THE HERITAGE FUND AT ST. PHILIP’S
Frequently Asked Questions
What is the Heritage Fund?
The Heritage Fund is a permanent endowment fund established by the vestry in 2002 to offer our members and friends the opportunity to leave a financial legacy of faith for future generations. Gifts to the Heritage Fund become a part of a perpetual fund with only the earnings used to support and sustain the ministries of our church. The Heritage Fund is totally separate from the church’s annual operating budget.
Does a gift to the Heritage Fund replace my annual stewardship giving?
It does not. Your annual pledges and contributions support the ongoing operating expenses of the church and its ministries. A gift to the Heritage Fund is prudently invested with the objective of protecting and growing the principal; only the earnings are distributed. In this way, your gift becomes a perpetual gift which goes on giving into the future.
Why should I consider giving to the Heritage Fund?
A gift to the Heritage Fund is one way you can help ensure the mission of the church will grow and be carried into the future so that those who follow you will be served for generations to come. Your gift creates a lasting legacy of your stewardship and helps ensure a more stable financial environment for the church. Income from the Heritage Fund will enable us to more easily balance our operating budget each year.
Can gifts to the Heritage Fund be given in honor or memory of someone or to mark a special occasion?
Yes. A gift to the Heritage Fund in the name of a family member or friend is a meaningful way to memorialize or honor someone you love. Any occasion (birthday, anniversary, birth of a child, etc.) can be remembered and celebrated by a gift to the Heritage Fund. For direct gifts of cash, checks should be made out to St. Philip’s Episcopal Church with “Heritage Fund” written on the “For” line of the check.
Who manages the Heritage Fund?
The Heritage Fund currently includes money kept in a savings account as well as money that is invested with the Diocesan Growth and Income Fund. Recommendations are made by the finance committee to the vestry which is responsible for making all final decisions regarding the endowment.
Can I designate how my gift can be used?
The Heritage Fund was created with four accounts: outreach, building, restricted, and unrestricted. The vestry has decided that for the next several years, we want to prioritize the building account so that we can build up that account in order to create a stable stream of income for the upkeep of our buildings and grounds.
How will my donation be used?
At the end of each year, the finance committee will make a recommendation to the vestry regarding the interest to be included in the following year’s operating budget. This will be no more than 5% of the average year-end balance of the Fund over the previous three years.
More questions?
Feel free to reach out to the rector, wardens, treasurer, or finance committee any time.
