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The St. Barnabas Endowment Fund: Questions Answered

The Endowment Committee is committed in assisting parishioners in making end of life giving decisions.


"The Minister of the Congregation is directed to instruct the people, from

time to time, about the duty of Christian parents to make prudent

provision for the well-being of their families, and of all persons to make

wills, while they are in health, arranging for the disposal of their

temporal goods, not neglecting, if they are able, to leave bequests for

religious and charitable uses."

— The Book of Common Prayer, Page 455


What is an endowment fund?

The unique characteristic of an endowment fund is the requirement that contributions to the

fund cannot be spent (except under extraordinary and unusual circumstances), and only

earnings – interest, dividends, and capital gains – can be used for the purposes designated by

the fund. As a result, endowed funds are intended to be everlasting. In the case of the St.

Barnabas Endowment Fund, the uses of the earnings of the Fund are restricted to non-

operating uses. Some examples of these uses are outreach ministries, and capital projects, to

repair or upgrade the parish’s building and other property. The St. Barnabas Endowment Fund

was established by the Vestry in 2014 to provide income in perpetuity for the Church.


What is the goal of the Endowment Fund?

The goal of the fund is to enable St. Barnabas to fulfill its mission by developing ministries

beyond what is possible through operating funds. As of March 31, 2023, the fund now totals

$145,380 with future funding of approximately $600,000. The overall goal is to reach

$1,000,000. This would generate approximately $30,000 - $50,000 per year in income to help

achieve the mission of St. Barnabas.


What are the likely sources of funds to the St. Barnabas Endowment Fund?

Parishioners and friends of the parish are the most likely donors. Gifts to the fund may come

in a variety of forms (cash, securities, life insurance, stock, other assets). The fund offers a great

way for anyone to honor a special achievement (birthday, graduation, baby) or memorable

event (anniversary, celebration of a life well lived) with any size gift.


What is the St. Barnabas Legacy Circle?

Larger gifts of ($1,000 or more) or anyone who remembers St. Barnabas in their estate

becomes a member of the St. Barnabas Legacy Circle (16 members today). This group provides

feedback to the Endowment Committee on ways the funds might be used – such as new

ministries.


What protects the Endowment Fund from being used to support the operations of the

parish?

The Enabling Resolution establishing the Endowment Fund prevents transfers of monies to

the parish’s operating account other than to support the approved purposes of the Fund.


Will the investments of the Endowment Fund be professionally managed?

The Enabling Resolution and Policies and Guidelines provide for the engagement of

professional investment management of the Fund’s assets. St. Barnabas’ Endowment Fund is

currently managed as a sub-account of the Diocese’s endowment fund, managed by PNC Bank.


Who will administer the Endowment Fund?

The St. Barnabas Endowment Fund will be administered by a committee composed of five

parishioners, appointed by the Vestry. Each committee member will be appointed for a term of

up to 5 years. Each year the Vestry appoints a new member to the committee, to replace a

retiring member. Members of the committee may serve for up to two consecutive terms.


If I’m interested in contributing to the Endowment Fund, what kind of assets can I

contribute?

With no restrictions, cash and publicly traded securities; with the agreement of the Fund’s

Gift Review Committee, closely held and not-readily-marketable securities, insurance policies,

real estate, and tangible personal property.


What is the relationship between the Endowment Fund Committee and the Vestry?

The Committee members are appointed by the Vestry, and report to the Vestry. The

Committee is obligated to report to the Vestry after each of its meeting, and to the

Congregation at the Annual Meeting.


What types of investments will the Endowment Fund hold?

Most of the investments will be in publicly traded equities and bonds, either through direct

ownership, or mutual funds, or exchange-traded funds. There is a provision for the Fund to hold

cash (or equivalents) and other kinds of investments, with restrictions.


How does the Endowment Fund impact on-going giving and the Annual Stewardship

Campaign?

There is no relationship between these two sources of giving. On-going giving supports the

operation of the parish, while the earnings (and the corpus) of the Endowment Fund are

generally prohibited from being used to support parish operations.


Whom may I contact if I have a question about the Endowment Fund?

You can contact any of the Vestry members or Endowment members listed below:


John Byrne: obgcgolfer@gmail.com

Cilla Bamford: cbamford321@verizon.net

Brian Leary: brian.b.leary@gmail.com

Forrest Fairley: fwfairley@hotmail.com

Jim Hill: jimhill2909@gmail.com

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