First Presbyterian's endowed funds are comprised of over 30 different funds collectively called The 1843 Fund. Our endowment has been built up by the gifts of faithful stewards which strengthen the ongoing work of the church. These donors recognized the opportunity to give a gift that keeps on giving, since investment returns magnify the impact of their original gift. Just as annual stewardship giving is a chance to return to God a portion of our annual income, contributions to the endowment provide a means to share the accumulated gifts which God provides us as a durable support for our ministries, missions, and facilities.
A Gift of a Lifetime
Use of Funds
First Presbyterian's endowed funds are used to boldly proclaim the good news of the Gospel, to share God’s love in tangible ways with the world, and to preserve our heritage so that we might continue to be Christ’s witness for generations to come.
We encourage members to leave their gifts at the discretion of the Session. Nevertheless, we realize that some members will want to restrict the use of their gifts. Designations and restrictions are scrupulously observed by the Endowment Administration Committee, the Church Treasurer, and the Church Financial Officer.
Responsibility for Endowed Funds
The Session is responsible for designating the use of endowed funds as part of its overall mission and budgetary responsibilities. To aid the Session in this work, two committees have been established.
The Endowment Administration Committee
This committee can recommend to the Session a spending policy as well as special needs for spending when such arise. Normally, the target is to spend no more than 5% of the beginning year’s balance of any fund in any one year. They will also review any gifts that include restrictions or designations as well as those that may entail some liability. The committee is empowered to refuse a gift should it interfere with First Presbyterian's pursuit of its mission. If new gifts are received and not specified for a specific fund, this committee will recommend to the Session into which fund or funds the gift should be placed.
The Endowment Advancement Committee
This committee is charged with the responsibility of communicating and educating the congregation on the various ways gifts can be made to The 1843 Fund. In addition, the committee will also communicate to the congregation how the funds are distributed and used to support the mission of the church.
Management of the Endowed Funds
Funds are managed by an outside investment counselor, selected and reviewed periodically by the Investment Committee of the Session. The counselor is responsible for the asset allocation and for individual stock and bond selection, subject to an investment policy statement reviewed and approved by the Investment Committee.
A Few of our Funds:
Ruby West Malphrus Endowment Fund
This fund provides for any need within or outside of the church, with the restriction that no funds can be used for the operating budget.
Rhesa Purnell Endowment Fund
This fund was established to provide for the needy without restrictions.
Bernard Greenewald Endowment Fund/Julia H. Lucas Endowment Fund
These funds are used for benevolent purposes, including scholarships for ministerial students.
Lula Abercrombie Endowment Fund
This fund provides for church facilities and maintenance.
For information or questions...
Please email Lynise Clarke, Church Financial Officer