2023 St. James Foundation Annual Report

In 2023, the St. James Parish Foundation provided $74,450 in contributions to support the capital needs of our Parish and has more than $4,271,066 under management as of Dec. 31, 2023. Contributions to the Parish are based on requests from the Vestry through a concerted effort to fund distributions from income and appreciations.

The Foundation was established in 2003 as a 501(c)3 organization with the mission of supporting the needs of St. James Parish in perpetuity. The Foundation supports its mission by providing financial contributions to the Parish through targeted distributions for capital or specific campaign-related needs. Those contributions are through the assets that have been so generously donated to St. James Parish over the years by its congregation.

In 2023, approximately $98,856 in cash and stock donations were generously given to the Foundation. Since inception, $2,722,061 has been donated to the Foundation, with $1,023,941 in distributions made directly for Parish use.

Last year also marked the formalization of the Foundation’s long-range plan. In coordination with the Vestry, the Foundation established distribution and growth targets ahead of the Parish’s 300th anniversary in 2029. The long-range plan agreement targets 2-4 percent annual distributions and a capital campaign in partnership with the Parish to raise money for identified capital improvement needs. In addition, the Foundation created an endowed pledge account, also managed by the Foundation, where parishioners may endow their annual pledge by contributing to the account, and an annual 4 percent distribution will be made to the Parish based on a trailing 12 quarter average account value.

Historically, up to 4 percent of the Foundation’s assets are used annually to provide financial support for campus expenses such as the repair and replacement of the church roof, storm restoration, structural repairs, and operational expenses. Foundation investments are managed by an outside professional investment firm with concentrated efforts to appropriately manage and grow the Foundation assets. In addition, a Foundation committee works directly with the investment firm to monitor and report on the health of the Foundation assets to the board.

The current Foundation Board of Directors are as follows:

• Claire Parker, President (2024)
• Ryal Tayloe, Sr., Vice President (2023)
• Vance Young, Treasurer (2023)
• Elizabeth Hartman, Secretary (2024)
• Pam Potter (2025)
• Betsy Williams McDonald (2025)
• David Brownlow (2026)
• Jennifer Chiavetta (2026)
• Ben Currin (2026)
• Allen Trask (2026)
• Rachel Colonna, Vestry member
• Al Marr, Vestry member

For the year ahead, the Foundation plans to host the William & Alexander Society celebration in the spring of 2024 to recognize those who have made planned charitable gifts to the Foundation. The Society is named for the gentlemen who made the first three bequests to St. James. In 1739, William Flavell left 200 pounds in his will for the construction of “an English church in Newton” – an earlier name for Wilmington. William Faris, in 1757, and Alexander Duncan, in 1768, left money to finish the church building, which took 19 years to complete (1751-1770).

Of course, if you haven’t included St. James Parish in your estate planning, but would like to do so, any Foundation Director or Maria Hollopeter, Financial Administrator, can provide the details of how the Foundation can help. Leaving a lasting legacy to St. James for the continued preservation of our campus and facilities is one of the finest gestures that can be made to honor the church.

Respectfully submitted,

Claire Parker

President