Dear St. Paul’s Family,
One of the responsibilities of Chapter is to ensure faithful stewardship of our financial resources. Treasurer Betsey Monsell offers an introduction to our Enduring Gifts funds.
As we celebrate our 150th anniversary this year, we remember those who have left lasting legacies to St Paul’s Cathedral Enduring Gifts (endowment funds) so that our ministries could continue into the future in perpetuity. Donors have come from all walks of life — schoolteachers, nurses and business leaders. St Paul’s Enduring Gifts have grown to $2.7 million as of May, 2019. (Funds held by the LLC which recently sold part of the cathedral campus are not addressed in this letter). The funds are invested for the long-term in a portfolio of stocks and fixed-income securities designed to generate growth and income. The funds are overseen by the Endowment Committee chartered by Chapter. While the principal must remain invested in perpetuity, the Cathedral may draw down income annually calculated as 5% of assets. In 2019, the endowment funds generated $120,000 to support ministries at the Cathedral, an essential supplement to pledged donations, along with income from the LLC invested funds.
Outreach
Bernard W. McKenzie started St Paul’s endowment fund in 1921 with a gift of $5,000 for the sick & disabled of St Paul’s Parish. This was followed by a bequest of 200 shares of stock in his company, the Western Metal Supply Company, in 1924 to create the McKenzie Humanitarian Fund to care for the poor and sick of the Parish. Today, almost 100 years later, the McKenzie endowments have grown to $379,000 and provide $20,000 annually for our outreach ministries!
St Paul’s is not BW McKenzie’s only legacy. Next time you’re at Petco Park, look for The Western Metal Supply Company building which has been preserved for posterity as an historical building.
General Operations
Some donors have left endowments for general purposes. This provides the most flexibility for future Chapters to fund our needs. Cathy Hopper left $363,325 to the Cathedral in 2009 which provides almost $20,000 income annually. She left an equally generous legacy to Vida Joven children’s orphanage in Tijuana.
Cathy was trained as a teacher and rose through the ranks to become one of only two women high school principals in San Diego at the time and finally assistant superintendent of operations for the school district. Cathy was a dynamic, loving force at St. Paul’s Cathedral. She served as the People’s warden and member of the stewardship, hospitality and finance committees. She was often the first to greet visitors and newcomers to the cathedral.
Music
Our newest endowment fund is the Music Endowment to support St Paul’s glorious music ministry. Monies given by several current parishioners and an endowment from Mary McBride initiated this fund earlier this year, with a current balance of $151,800.
Leave Your Own Legacy for the Future to St Paul’s Cathedral
Pledges and other recurring income cover only two-thirds of the Cathedral’s annual expenses. Leaving a legacy to St Paul’s Cathedral is one of the best ways to supplement the Cathedral’s income and help ensure the Cathedral can continue as the spiritual heart of San Diego for generations to come. Think about endowing your pledge: bequeath 20 or 25 times your annual pledge, so that an annual draw of 4 or 5% will replace your current pledge after you are gone. If you are interested in how you can leave a legacy, please contact the Rev. Canon Jeff Martinhauk at 619.298.7261 or martinhaukj@stpaulcathedral.
Your sister in Christ,
Penny
