Friday, January 27, 2012

Report from the Endowment Committee

The Episcopal Church of All Saints has an Endowment Fund that has reached $375,000.  These donations are from estate planning gifts and bequeathments to the church. Any bequeathments from a will that is not otherwise designated for a particular fund, (e.g., organ fund, building fund) is then placed in the All Saints Endowment Fund. The Vestry approved the The Episcopal Church of All Saints Endowment  Fund Agreement on Dec. 12, 2010. This document establishes guidelines for the management of the Endowment Fund. The Diocese of Indianapolis manages and administers the  fund (which also includes other  churches in the diocese.)  Financial reports on our portion come from the Diocese to the church treasurer.

The All Saints Endowment Committee will oversee the Endowment Fund.
There are three parishioners on the committee. The agreement mandates that about half of the dividends and interest accrued for the previous year be dispersed during the current year for religious, charitable, and educational activities of the Church.    The principle will remain intact until it reaches $500,000.

The Endowment Committee met  November 22, 2011 and made the decision to distribute $6,000  from 2010 Endowment Fund earnings .   After serious consideration, we granted $4,556.98 to the Centennial Committee to publish and print  "A Perpetual Witness" and distribute copies to the Indiana Historical Society, Indianapolis-Marion County Public Library, local media, neighborhood churches, and All Saints parishioners. We also granted $1,443.02 to the Search Committee for costs incurred for printing educational materials and  brochures in the search process for a rector. No other committees submitted grant requests.

At the beginning of 2012, we will determine the amount of the earnings from  2011 investments that will be available for distribution.

- submitted by Freida Thompson

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