Endowment

The overall purpose of the church endowment is to be a permanent financial resource for the future of the parish. The endowment committee provides responsible stewardship of the funds and advises the vestry regarding receipts and disbursements.

Church funding has 5 major parts:

  1. Yearly Operating Budget - The annual budget is funded by pledges and other contributions.
  2. Building Fund – Construction or renovation projects to facilities are funded by gifts designated for those purposes.
  3. Memorial Fund – Memorials are gifts made to remember or celebrate specific persons or events and often used to acquire items to support the worship life of the parish. These are outside of the normal operating budget.
  4. Designated Funds – Gifts made to designated funds support particular ministries or projects and are also beyond the annual operating budget.
  5. Endowment Fund – Gifts to the endowment assure the future vibrancy of the parish. The endowment fund is a permanent reservoir of funds, invested wisely and generating income that can be used to “jump start” future programs or facility upgrades.

The endowment fund is a permanent reservoir of funds, invested wisely and generating income that can be used to “jump start” future programs or facility upgrades. 

The fund balance consists of a “corpus” – the total amount of gifts to the fund.  The corpus amount is the permanent asset of the church.  The remainder of the fund balance is accumulated investment gain, part of which is available for yearly distribution according to a formula based on the value of the corpus.

Gifts to the endowment fund are unrestricted – intended to ensure the future health of the church – whereas specified gifts should go to one of the other categories.  Endowment fund gifts can be cash or marketable securities, bequests in a will, or proceeds from life insurance.  As you rework your estate plan, please prayerfully consider remembering St. Bede's. 

In Autumn of 2021, the St. Bede's Endowmnet Committee launched The Morning Star Society to recognize and give thanks to the faitful folks who have given to the St. Bede's Endowment or who have made provisions in their legacy planning to support St. Bede's in perpeptuity.  Please click on the link near the bottom of this article for more information about The Morning Star Society.

While it may be said that stewardship mantra for the operating budget is “Up Your Pledge”, the mantra reflecting the permanence of the endowment fund is “Fund The Future”.

Committee Chair: Will Mizell, willmizell@wafflehouse.com. Please feel free to contact Will with any questions.