STEWARDSHIP AT ST. AIDAN'S

USING OUR GIFTS FOR THE GLORY OF GOD

Stewardship at St. Aidan's is a year round endeavor. Stewardship is more than money, but how we use those many gifts that God has given us. These gifts are of talent time and treasure. The last few years have been a challenge for all of us, but we are working hard to be good stewards of what you give us.

The Stewardship Committee meets monthly and fulfills two purposes, Stewardship and fund raising as well as serving as a Finance committee that monitors our financial situation from month to month.

Over the next year we will be launching a Planned Giving Campaign to build our reserves and provide a parish that has the viability (financial health) that matches the great vitality (how we live our our mission) of our parish.

What follows is the report on our Trust Funds which have now been established under new trustees and financial rules. Many thanks to the trustees, Cpt. Chuck Marks, Senior Warden Fred Parkinson and Nancy Smith.

VIRGINIA BAKER ENDOWMENT TO ST AIDAN’S EPISCOPAL CHURCH
CONSOLIDATED HISTORY OF ENDOWMENT
AS OF 29 JANUARY 2011

1. In June of 1989, Virginia Baker bequeathed an endowment of $18,000 to St. Aidan’s Episcopal Church in Virginia Beach, VA. The bequest was protested by Virginia Baker’s estate and was eventually released to St. Aidan’s in June 1990, with accumulated interest, totaling 19,368. This money was placed into the Diocesan of Southern Virginia Composite Fund (S-30) for investment. The following stipulations accompanied the bequest:
* The principal will be held inviolate by the trustees until it reaches $50,000. Disbursements thereafter will be used primarily for extra ordinary needs at St. Aidan’s. It will not be used for the normal operating budget.
* The endowment will be administered by three trustees appointed by the vestry.
* The rector and senior warden will be ex-officio trustees
* Interest from the bequest may be used for grants
* The trustees shall make an annual report to the vestry
* Fund guidelines may be changed by a 2/3 vestry Vote
2. From June 1990 to June 1992, some interest from the investment was released back to St. Aidan’s in the form of scholarships (~$3710).
3. In June 1992, the trustees recommended to the vestry that all interest should be reinvested back into the investment until the Principal reached $50,000.
4. On 30 June 1999, the invested bequest reached the original goal of $50,000 ($51,276.38).
5. On 9 August 1999, $29,000 was removed from investment account for St. Aidan’s building fund.
6. Between January 2001 and October 2002, approximately $8,000 was removed from the investment account to pay for scholarships and rector sabbatical. On 30 Sep 02, the investment reached $17,960.79 (first time below original principal – although not stipulated in bequest that investment remain above original bequest, trustees recommended to Vestry to remove no more funds).
7. From this point to present day, the principal has remained untouched and the bequest in the Diocesan Composite Fund continues to mature. Although there were losses in 2008 and 2009 due the economic down-turn, as of 30 September 2010, the investment totals $28,573.44.
8. On 23 January 2011, the Treasurer, along with Trustees Fred Parkinson, Nancy Smith, and Chuck Marks met with Carl Master (Trustee from 1990-2010) to gather historical documents and learn background of the endowment. The trustees had been approached by the vestry to explore the potential for the endowment to be used to help correct budgetary shortfalls and pay back loan that the General Fund took out from the Columbarium Fund.

ELIZABETH DAVIDSON OUTREACH FUND AT ST AIDAN’S EPISCOPAL CHURCH
CONSOLIDATED HISTORY OF THE FUND
AS OF 29 JANUARY 2011
1. In November 1999, Elizabeth ‘Libby’ Davidson made a bequest to ST. Aidan’s in the amount of $30,000, to be used for outreach ministries other than normal St. Aidan’s outreach. The bequest was placed in the St. Aidan’s General Fund, but tracked as a separate line item in the account. The following stipulations accompanied the bequest:
* The fund will be administered by four or more trustees appointed by the vestry. The trustees will be appointed or reappointed annually.
* The duties of the trustees will be as follows:
o To invest funds in a prudent manner which will enable the funds to accumulate while providing adequate liquidity for disbursement. This includes mutual funds both public and church-managed individual stock, bonds, or other investments may be utilized.
o To disburse the funds when special outreach needs are identified in writing by the Vestry, Rector, or Outreach Commission. These disbursements are to be in addition to the normal outreach budget of St. Aidan’s.
o To encourage gifts to the Fund by periodic reminders in the Church Newsletter, bulletin, and during church gatherings.
o To provide a quarterly report to the Vestry on the Status of the Fund.
* No more than 25% of the Fund’s principal can be disbursed in a calendar year unless approved by a two-thirds (2/3) vote of the vestry.
2. In August 2000, the trustees provided $4000 of the fund to Camp Chanco to assist in renovations to the camp pool.
3. In May 2001, the trustees agreed to provide $12,000 to ODU Canterbury House, to be disbursed in $4,000 increments over three years. Libby Davidson had been an avid supporter of Canterbury House, volunteering many years at the facility, as well as being instrumental in drawing their Director (at the time) to the ministry. This ministry indirectly benefitted St. Aidan’s when a former parishioner and ODU graduate served for several years as our EYC leader.
4. After commitment to the ODU Canterbury House disbursement, the rector and vestry suffered several years of strained communication with the trustees.
5. In February 2008, two scholarship disbursements were made from the trust totaling $1923.80.
6. As of 30 December 2010, there is $16,255.21 in the Davidson Trust.