Representative Meeting.

Florence Stevens Fund

From the November 30 2006 minutes of the trustees:

“We agreed to establish a new unrestricted fund to be called the Florence Stevens fund. Establishing a separate fund would honor her memory. The fund will be established with the proceeds received from the Florence Stevens estate. The money was left to NYYM with no restrictions on its use. The fund will purchase shares in the unit plan as of 1/1/2007.”

In 2010, YM approved this decision. See Yearbook 2010-2011: page 150 Minute 2010-07-34 and page79 Addendum to Trustees' report.

INDEX OF FUNDS

To go directly to one of these funds, hit Control-F (Windows) or Command-F (Mac) on your keyboard and enter the name of the fund.