Friday, January 25, 2013

Report from the Endowment Committee

The Annual Meeting is coming up on February 3. Continuing last year's tradition, we're publishing reports as we receive them. Here is the report from the Endowment Committee, submitted by Freida Thompson.

The Episcopal Church of All Saints has an Endowment Fund that has reached $384,000.  These donations are from estate planning gifts and bequeathments to the church. Any bequeathment 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. Denton Raubenolt rotates off this year. A new member will be appointed at the Annual Meeting. The agreement mandates that approximately one 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  Feb 12,2012 and made the decision todistribute $2,500 from 2011 Endowment Fund earnings.
We granted:  1) Diocesan Convention - $1000     2) IYG writing program - $500 3) Imagio Deo - $200 (not used) 4) Renovation of the Church Sign - $800 (not used).  No other committees submitted grant requests.

At the end of February 2013the committee will meet to distribute approximately $5,000 from the earnings from 2012.

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