Endowed Funds Managed by the St. Mark's Cathedral Foundation

• The St. Mark's Cathedral Foundation
  • Foundation Board Members and Officers
  • Mission Statement, Ethical Principles
  • Foundation Committees
  • Endowed Funds Managed by the Foundation
• Planned Giving

The Foundation received much of its initial funding from the Cathedral Vestry, which transferred a portion of the funds received from the sale of development rights for the Greenbelt and the Century II capital campaign in the 1990’s related to building maintenance. These funds, and subsequent bequests and gifts, form the Building and Grounds Endowment, the purpose of which is restricted to providing support for the buildings and grounds of the Cathedral. Its value as of December 31, 2010 was nearly $885,000.

The Virginia Patty Endowment was established by the family of Mrs. Patty, and is restricted to maintaining the gardens on the lawn of the Cathedral. This fund had nearly $97,000 as of December 31, 2010.

The Foundation also holds one capital gift of $50,000, the corpus of which is restricted by the donor for funding the exterior cladding of the Cathedral walls. Additional temporarily restricted assets as of December 31, 2010 totaled nearly $42,000.

Custody and management of these funds is divided between the Diocesan Investment Fund and the Cascade Group of Morgan Stanley Smith Barney, and overseen by the Foundation’s Finance and Investment Committee. In accordance with the Foundation’s Investment Policy, the investment portfolio is appropriately balanced and diversified for growth and income.

In accordance with the Foundation’s Spending Policy, a portion of the total return over the previous three years (typically 4-5% of the average principal value) is made available to the Cathedral each year for use by the Vestry in ways that are consistent with the donor’s directives. In 2010, this totaled nearly $45,000.

The Foundation is happy to work with prospective donors to enhance the value of an existing fund, or to create new ones that meet the long-term buildings and grounds priorities of the Cathedral. We encourage both current and planned gifts from your will or other estate plans. For further information, contact stmarksfoundation@ecww.org..