The Endowment funds of the Foundation got their start on December 19, 1941 when the Rev. Charles A. Summers opened the first meeting of the St. David’s Endowment Trustees. By 1967, the endowment of the Parish had grown to a net worth of $238,453. Distributions from earnings are used in accordance with the purposes for which the endowment funds were established. The annual distribution now exceeds what the funds’ net worth was twenty-five years ago.
In 1993, St. David’s Episcopal Church Foundation was incorporated to provide ongoing, consistent oversight to the endowment funds. These funds have been professionally invested and managed for more than a quarter of a century by nationally recognized firms, and this continues to be the case, with Stephens, Inc. providing local monitoring. All the funds of the Foundation are managed and invested together and collectively referred to as our endowment. St. David’s Episcopal Church Foundation, a 501 (c) (3) organization, is governed by a nine member board of directors, including the Rector and Senior Warden. As of December 31, 2016, the assets were valued at $5,398,758.
Going forward, we have the opportunity to build the Funds of the Foundation to a level where they can provide meaningful, needed enhancements to St. David’s Episcopal Church – enhancements that will be important to our parish’s ongoing vitality and ministry; enhancements that are beyond the reach of annual operating revenues.