Planned Giving at St. Alban's
From the beginning, the members of St. Alban's have been known for their abundant generosity and careful planning. The founders of our church gave sacrificially, but also took great care to ensure the legacy of this parish would last. Towards that end, they set up three ways St. Alban's members could give financial gifts to ensure the future of our parish. They are the Memorial Fund, the Organ Fund, and the Endowment Fund. Each fund is described below. If you would like to discuss giving to these funds, please contact the Rector, the Rev. Aaron M. G. Zimmerman, or Nancy Bennett, Business Manager, at the church office. You may also click the blue button below in the bottom right corner of your screen for our secure online giving portal. Then click "Give to" for a list of funds and select the one you want.
The best time to prepare for the future is now. Have you considered legacy stewardship in your final plans? Legacy stewardship is a way to provide St. Alban’s with a non-current gift, established during your lifetime, that can benefit St. Alban’s in the future. The Book of Common Prayer (p. 445) directs ministers of the church to assist and encourage members to think about long-term planning and legacy stewardship.
Click here for our brochure on Legacy Stewardship.
The Memorial FundThe Memorial Fund is intended to enable St. Alban's to purchase items for its ongoing ministry and worship that fall outside normal operating funds. In practice, the Memorial Fund allows St. Alban's to procure vessels, vestments, and other items used at the altar when Celebrating Holy Eucharist. In addition, the Memorial Fund has allowed the parish to make improvements to our campus. Gifts to the Memorial Fund are often given in memory of a departed loved one or in thanksgiving for the service of a member of St. Alban's.
The Organ FundAs its name implies, gifts given to the Organ Fund ensure that our magnificent organ will continue to fill our nave with magnificent music for generations to come. This fund has allowed the Parish to make significant improvements to the Organ in 2013 and 2014, including the cleaning, repairing, and replacing of many of the pipes, as well as refurbishing the organ chamber.
The Endowment Fund
The History of the Endowment FundSt. Alban’s Endowment Fund was established in 1976 as a vehicle for parishioners and others to provide lasting support for the growth of the Church and to provide a capital fund for the general support and maintenance of the parish in fulfillment of its religious mission. While the early years saw little growth, more recent years have seen strong capital growth but perhaps more importantly, strong parishioner support. As of December 31, 2021, the fund was valued at $810,940.
The Endowment Fund’s Support of St. Alban’sThe first support of the Church by the Fund was in the form of a loan to St. Alban’s School in 1994. This loan, representing almost a third of the total value of the Fund, enabled St. Alban’s School to upgrade its facilities by completing deferred maintenance. However, given the Fund’s size (less than $80,000 at the time), a goal was set to grow it to $500,000 before making any further distributions once the loan was repaid.
In 2010, the Fund had grown sufficiently that it was able to begin supporting St. Alban’s financially with a modest amount. In 2011, St. Alban’s had the opportunity to have the Rev. Jimmy Abbott join the clergy as Assistant Rector. While the Diocese covered half of his salary, the Endowment Fund shared the other half with the Church, making it feasible for the Parish to benefit from Jimmy and Maggie’s talents.
That same year the opportunity arose to acquire additional Waco Drive property frontage. To enable the Church (through the Diocese) to acquire the property without incurring debt, the Endowment Fund provided a large portion of the purchase price. This unique opportunity did take the Fund below a balance of $500,000, but since one purpose of the Fund is to “provide a capital fund,” the expenditure was considered appropriate.
In 2013, the Fund underwrote the cost of the repair of the new heating and air conditioning in the Parish Hall, by pledging assets of the fund as collateral for a loan of $127,430. Distributions from the Fund paid down the debt over the next five years. The debt was retired in January 2018. Currently, the disbursements from the Endowment Fund support the ministry programs of St. Alban's.
Common Questions about the Endowment Fund
1. How does the Endowment Fund differ from the Memorial Fund?Both Funds are opportunities for an individual to remember loved ones with a special contribution to the Church. The Memorial Fund typically supports purchases of long-lasting and non-budgeted items and is not an endowment. Examples include extraordinary expenditures of the Altar Guild in support of the worship services and improvements in the Parish Hall facilities. The Memorial Fund could be completely drawn down in a particular year.
Another difference is in giving. The Endowment Fund is the appropriate place for you to remember St. Alban’s with a tithe under your Will or through your estate plan, as well as an appropriate place for a thanksgiving offering at any time.
2. How can I support the Endowment Fund?Contributions can be made through the Church office, simply by making a check payable to St. Alban’s Endowment Fund. Or click the blue button below in the bottom right corner of your screen to use our secure online giving portal. Select "Endowment Fund" from the "Give to" menu.
Another appropriate way to support the Endowment Fund is to name the Fund as a beneficiary in your Will. If you do this, please inform the Church office.
If you would like us to contact you about planned giving, please let us know.
3. When should I support the Endowment Fund?
- When you want to tithe for unique situations, such as after the sale of a house, winning the lottery, or some other unusual financial event, you can earmark a contribution for the Endowment Fund.
- When you’ve received some special blessing, such as the gift of a grandchild, and you’d like to offer thanksgiving to God.
- Name the Fund as a beneficiary under your Will. Several St. Alban’s parishioners who are attorneys will be happy to provide the necessary codicil to your Will at no charge so that your Will can support St. Alban’s. Ask the Church office for a list of these attorneys.
- When you purchase life insurance, consider adding St. Alban’s Endowment Fund as a beneficiary, after taking care of all other needs.
4. Who manages the Endowment Fund?The Endowment Fund Committee consists of six lay members and the Rector. Committee members are elected by the Vestry at the suggestion of the Rector, for rotating 3-year terms. Committee meetings are open and all members of the Parish are welcome as guests. Let the Rector know if you’d like to be considered for service on the Committee.
Currently, the Fund is in the custody of Stifel and Joe Bozarth is the investment advisor.