The St. Peter’s Endowment Fund was established on Nov. 25, 2001. In 2015, the document was revised and approved by the Vestry.
The purpose of the Endowment Fund is to ensure a firm financial foundation for the parish and to provide additional funds for outreach. It is not for yearly operational expenses. It is a long term investment vehicle providing for future needs.
The fund rose from December, 2018 from $52,467 to $60,160 at the end of November, 2019, the latest numbers available. This represents a 14.66% increase and includes two increases to the corpus during 2019. Overall the S&P 500 was up 19% the first three quarters of 2019, the best performance of this period since 1997.
The Fund is managed by a Board of Trustees consisting of three members appointed by a majority vote of the vestry.
The Board members serve at the pleasure of the vestry. The priest serves as an ex-officio non-voting member of the Board of Trustees.
The Fund will be used for:
1. Long term expenses of the church (including capital acquisitions, improvements, renovations and replacements).
2. Outreach ministries.
The Endowment Fund is invested through the Diocesan Trustees of the Funds. The Endowment balance changes through gifts, a reinvestment of earnings and special distribution requests.
1. Gifts. The Fund is funded by “inter-vivos” gifts and contributions as well as bequests of cash and other donations such as securities, life insurance policies, real estate, etc. We request donations at Easter and Christmas, specifically. $750 was added at Easter in 2019.
2. Reinvestment of earnings. The Fund also grows through a reinvestment of earnings. The earnings are calculated based on 4.5% of the average balance of the fund over 5 years. In 2019, $3,011.24 in earnings was reinvested as of Nov, 2019 compared to $2,565.84 in 2018.
3. Special distribution requests. Any request for funds during the years for the uses mentioned will decrease the balance of the fund.
This is a planned giving fund. You can leave a specific gift, a percentage of your residual estate or a special asset to the church. An attorney can take your existing will and make such an addition. The bequest is subtracted from your estate for tax purposes to lower your potential tax. Besides the tax advantages, you can have the pleasure of providing for the church as your final gift to the church.
Please consider donating to this fund to help ensure the ongoing life and work of St. Peter’s. Anyone desiring to donate cash or other assets can contact Johnny Davis or any other Trustee for help with questions or information.
A copy of the Endowment Fund document is available online –http://www.churchsp.org/endowmentfund