Mission Statement

The mission of the Bruton Parish Church Endowment Fund, Inc. (the Endowment), is to manage prudently its funds and use them for the benefit and support of Bruton Parish Church.

Organization

The Endowment is a tax-exempt organization dedicated to the support of Bruton Parish Church (Bruton). It is governed by a nine-member Board of Trustees plus the Rector of Bruton Parish Church. Trustees are elected by the Board of Trustees and serve for life or until their resignation. Trustees must be members of Bruton. The Endowment is independent of Bruton.

History

The Endowment’s funds originated from gifts, generally of some size, that were designated as a permanent fund, the income from which was to be allocated by the Trustees, upon request of the Vestry, to supplement the parishioners support of the specific activities of ministry, music and maintenance of the Church.

For many years there were two endowment funds, the Marshall and the Bruton Parish Endowment Fund. Bruton Parish Church Endowment Fund, Inc. was chartered in 1907 and The Marshall Foundation, Inc. was chartered in I923.

In 1939 the Marshall Fund and the Bruton Parish Endowment Fund had a combined value of $33,000 and produced an income of $1,000 per year. By 1956 these funds had grown to have a value of $66,000 yielding $3,600 per year. In that year Mr. John D. Rockefeller, Jr. gave Bruton an organ in memory of Vernon M. Geddy, Sr. He also gave the Endowment Fund stocks valued at $32,125, the income from which was to provide for the maintenance of the organ and for its replacement when it reached the age it could no longer function properly. 

In 1957 Mr. Rockefeller realized that Bruton Parish Church, located in the historic area, had demands that exceeded those of a normal parish church. He gave the Endowment stocks valued at approximately $500,000. He stated in his letter to the Endowment dated January 13, 1957,

It would be my hope that this gift would be set aside as an endowment, the income to supplement the funds Bruton Parish Church is currently spending for it ministry and its musical program, not to replace them.

Thus, the endowment funds in 1957 totaled approximately $600,000 producing an income of $21,000. In addition, Mrs. Letitia Pate Evans, of Atlanta - a friend of Bruton Parish Church - left an estate whose executors under the terms of her will are to pay to the Bruton Parish Endowment Fund $6,000 annually. Her intention was to provide enough funds to physically maintain the Church in the event there ceased to be a congregation. In 1974 the Trustees received a bequest in accordance with the will of Dr. Clyde C. Hall in the amount of $2,500. No other gifts have been received or are expected.

In 1974 the Bruton Parish Endowment Fund and the Marshall Fund were merged in order to simplify ongoing governance and administration and to modernize the governing documents in accordance with corporate and tax law in force at that time. The merger and restatement had no effect upon the restrictions and limitations imposed by the original donors of property to either of the former corporation.

Currently, the Endowment income consists of the yearly Letitia Pate Evans gift and earnings from and changes in the market value of its investments.

Over the years endowment funds have, in addition to the annual supplements for the ministry, music and maintenance of the Church, provided for the purchase of new kneeling cushions, air conditioning the Church, tombstone repairs, painting the interior of the Church, organ improvements, choir pew alterations, the purchase of property for St. Martin's mission church, and a supplement to the amount  raised by the congregation for the addition to the parish house. In addition, in 2016 through 2019 $1,000,000 was provided for replacing the organ.

The Trustees have over the years endeavored - unless there were pressing needs communicated by the Vestry - not to expend all the income provided by the funds but to invest a portion to build up future income as a hedge against inflation and the possible reduction market values. 

Directors &  Responsibilities (2022)

The Trustees have the responsibility for the careful investment of the funds, to preserve the principal and to provide, in so far as possible, for a continued increase in income to help meet the growing needs of the Church for many years to come. Trustees will strive to limits annual expenses (averaging $55,000) and grants to Bruton Parish Church to 4.5% of a three-year average of year-end Portfolio value.

• “TJ” Cardwell, Secretary
• Sean Driscoll
• Rev'd Chris Epperson
• John Fogarty, Treasurer
• Vernon Geddy III, President
• Vanessa Nordlund
• Bill Porter
• Lois Polifka
• Charles Wilson, Vice President

If you have any questions regarding the information, above please contact the

Endowment President, Vernon Geddy III, at bpce-president@brutonparish.org.