St. Andrew’s Foundation
Here at St. Andrew’s we are fortunate to have the St. Andrew’s Foundation, where many families request gifts be made in memory of their loved ones. But there is also some confusion about these gifts. If you wish to make a memorial to the Foundation, the check must be made to St. Andrew’s Foundation, and mailed to 509 E. Twiggs Street, Tampa, 33602. At this time we do not have the capacity to accept gifts to the Foundation electronically. Foundation monies are kept completely separate from the church operating account, so do not make your check to St. Andrew’s Church if you wish for it to go to the Foundation! If you have any questions, please call our Administrator at 221-2035.
Many parishioners may not know much about the St. Andrew’s Foundation, but it was formed 46 years ago by a thoughtful group of members: Glen Jennings, who provided the first $10,000; Arthur Gibbons, who drew up the documents concerning the governance of the Foundation; and his sister Mildred Gibbons, who served as the first Chairman. Through gifts over the years, earnings from the investments, and active management by the Advisory Committee of the Foundation, the net assets are over $1,500,000 today.
The Foundation is similar to a college endowment fund. Each year ten percent of the dividends are reinvested in the principal. The balance of the annual income is available for use by the church. The principal cannot be spent by the Advisory Committee of the Foundation or the Vestry. Only the earnings from the investments (interest on annual income and dividends typically) can be spent. The growth of the principal, through growth of the investments, is part of the principal and is treated as the principal. The Foundation has funded special building improvements, trips for the youth in the summer, emergency maintenance of the church, maintenance of the church organ, and other matters that are not included in the church operating budget.
In recent years, giving to the Foundation has declined from prior periods, and the Committee is interested in increasing the visibility of the Foundation and increasing its assets and earning power. Historically, most gifts are received as memorials or as contributions from estates. It’s important to note that there is no reason not to include the Foundation in your list of charitable contributions at any time and the Board is seeking to grow donations from present levels, including annual gifts from its members or in recognition of special occasions. This effort can greatly assist St. Andrew’s in the years ahead and can greatly leverage the ability of St. Andrew’s to deliver needed services. Many large and historic churches have substantial foundations that insure a stable operating budget and program management. We believe that in a reasonable time period, the St. Andrew’s Foundation could exceed $3 million in assets and generate over $100,000 annually for support of the church. Feel free to ask any Committee member for information on how you can assist us in this goal.
Gregg Smith • Richard Ferlita • Martha Cobb • Pat Wolfe • George Bedell