Marmion Revolving Loan Fund
The Marmion Revolving Loan Fund, originally called the Revolving Loan Fund, resulted from a capital campaign in the 1950’s whose purpose, in part, was to create a permanent fund whose principal could be loaned from time to time to members of the Clergy to assist with the purchase of residences for themselves and their families and to Congregations for the purchase or improvement of their worship spaces. The Marmion Revolving Loan Fund is managed by the Treasurer of the Diocese, or his or her agent, and is accounted for separately from the Diocese’s other permanent and endowment funds. (Diocesan Canon 39).
Since in recent years the Marmion Revolving Loan Fund has been invested in relatively liquid registered securities, Trustees and Council has authorized the Treasurer and the Controller to use a portion of the Fund to cover short-term liquidity needs which occur in the annual diocesan budget cycles because of, among other causes, slow receipt of congregational pledges or because distributions from the Commingled Fund may only be received at the beginning of each calendar quarter.
Application Process
Applications for loans from the Marmion Revolving Loan Fund will be evaluated by the Finance Committee who will forward the applications to Trustees and Council along with the Committee’s recommendations. Trustees and Council will receive and evaluate and, if determined to be in the best interests of the Diocese, make loans from the Marmion Revolving Loan Fund. Loans are availble to Clergy for the purchase of a residence and to Parishes, Aided Parishes, and Mission Congregations for the purchase of real property, or the construction, expansion, or major repair of any improvement to real property.
Please contact Brian Thomas in the Diocesan Office via email at brian@episcopalky.org to begin your application process.
Loan terms and conditions
Terms and conditions of any Marmion Revolving Loan are subject to Section III.3.6. of the By-Laws of Trustees and Council.
