The St. Philip’s Endowment Fund is an investment portfolio where the initial and continuing money is provided by donation. The Fund is structured so that the principal amount invested remains intact. Income from the investment is used to support special ministries of the congregation through grants. The Endowment Committee operates the Endowment Fund and has the responsibility to solicit gifts, manage funds, and make grants. Committee members are elected by the congregation at the Annual Meeting.
Members and friends of St. Philip’s can support the Endowment in several ways:
- Gifts of cash can be made directly to the Endowment Fund by writing a check. Gifts are fully deductible for tax purposes.
- Gifts of stock, mutual fund shares and other securities can be made by transferring securities to St. Philip’s Endowment Fund. By donating appreciated securities, the donor can avoid capital gains taxes.
- A member can designate St. Philip’s Endowment Fund to be the beneficiary of all or a percentage of an insurance policy or can designate a percentage of a policy to go to the congregation. Your insurance agent can provide you with the form to make this change.
- There are several other options available, which your financial advisor or lawyer can help you set up.
Members of the congregation are invited to submit requests for funding from the Endowment Fund. A Grant Request form is available electronically or can be picked up in the church office. All grant requests for the calendar year must be submitted to the Endowment Fund Committee by April 15th. Please return completed Grant Request forms along with any supporting documentation to St. Philip’s Lutheran Church, attention Endowment Fund Committee. The Committee will review all requests and award grants based upon the Endowment Fund Committee bylaws. The Grant money available for distribution is 4% of the Perpetual Endowment Fund.
Through the generous gifts from St. Philip’s members and guests, the Endowment Committee dispersed the following awards totaling $11,419 in 2020:
- Philip’s Food & Clothing Shelf $1,500
- Property & Grounds $3,000
- Board of Administration $6,859
- Library $60