In 1955 some farsighted Parishioners established The St. Peters Episcopal Church Endowment Fund, Inc. to provide a way for people to leave a legacy to our Church through planned gifts during and after their lifetime. The mission is to support St. Peters Church by increasing the Endowment through Planned Gifts and appreciation of the investments. Over the last 57 years the Endowment has been critical to enhancing the work of the Parish both in outreach and in the Capital Campaigns – Miracle on 7th Street and Knocking on Heavens Door. In 2008 a loan of $150,000 was granted to improve the basement and 3rd floor space which is being repaid to the Endowment over six years. The total support to these projects exceeds two million dollars.
Another achievement of the Endowment is the annual support of the Planned Giving Committee established in 2002. Since inception the Committee has added over 80 new individuals who became members of The 1834 Legacy Society. The estimated value of these future gifts exceeds $8 million. Two new commitments were received in the last 12 months. The committee is chaired by Maria Long and assisted by Beth Warshauer, our Planned Giving Officer and our Business Office. Thanks to those that wish to see St. Peters endure long into the future.
This past year was active in both grants and attention to our investments. The Endowment grants to Outreach were increased to $50,000. Additionally, $15,000 was given to improving the third floor kitchen and multipurpose room, renovating The Sacristy for $15,000 and continued support of $13,100 for administration of the Planned Giving program.
The Endowment at December 31, 2011was valued at $1,818,408, an increase of 3%. New memorials and bequests were $1,945. Investments are in high quality common stocks, bonds, and cash reserves managed though the Investment Policy Statement adopted by the Board and the Finance Committee. The Endowment also manages the Shannonhouse Student Fund valued at $223,803 which makes loans and grants for education purposes. Special thanks go to members of the Finance Committee, Sam Bowles, Sam Gardner, Brian Simpson, and Bill Williamson.
During the year the Endowment Board reached an agreement with the Vestry to write off the $550,000 loan that was made to the Parish in 1997 (to finish out the top floor of the Parish Hall). In exchange the Vestry transferred ownership of the Shannonhouse Student Fund to the Endowment.
The current Trustees of the Endowment appointed by the Vestry are Kristin Bradberry, Sam Bowles, John Hurst, Jim Shannonhouse, Bill Williamson, Dan Woodall, and the Rev. Tim Raasch.