St. Paul's Foundation
Why does St. Paul's have a foundation?
The purpose of St. Paul's Foundation, which was founded by the Vestry in 1992, is to build and grow an endowment for the support, care, maintenance, and restoration of our Benjamin Latrobe sanctuary and the buildings and grounds owned by St. Paul's Church. The Foundation also supports and benefits the Church's mission outside the parish.
Doesn't my annual pledge provide for the care of the church?
Your pledge is a vital act of stewardship that supports the ministry of St. Paul's in many ways, but the annual operating budget cannot meet all of the long-term needs of the church. The St. Paul's Foundation was formed to assure funds will be available for the care and maintenance of our buildings and grounds.
How does the St. Paul's Foundation work?
The Foundation is a 501(c)3 corporation in the Commomwealth of Virginia and, as such, receives charitable gifts and bequests and makes long-term investments that are managedby professional fund managers. All contributions to the Foundation are tax-deductible.
An additional important role of the Foundation, as a separately chartered organization, is to apply for grants that are unavailable to the church itself. Also, some employers have matching gift programs for employees making donations to a qualifying nonprofit, which generally include the Foundation but would not include the church.
What has the Foundation done?
Helping to maintain St. Paul's buildings and grounds, the Foundation obtained grant monies to support critical phases of the renovation of St. Paul's historic sanctuary. Grants were obtained from other foundations to rid the church of the beetles destroying the undercroft, to install a new copper roof on the church (which parishioners matched dollar for dollar), as well as to install the outside doors on the church during the restoration.
In addition, the Foundation obtained a grant (again, matched dollar for dollar by parishioners) to support renovation of the Rectory prior to the arrival of our current rector. The Foundation has fulfilled a $200,000 pledge to the Shine as a Light capital campaign and has pledged the dividends of the Foundation up to $20,000 per year for debt service for 25 years or until the capital campaign debt is retired.
The Foundation is currently supporting restoration of the stained glass windows in the church, a much needed and never before endeavored preservation project. The Foundation has contributed $18,000 of its own funds to this project and is stewarding the ongoing campaign to restore all 34 windows in the sanctuary of our historic church.
Over the past few years, the Foundation has concentrated on establishing and growing the Covenant Circle, a society of parishioners who have made provisions for St. Paul's Church or St. Paul's Foundation in their will or estate plan.
How can I support St. Paul's Foundation?
Long-range planning through wills, charitable trusts, and estate planning is an important part of each person's stewardship of his or her financial gifts from God. The Foundation encourages each and every parishioner to have a will and to consider other estate planning vehicles. Bequesting funds or establishing a charitable trust to benefit the Foundation or the church is as easy as making a gift to your college or other beloved charity.
The Covenant Circle of St. Paul's Church recognizes those parishioners who notify the church in writing that they have provided for St. Paul's Foundation or St. Paul's Church in their will, estate plan, or charitable trust. The Covenant Circle currently has over 50 members from our parish family. We appreciate the thoughtful gifts these parishioners have made to ensure that the ministries of St. Paul's will continue well into the future. If you have already made provisions for a bequest to St. Paul's in your will or estate plan, please contact the parish office so that we may add you to this ever-growing list in thanksgiving.
How will my gift or bequest to the St. Paul's Foundation be managed?
The goal of the Foundation is to ensure long-term appreciation of assets through preservation of principal and reinvestment of earnings in order to provide a future reliable source of funding for the support, care, maintenance, and restoration of the church's buildings and grounds. Once that is done, funds may be made available for our Christian mission outside the parish. The Foundation currently has over $600,000 in a diversified investment account with the Diocese of Virginia's Trustees of the Fund. The Trustees of the Fund professionally manages endowment funds on behalf of the Diocese and individual parishes to ensure good stewardship of the church's assets.
What is the role of the Board of Trustees?
The Board of Trustees is responsible for managing the Foundation and building the endowment fund and the Covenant Circle. The Vestry appoints parishioners to the Board of Trustees for the Foundation for 5-year terms as well as a Vestry liaison who attends all the meetings and reports back to the Vestry. Currently serving are Amy Curtis (President), Suzanne Brock (Secretary), Charlie King (Treasurer), Attison Barnes, Andrew Blair, David Brown, Freeman Jones, Jane J. Wallace, and Tim Adams (Vestry Liaison).
For more information
For more information, contact
, Director of Stewardship, at 703-549-3312, ext 21, or speak to any member of the Foundation's Board of Trustees.