Highlights of Advent’s Endowment History
From Advent’s establishment in 1882 and throughout Advent’s long history, the generous gifts of many saints created and supported the beautiful church we enjoy today. Some of the names are known to us but many are not. Even when the names are memorialized in stained glass windows or on plaques around the church, we know few details about the lives of these saints. But what we do know is that their gifts mattered—they mattered then and they continue to have an impact today.
Some of these generous saints made gifts to the endowment. In 1959, The Hadley Fund was created pursuant to a bequest of $5,000 from Harry C. Hadley. Today, the Hadley Fund is valued at about $50,000.
Advent’s endowment really grew in 1993, when Dick and Sheila Sanford established The Sanford Family Endowment Fund for Christian Youth Education with a gift of $1,000,000. Now valued at about $1,400,000, the fund contributes about $44,000 annually to the budget for youth formation. It is the reason Advent is able to support youth education so robustly and will continue to do so for generations to come.
Major gifts to the General Endowment Fund by Frieda McMullen in 2005 and 2006, and by Gus Schroeder in 2012 greatly expanded the General Endowment Fund which is currently valued at about $850,000. Annual proceeds of about $37,000 from the General Endowment to Advent’s budget are unrestricted which enables the vestry to use the funds as needed.
Over the years, other saints have contributed to the endowment with smaller gifts that have really added up. One example is the Peterson Endowment for Leadership established in 2012. Many individuals contributed gifts to this fund whose balance now stands at $26,000 and supports leadership training and development. Many other saints have contributed to the Memorial Garden Endowment, currently valued at $27,000, which will continue to generate funds to maintain the beauty of this sacred resting place.
All of these endowment gifts continue to benefit Advent because every year, 5% of the endowment balance goes to support Advent’s programs, while 95% of it remains invested and continues to grow. The endowment contributes about 11% to Advent’s annual budget.
Endowing Advent’s Future
Now that you know a little of the history of Advent’s endowment and understand the impact it has each and every year, you too may feel gratitude for the many saints whose gifts have transformed Advent into the beautiful church we cherish today. If the idea of giving a gift that will perpetually support Advent’s future appeals to you too, please consider making a gift to the endowment. There are many ways to do so that are tax-wise including gifting from a required IRA distribution and gifting appreciated stock that you don’t want to pay capital gains on. Gifts of any amount are gratefully welcomed, appreciated, and most importantly, will have an impact far into Advent’s future.
Kim Hoeschel for the Endowment Committee: Pete Peterson, Ann Dome, Larry Bosley, Penn Yeatman and Stuart Davies; and Collis Townsend, Development Warden