The “Renewing our Mission” endowment campaign began the process of establishing two endowed funds, one for congregational growth and development and the other to help underwrite the episcopacy. These, and other endowment funds of the Diocese, are held by the Foundation of the Diocese of Spokane that is governed by a board of trustees made up of Episcopalians from throughout the Diocese. The trustees have engaged Washington Trust to manage our investments according to an agreed upon investment policy that seeks long term growth while avoiding inappropriate risks. Your contributions and pledges to the endowment campaign have been divided equally between the two funds, unless you directed otherwise.
The fund to endow the episcopacy currently has about $460,000 in it, of which half came from a previous fund for the bishop that had been around for several years. Currently invested in money market accounts, it will soon be in a diversified portfolio of equity and fixed income funds. Accordingly, it is already being drawn down at an annual rate of 4.5% to help underwrite the episcopacy. We look forward to its continued growth through fulfilled pledges, additional gifts, and market growth so that, in time, it can lead to a significant reduction in the asking.
The fund for congregational growth and development has about $170,000. It will need to grow to at least $500,000 before we can begin to use it to make grants to local congregations, but we are well on the way. It also will continue to grow through fulfilled pledges, additional gifts and market growth.
A third fund has recently been added to the endowment through a single gift of $5,000 dedicated to Camp Cross. As an endowment fund rather than a capital fund, it will not be spent but invested along with other gifts dedicated to the long term needs of Camp Cross. In time it also will be able to help underwrite the continuation and improvement of that valuable ministry, but it has a long way to go to get there.
Our hope and prayer-filled intention is to build our funds to at least $5 million or more within five years. Then we can really begin to do some exciting work for the Glory of God and the good of our congregations. What can you do to help? If you have not yet made a five-year pledge to Renewing our Mission, consider doing so today. Perhaps you’ve made a pledge and now realize how easy it is. Consider raising it by some substantial amount. If you are involved in a donor advised or donor directed fund of your own, consider making Renewing our Mission a principal beneficiary. And by all means, remember the church in your will.
For more information, or to make a pledge, contact Teri Mathis, Director of the Foundation, at terimathis@mac.com or 509-954-3951