Endowment Update

The St. Luke Endowment Fund is invested a several different investment accounts. The Endowment Committee would like to update the congregation on the investment accounts that are used by the fund. There are four investment accounts. These include a First Reliance checking account, investments managed by Eastern Carolina Community Foundation (ECCF), investments in Vanguard funds and a Delaware Life Annuity. The financial information is as of June 30, 2019 (It should be noted that financial data fluctuates as market conditions change).

The First Reliance checking account had a balance of $7,258 as of June 30, 2019. This account is used to write checks to grantees. A minimal level of funds is maintained in this account due to level of investment income potential.

Investment in ECCF funds totaled $1,897,498 as of June 30, 2019. These investments are in stock and bond funds. The initial investment was in December, 2014. Since that time, deposits have totaled $1,629,350, while $117,114 has been withdrawn. Income less fees during this time period has totaled $385,261.

The third area of investment is in two Vanguard mutual funds. The total amount of investment is $754,670. One mutual fund is a Federal Money Market Fund that has a balance of $64,966. The other fund is Wellington Admiral Fund that consists of fixed income (bonds) and stock investments. The value of this fund is $690,004 as of June 30, 2019.

The fourth area of investment is an annuity from Delaware Life. This investment was setup by the Stockmans and we have maintained this annuity in the Endowment Fund. The annuity is for 15 years with an annual payment of around $33,000 (which fluctuates based on stock/bond market returns). The annuity has eight years remaining. The last payment will be in December 2026. The estimated value of the remaining payments is $263,432 as of June 30, 2019.

The total value of the St. Luke Endowment Fund is $2,922,858 as of June 30, 2019. This is after the Endowment Fund has disbursed $449,347 in grants/scholarships over the past five years.

The 2019 Endowment Committee consists of Jason Brewer, Scott Mitchell, Idette Tucker, Paula Lawson and John Lindner. Please contact a committee member with any questions or comments.

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