St. Paul’s Endowment is made up of two separate endowment funds, the Legacy Fund and the Huber Fund. The chart below outlines the structure and purpose of these funds within St. Paul’s Endowment:
Understanding St. Paul's Endowment
St. Paul’s Endowment was originally established in 1947 from a bequest of $500 from Addie Smith Cox. The Vestry elected to designate this as a quasi-endowment fund to grow and benefit St. Paul’s over the long term. The fund has grown through investment earnings and additional contributions over the years and was known as the Endowment Fund, later renamed the Samaritan Fund and most recently renamed the Legacy Fund in 2006. Until 2015, this was the only fund in St. Paul’s Endowment.
The Legacy Fund still exists today as a Vestry designated quasi-endowment fund. Distributions from the Legacy Fund are to be used for capital improvements, outreach ministries and grants, seed money for new ministries and special one-time projects. This Fund may also distribute more than the spending policy in certain emergency circumstances. It is not the purpose of the Legacy Fund to support the annual operation budget of St. Paul’s which is funded through contributions to the Annual Commitment Campaign. Click here to learn more about the Annual Commitment Campaign or to make a pledge.
In 2015, St. Paul’s received a generous bequest from the estate of Cathee Jean Huber which established another endowed fund within St. Paul’s Endowment, known as the Huber Fund. In accordance with the wishes of Cathee Huber, this fund supports the adult choir of St. Paul’s and is a true or permanent endowment.
Since 2015, St. Paul’s Endowment has consisted of these two funds and distributes around $37,000 in total each year for the purposes of the two funds.
In 2020, the Legacy Board and Vestry adopted new endowment governance documents and policies to update St. Paul’s endowment management practices based on guidance from the Episcopal Church Foundation. As part of this update, the Legacy Board was renamed the St. Paul’s Endowment & Investment Committee, which now oversees all endowment funds of St. Paul’s (currently the Legacy and Huber Funds).
St. Paul’s Endowment is invested through the Episcopal Foundation of the Diocese of East Carolina and are ultimately managed by Oak Harbor Wealth Partners in Raleigh, NC. The funds are invested in diversified portfolios to achieve long-term real growth after expenses and distributions while avoiding excessive risk.