Page 18 - Annual Meeting, 2019
P. 18
Endowment Fund, Annual Report, 2018
Ben Hicks
The St. Peter’s Endowment Fund was established on Nov. 25, 2001. In 2015, the document
was revised and approved by the Vestry.
The purpose of the Endowment Fund is to ensure a firm financial foundation for the parish
and to provide additional funds for outreach. It is not for yearly operational expenses. It is a
long term investment vehicle providing for future needs.
During 2017, the fund increased by $6,228, excluding an equity increase, a 16.9% increase.
However, from Dec. 2017 to Nov 2018 the fund balances were stable at $54,600.
However, from Dec. 2017 to Nov 2018 the fund balances were stable. In between those
periods, the fund rose from $54,655 at the end of 2017 to $57,430 in January, 2018. The
market, however dropped in Feb and March, 2018 and then there was the October, 2018
correction that reduced the balance to $56,902 to $54,464, a 4.3% reduction. As of
November, the balance was $54,600. Thus, there was no growth during 2018.
The Fund is managed by a Board of Trustees consisting of three members appointed by a
majority vote of the vestry.
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