Since establishing the St. James’s Endowment Fund, Inc. in 1957 as a tax-exempt corporation, the endowment trustees have supported the good works of St. James’s Church by overseeing the investment and growth of the fund and distributing funds to maintain and expand church facilities, provide parking for members and visitors, and support its outreach efforts and ministries. Since inception, the endowment has expended over $6 million for such purposes. Through sound investment management and generous gifts from members of St. James’s, the endowment fund has grown from a starting value of approximately $140,000 to over $8 million.
The St. James’s Endowment Fund, Inc. is managed by a board of trustees composed of the Rector and nine lay trustees, all of whom must have served previously on the Vestry. Each lay trustee is a voting member of the board. Trustees include the Senior Warden, the Junior Warden, one trustee selected by the Vestry and six permanent trustees elected by the board of trustees.
From the unrestricted portion of the endowment fund, the trustees distribute to the Vestry each year a grant equal to 4% of the three-year rolling average value of the unrestricted endowment fund, net of fees, to be expended in the discretion of the Vestry for the needs of the church. In addition to the unrestricted endowment fund, the trustees manage several restricted endowed funds:
1. Church Operating Fund (a new fund enabling contributors to perpetuate their annual pledge to St. James’s after death by distributing 4% of the three-year rolling average value of such fund, net of fees, to the Vestry each year to meet annual budget expenses)
2. Music and Worship Fund (distributions made to support St. James’s music program upon request of Rector, Senior Warden and Director of Music)
3. Anderson Horan Fund (Rector’s discretionary fund)
4. Scott-Taliaferro Fund (provides college scholarships for current members of St. James’s)
If you wish to make a gift to the Endowment Fund at St. James’s or make other provisions to contribute specifically for endowment in a will, trust or other giving vehicle, the specific tax ID for St. James’s Endowment Fund, Inc. is: 83-2821776.