Endowment at St. George Serbian Orthodox Church
What is endowment?
An endowment is an investment that provides endless support to St. George Serbian Orthodox Church. It’s an investment in the future… the future of St. George. It’s a gift, a promise without end, made by you and your family to your children and grandchildren in support of St. George. Endowments can be made possible by all those who make St. George the center of their spiritual life.
Endowments are permanent. They are funds with the requirement that the principal is never spent . The balance in these funds is invested, earning income that is then spent to support St. George in perpetuity (forever)!
There are two types of endowment to choose from: Endowment for the Common Good, and Designated or Field of Interest Endowment.
An Endowment for the Common Good is a gift that allows St. George to respond to its needs in the future. This type of fund is not limited to a specific cause, but available for the most critical needs the church and church board designate. There are two types of endowments to consider – a Memorial Endowment and a Personal/Family Endowment.
A Designated Endowment or is a gift that helps sustain programs or areas of specific interest. These programs or areas are selected by the donor and reflect his or her passion in areas such as church education, church buildings, maintenance of the pews, improvement of the choir loft or to provide flowers in church during holidays, to name a few.
NOTE: It is important to understand that any endowments set up will be spent only on behalf of St. George Church and no other church.
What’s the difference between endowment and stewardship?
Establishing an endowment is above and beyond your stewardship support. As you think about the legacy you leave, it provides a way for you and your family to always be a part of St. George.
What’s the purpose of endowment and how does it work?
- The purpose of endowment funds is to provide St. George with income to use as stipulated.
- The money contributed would be in a separate, professionally managed account and the interest only would be used to support general or designated activities
- By being professionally managed, the endowment principal grows over time, therefore the earnings available to support parish activities grows.
- For example, if in the first year, an initial endowment was $10,000 and provided $500 in annual income by the fifth year, the endowment could grow to $15,000 and generate over $750 in income.
Isn’t endowment for rich people?
NO! Anyone can start an endowment at St. George. You can provide one donation or set up an investment program and build a legacy over time. It’s important to start now.
How will endowment work at St. George?
Common Good endowments come in two types – general and memorial endowments.
- General endowments require a minimum contribution of $2,500 to establish. The initial contribution must be $1,000 and the remaining balance of $1,500 must be contributed within a 12-18 month period (TBD).
- Remember, this is the minimum. And there are many ways you many elect to increase your endowment as you. You can begin a systematic regular investment to add to your endowment over time. In this manner, the principal will grow and the income will grow as well. You can choose to make occasional investments or you may choose to remember St. George in your will and direct that contribution to your endowment.
- An endowment fund will have one of the following names: individual names, (first and last) or family name.
- The net income will be used for the direct benefit of St. George Parish as well as for other projects such as the building of new buildings, monasteries, schools, the education of the priest, education of parishioners and for other important endeavors as the St. George Executive Board [and Endowment Committee] shall deem proper and fitting.
- An endowment can be established in memory of a deceased family member (s). Memorial endowments require a minimum $3,500 to establish.
- In the event the fund is established within 13 months after the date of the death, memorial contributions received during that period will be applied to the $3,500 minimum. Therefore, in lieu of flowers memorial contributions would be an incredible way to leave a lasting legacy.
- Otherwise, a memorial endowment can be established with a $1,500 minimum contribution and the remaining balance of $2,000 must be contributed within a 12-18 month period (TBD).
- In the event the death of two or more of the family members occurs within the 13 month period following the first death, memorial donations may be combined to create a joint Memorial Endowment Fund ($3,500 minimum).
- Income from this fund will be exclusively designated for the benefit of St. George Church.
Designated Endowment Funds
- A Designated Endowment Fund requires a minimum of $5,000 to establish. The initial contribution must be at least $2,000 with the remaining balance of $3,000 contributed within 18 months
- Designated Endowment Funds special funds that direct the income to an area of passion that the individual/family feels must continue at St. George. To facilitate areas of contribution, the donor can elect to contribute to the following areas:
- St. George Church— Any specific maintenance, upgrade or purchase (i.e., new robes for the altar boys every 5 years, etc.)
- Education—St. George religious and cultural programs
- Emergency Need Program—A humanitarian program designed to assist those in need, which includes members and non-members of the St. George Parish, other Serbian or Orthodox organizations
- Community Outreach—Spreading the word about St. George, the Orthodox faith and Serbian Culture
- Other specific categories
- Scholarships—Provide a scholarship to children of stewards who are active in St. George and meet minimum school and academic requirements
- Examples of specific endowments at other Serbian Orthodox Churches include:
- Provide for capital projects and improvements…
- Enhance the liturgical life and experience of stewards, parishioners and visitors…
- Enhance the education of priests both liturgically and socially to support the everyday lives of parishioners…
- Improve the Sunday school curriculum and pay for Sunday school related expenses like salaries for teachers/staff…
- Contribute to full time staff position to balance the load for volunteers…
- Used for children’s activities…
- Scholarships to outstanding high school seniors that have actively participated in the church and school life…
When can I start an endowment fund?
You can start an endowment fund now! You don’t have to wait to begin building your endowment.
Who is going to manage the money?
- A professional fund manager will manage the funds. In this manner, all endowments will be tracked by a reputable third party.
- Reporting will meet all Federal and California State requirements
- The Endowment Committee will make financial results of all funds available at stewardship meetings.
Thank you for considering The Endowment of St. George parish. To find out more information or to establish an endowment, please contact any of the following people, Fr. Bratso Krsic, Deacon Paul Germain, or Miro Copic at 619-276-5827.