Endowments at the Chapel of the Cross
Ellen Medearis, Finance Committee Member

Each fall, every member of the parish is asked to consider what she or he might do to support the missions of the Chapel of the Cross. We think about why we worship here, about how we serve God; and we think, very practically, about what we can do, in dollars and cents to support that mission. And we give to the Every Member Canvass.

There is a wonderful sense of opportunity in the Every Member Canvass. And there is a real sense of urgency, as we hear from members of the vestry and the finance committee, as we read budget proposals and look at how much it all costs. Good works have a hefty price tag. Our annual contributions help the church fund its yearly operations budget. We know that we make good things possible, now!

Unfortunately, annual contributions do not meet the full cost of the church’s budget. While the Every Member Canvass provides healthy support for the Chapel of the Cross, the church needs the additional support that endowment funds can provide. Endowments can help bridge the gap if annual gifts fall. They can help ongoing needs; and, over time, they might help lay the groundwork for meeting new challenges.

There are several endowments now in place at The Chapel of the Cross. We spend only the interest that they earn, and that interest helps meet current needs. Two of our most important funds are the Building and Grounds Endowment and the Outreach Endowment. The vestry created them in 2000 from the proceeds of undesignated gifts and bequests and by consolidating some existing smaller trust funds. The beginning principal balance of each fund was $500,000, and it is invested in shares of the Diocese of North Carolina Common Trust Fund. Income of the Building and Grounds Endowment is used at the discretion of the vestry for capital projects and maintenance of the physical plant. Income of the Outreach Endowment is transferred each year to the operating budget to fund gifts to community organizations and other forms of outreach.

While the endowments’ size is significant, current earnings are small – and the use of the earnings is limited. Because the vestry created these endowments, we could, in certain circumstances, invade principal and/or change the designated use. But for now, we have pledged not to dip into the actual endowment funds, in order to insure and to build our parish’s ability to meet new and greater needs that the future might bring. For now, the endowments serve as financial partners in meeting the parish’s mission. In the future, and with the establishment of new endowments, they might help us answer not only "what will the church do this year?" but "what will the church do in fifty years?" In this way, we meet our role as stewards today and tomorrow.