Wells

Establishment- The Wells Memorial Fund was established after John A. M. Wells directed that the residue of his estate, be given to The Presbyterian Church in Canada, to be used solely for mission work for the said church within the  province of Saskatchewan.

Purpose- Grants can be made to support new or existing programs that further the mission work of ministries within the province of Saskatchewan. Additionally, loans or grants may be made for the acquisition, erection, renovation or repair of church buildings, manses or other church properties.

Terms- The terms governing the use and management of the Wells Memorial Fund are set by the Assembly Council and the Council is responsible for making any suggested changes that are deemed necessary or beneficial.

Grants- All interest earned from loans and investments related to the fund will be credited to a separate account. The Synod will request and receive a report on the balance of the fund as needed during the year. Any accumulated interest less the amount of interest equal to the annual inflation rate may be expended in the form of grants to support mission work (e.g. training people for ministry, camping ministries, upkeep and repair of buildings of small preaching points, stipend, etc.)

Loans- Loans are to be secured by a mortgage in favour of the Trustee Board of The Presbyterian Church in Canada.

Loans from the capital of the fund may be used to acquire church property and buildings and manses and to renovate or extend church buildings. For each dollar ($1.00) raised by the congregation specifically for such projects, a loan of three dollars ($3.00) will be available, up to a maximum loan of $100,000.

Before borrowing any additional funds from any source prior to the full repayment of this loan, the congregation must obtain the written permission of the presbytery and the Finance Department of the Presbyterian Church in Canada.

Repayment of Loans- All or any portion of the outstanding principal may be repaid at any time or times prior to the due date without penalty or bonus.

1. Loans will be interest free until other mortgages are repaid in full, or five years has elapsed, whichever occurs first.
2. During the period covered by a) above, a minimum sum of $1,000 per annum must be repaid against principal.
3. Effective from the completion of a) above, the balance due on the principal will be repayable over a period of a maximum of fifteen years, based on a repayment program that mirrors the Lending Fund.
4. During this fifteen year period, no interest will be charged for the first six years, but starting with the seventh year interest will be at the same rate as applicable to the Lending Funds of the church (currently 7% per annum). However, if the loan is repaid in full by the end of the 12^th year of the period covered under c) above, all interest paid will be refunded.

Default– If the mortgage goes into default, the Synod of Saskatchewan shall review the circumstances and make recommendations to the Finance Department of the Presbyterian Church in Canada for consideration and decision on recovery of the funds.