The St. John’s Endowment Fund is a non-profit, legally established corporation which was incorporated July 6, 1984, by authority of the vestry. It was established to provide a way to contribute to the support of the church in addition to pledges or plate offerings. Monies accumulated are invested in interest bearing accounts. The interest earnings may be used for approved expenditures other than budgeted operating expenses of the parish, and the contributions may be considered a source for non-operating, non-reoccurring expenditures such as capital improvements or expansion, land acquisition for future buildings, and special projects with long term impact.
The most recent income activity in the Endowment Fund was the trade of our one-third partnership interest in land held with CBS Ltd. for two escrow accounts which will yield monthly income to the Fund for several years. The payments are deposited to the St. John’s Endowment Fund money market account.
In 2008, the storm entrance to the office, including an aluminum door and sidelights in the alcove, were approved and paid to Sun Glass in the amount of $2,492.03. in 2003, the Endowment Fund approved the expenditure of $53,000 for the purchase of land from the City of Farmington adjacent to the present church property. Prior to that major contribution, the Endowment Fund participated in the payoff of the mortgage on the adjacent land, home, and apartments owned by St. John’s, to the Diocese of the Rio Grande. In 1994, the Fund made the down payment of $20,6000 for the purchase of that property. In 2001, the Endowment Fund paid half the balance of the note ($16,772.44) so that monthly payments to the Diocese might be eliminated.
The Endowment Fund has grown since its inception from a zero balance to the current holdings of $76,940. In light of the financial assistance provided by the Fund to our parish, it is hoped that parishioners will keep this ministry in mind when making a donation to the church, such as a memorial or a gift of thanksgiving.
Members of the Endowment Fund Board are