Financial Reports

The Transfiguration Endowment Fund receives and manages gifts and legacies for the longterm benefit of the church and its ministries. It is managed by a Board of Trustees appointed by the Vestry. The Endowment is divided into six sub-funds: Outreach; Youth; Music; the Rodgers Seminarian Fund, supporting Transfiguration members at seminary; the Infrastructure Capital Fund, investing capital campaign receipts for long-term infrastructure needs; and the Legacy Fund, supporting diverse Church projects and ministries. Donations and bequests may be made to any of the sub-funds, and if you are considering or reviewing your estate planning, please consider a legacy to one of the Endowment funds. Parishioners who let us know that they have provided for the Endowment Fund in their estate plan become members of the Legacy Society.

During the year ended December 31, 2022, the total assets of the Endowment Fund increased from $2,569,559 on December 31, 2021, to $2,758,460. This net increase is made up of a year of very significant market depreciation offset by contributions, especially to the Infrastructure Capital Fund. During the year, the Endowment Fund received contributions of $709,836 including bequests and other gifts. Of that amount, $622,411 was earmarked for the Infrastructure Capital Fund. Disbursements of $60,825 were made in response to various grant requests. Grants included $ 47,636 from the Legacy sub-fund for Church projects including support of The Table and the music ministry, $4,000 from the Outreach sub-fund, $2,040 from the Seminarian sub-fund to support Transfiguration’s two sponsored seminarians, $4,503 from the Music sub-fund and $2,411 from the Youth subfund.

Spending in 2022 was limited to 4% of each sub-fund’s assets, except for the Youth subfund, which is limited by other restrictions. The spend limit for 2023 will also be 4% of each sub-fund’s assets.

The Endowment Fund retains the Episcopal Church Foundation, which advises many endowed parishes and schools, as its investment advisor. Investments through ECF are managed by State Street Global Advisors, investing primarily in mutual funds and ETFs and following an agreed balanced asset allocation strategy. The target asset allocation is 60% equity and 40% fixed income.

Officers of the board of trustees for 2023 are Alan Dunlop, chair; Bill Keslar, vice chair; George Banitch, secretary; and Renee Thomas, treasurer. New trustees joining the Board are Tony DeBruyn, Elizabeth Jenkins, Chuck Hodge, Keri Holt and Kurt Meisenbach. Continuing trustees are Linda Ayres, Dana Bartholomew, and John Caldwell. Special thanks to retiring trustees Sergio Garcia, Carolyn Lewis, John Mottram, and Michael Widmer for their service to the Endowment Fund over many years.