What is the St. Matthew’s Endowment?
Who manages it? How are the funds distributed?
Purpose:
The purpose of the Permanent Endowment (PE) of St. Matthew’s Episcopal Church, Austin, Texas (Church) is the long-term pursuit of beneficial purposes within and beyond our parish as defined contemporaneously by the elected Church leadership. The PE is composed of two parts – the Endowment Fund (Fund) and the Endowment Committee (Committee). The purpose of the Fund is to preserve donated financial resources such that they generate income to support the annual awarding of Endowment Grants. The purpose of the Committee is the prudent stewardship of the Fund and the selection of eligible, worthy projects to receive Grants. The Committee is aided in their stewardship of the Fund by the Portfolio Managers. All activities are executed under the authority of the Vestry.
Executive Summary:
Since inception, St. Matthew’s leadership has sought to build the PE as a long-term financial resource for the parish. Elected by the congregation and operating under the oversight of the Vestry, the Committee is responsible for the stewardship of the PE including the Fund and the Grant process. As is customary in the management of charitable endowments, the monies that make up the principal or corpus of the Fund are to be conserved and well-managed to generate future income, working within the Vestry-approved Investment Policy as executed by the Vestry-approved Portfolio Managers. All other monies, such as the income from investments, are eligible to be awarded as Grants, working within the Vestry-approved Spending Policy. For reference, the 2023 appropriation available to be awarded in Grants was $32,750.
While some charitable endowments have strict guidelines on permissible grant purposes, the PE was deliberately designed to allow the future sitting leaders of St. Matthew’s, namely the Rector, Wardens, Vestry, and Committee, the flexibility to adapt to current challenges and opportunities in pursuit of any beneficial purpose. That said, the Committee practice developed over time has been to encourage grant applications for special programs/purposes in need of less than $10,000 in one-time “seed money” to launch, relaunch, or materially expand ministries that are focused on St. Matthew’s and the surrounding community. Examples of past “challenges” for which PE responded include the Covid-19 pandemic when the Committee awarded grants to the AV Guild to implement live streaming capabilities in the Sanctuary and later to the Day School to support restoring their financial vitality. Examples of past “opportunities” supported by PE include parishioner-led projects aimed at starting, re-starting, or one-time events for ministries related to refugees, Alzheimer’s, veterans, seniors, the arts, food insecurity, and homelessness. The legacy of these grants, and many others, are a testament to the enduring vision of the PE and the succession of dedicated leaders within the St. Matthew’s community tasked with its stewardship.
Help Support the Endowment:
Periodically, the Committee provides information sessions for St. Matthew’s parishioners concerning prudent stewardship of financial resources, how to handle matters of investment, how to establish a financial legacy, and other relevant topics. Disbursements from the Fund are growing in value each year, as the Fund grows. If you feel called to contribute to the Endowment Fund, projects of even larger impact are possible. What do you dream about for St. Matthew’s? You can help make it possible by making a donation to the Endowment Fund to recognize friends and family on special occasions, provide a memorial to a loved one, or leave a gift as a part of your estate. To see a list of those who have committed to providing for St. Matthew’s in their legacy, see the plaque in the Lobby of the St. Matthew’s Sanctuary. See the Legacy Opportunities page for guidance on how to contribute from an estate or other legacy funds.
For more information please contact our Endowment Committee at endowment@stmattsaustin.org.
Apply for an Endowment Grant:
Applications for projects/programs will be considered on a “first come, first serve basis”, as long as funds are still available for the calendar year. Church members are invited to submit an application to endowment@stmattsaustin.org at any time using the Endowment Grant application form. Once the Endowment Chair receives your email, you will be contacted about presenting your project/program at an upcoming Endowment Committee meeting. While a presentation is not required for consideration, it is highly recommended: