All Souls Unitarian Church is fortunate to have
a Permanent Endowment Fund, which was established with a visionary and
founding gift from Gerald Westby in 1964. Since then, thanks to the
generosity of many more Church members, to good investment returns and
to a disciplined withdrawal policy, the fund's value has grown to more
than $3.4 million. It has become an important part of All Souls'
financial foundation and well being. It has enabled the Church to
expand its programming and ministry. It has provided funds for
unplanned major maintenance expenses that invariably occur on our
expanded and aging building and grounds. It has been a contributor to
the 1999 and 2002 Capital Campaign drives. It has facilitated our
Ministers to be able to afford suitable housing. And it can be a source
of funding the Church's vision for expanded Outreach and other special
programs.
The Permanent Endowment Fund is managed and overseen by an
Investment Committee that is responsible to the Board of Trustees. The
Chair, Vice Chair as well as all other members of the Committee are
appointed by the Board. The Committee's work is done in accordance with
a formal set of Policies and Procedures established by The Board.
The fund has achieved exemplary investment performance. Over the eleven
year period beginning in 1995 and ending in 2005, the fund received new
gifts that totaled $0.676 million, but the Church withdrew $2.049
million for various uses as described above. Nevertheless, the fund's
value of $1.929 million in 1995 increased to $3.313 million in 2005.
The performance for the period was a 10.6% average annual rate of
return, which well exceeded the fund's benchmark return of 9.3%.
Withdrawals and their uses are annually recommended by the
Investment Committee and approved by the Board of Trustees. 5.50% of
the average of the Endowment Fund's value of the preceding four
quarters is budgeted to be withdrawn in 2006. The withdrawal is
scheduled to reduce to 5.25% in 2007 and to 5.00% in 2008 and
thereafter.
All Souls supporters of the Endowment Fund have a sincere
passion for the causes advanced by the Church and for the experiences
they have personally had through it. Their gifts to the Fund serve as a
testament to those causes and personal experiences and as a hope that
future generations will be able to have similar experiences.