Endowment 101 (2nd Edition)

Welcome to the second edition of “Endowment 101”.  The second Endowment I would like to touch on is the “Building Maintenance and Restoration Endowment”.  This is one of three funds that support the physical status of St. Paul’s and falls under the category of “Designated” Endowment Funds. “Designated” funds all have a specific charter and hence purpose. As this fund’s name clearly states, it was established to endow the maintenance, restoration, and preservation of St. Paul’s historic structure. All of you homeowners out there know all too well how expensive it is to maintain a property. Imagine maintaining one with ten roofs and multiple heating units. Yikes!  To get a brief glimpse, recently we had to replace all of the building’s flat roofs at a total cost of $110,000. Yeah, you read it correctly, $110,000! And that doesn’t include the main non-flat roof over the worship space. That roof, now 21 years old is right around the corner. L  The main source of funds that provides for these necessary repairs is the Building Maintenance and Restoration Endowment. The BMRE is critical to St. Paul’s physical presence and unfortunately of the three physical plant endowments is currently underfunded.