Ministries and Facilities Trust

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The Saint Michael and All Angels Ministries and Facilities Trust was established in January 2003 for the purpose of holding and administering the Church’s endowment.  Currently the Trust contains seven separate endowments: Clergy Housing, Parish Maintenance, Memorial Garden, Madden Education, Matthew 25 Outreach, Memorial, and General.

The Trust is governed by three voting trustees and two non-voting trustees. The three voting trustees are appointed by the rector for staggered three-year terms, and approved by the vestry. The voting trustees cannot be members of the vestry. The two non-voting trustees are the rector (ex officio) and a vestry member appointed by the rector.

The total assets of the Trust include both financial and real estate holdings. The major portion of the assets is an equities and fixed income investment portfolio, managed by State Street Global Advisors (SSGA) in Boston, which handles investments for the Episcopal Church Foundation and participating parishes such as Saint Michael’s.

Five of the endowments are purpose restricted, in that distributions of income to Saint Michael’s must be used for the purposes specified by the donors. The Memorial and General endowments are purpose unrestricted, and distributions from these funds can be used by the Church to meet any of its financial needs and programs, as the Vestry may decide.

Donors to the Ministries and Facilities Trust may contribute to any of the endowments in any amount. Further, a donor may establish a new, separate and designated endowment with a minimum gift of $25,000.  If desired, the donor may name the endowment and specify a purpose for the income distributions to Saint Michael’s.

Our Ministries and Facilities Trust provides parishioners and others with the means of providing long term funding in perpetuity for the Church, enabling it to carry on its programs, create new programs and initiatives, and maintain the Parish buildings and properties. Gifts may be made as part of one’s annual charitable giving, in honor and memory of a family member or friend, or through a planned gift such as a bequest or a remainder trust. It is important to note that any gifts to the Trust, whether current or planned, will be considered permanent endowment gifts, unless instructions from the donor direct otherwise.

Please contact the Church Office for more information (239) 472-2173.

Last Published: November 20, 2019 7:59 AM