The following canonical change was passed by the convention on a voice vote. This is a substitute resolution for the one originally proposed to the convention:
Mission Congregations Investments
Title II, Canon 6, Section 5, Rule 18
(a) Missions that have financial assets in excess of one year’s Normal Operating Income, as defined in their annual parochial report, shall invest such excess funds with the Board of the Corporation of the Diocese of Georgia where they will be pooled with other funds managed by the Board and earn a proportionate share of net returns on the pooled investments.
(b) To this end, Missions will establish one or more accounts with the Board which shall be the subject of an Account Agreement, agreed upon by the Mission, the Board of the Corporation, and the Bishop, that identifies the restrictions, if any, on the funds invested. The Board shall maintain separate records for each such account and shall respect any restrictions in making distributions of account income or principal.
(c) Invested funds shall be available upon request to the Board subject to the restrictions, if any, specified in the Account Agreement.
(d) Missions may appeal compliance with this Rule by requesting a waiver from the Finance Committee of the Diocese. Such waiver will only be granted if the Mission can show through their financial records that its investment portfolio has historically returned substantially similar or better results than those of the Board of the Corporation’s investment portfolio and that said investment portfolio is judged reasonable and prudent by the Finance Committee of the Diocese. The judgment of the appeal by the Finance Committee is final.
