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Our Endowments
St. Paul's is fortunate to have two significant endowment funds which support our annual operating budgets.
- The St. Paul's Endowment Fund is our larger endowment fund with assets of $23 million in 2007. It is a separate 501(c)(3) non-profit corporation, has its own Board of Directors from the congregation and operates independently of the Church. The Rector and Wardens are ex-officio members of the Board. The funds are managed by a professional money manager, with SunTrust Bank as trustee for the account. A payout of 4.5% of its three-year average market value to the Church is designated for the Property and Outreach portions of the annual operating budget.
- The Program Endowment Fund is our second endowment fund with assets of $3.3 million in 2007. St. Paul's vestry is responsible for this fund, which is managed by the Diocese of Virginia as part of their pooled investment funds.A payout of 5% of the three-year average market value of the fund is designated to support the Worship and Outreach portions of the budget. The majority of Planned Gifts are added to the Program Endowment Fund.
Since outreach to our local community and throughout the world is a major focus of St. Paul's mission, almost 25%(or over $250,000) of the annual payout from our endowment funds is used to support our outreach programs.
