St. Stephen's Endowment
In 1949, five St. Stephen’s parishioners established the St. Stephen’s Church Endowment Fund to help ensure the church’s long-term financial well-being. The endowment has grown to over $5.16 million in 2017 thanks to the many parishioners who have made gifts and bequests over the years to continue their support of St. Stephen’s in perpetuity. In 2018, the endowment will provide more than $210,000 to support the ministry of St. Stephen’s Church.
The spending policy calculates the average assets for the 20 quarters ending with the third quarter of the current year, then applies a spending rate of 4.5 percent of that average. Although the spending policy can vary depending on market conditions, the charge of the trustees is to provide a maximum flow of income for the ministries of the church, while preserving or growing the corpus of the endowment.
The endowment fund’s board is comprised of five trustees each of whom serve three-year terms. Two members of the board are appointed by the vestry of St. Stephen’s from among its current members. The senior warden and rector also attend endowment fund meetings.
In 2016, St. Stephen’s Church launched a planned giving effort, establishing a Legacy Society to recognize individuals and families who have made a bequest to St. Stephen’s in the past and encouraging all parishioners to include St. Stephen’s Church in their estate plans in the future.
Endowment Trustees
John Crowder
Charlie Fox
Bobby Fauntleroy
Richard Hamrick
Penn Rogers