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Endowment Fund

The St. Mary’s Cathedral Endowment Fund is a legally distinct, 501(c)3 non-profit charity established and operated exclusively for the benefit of St. Mary’s Orthodox Cathedral, a parish of the Orthodox Church of America. 

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  • The Endowment Fund receives donations and retains them in perpetuity to support the Cathedral. 

  • Donations are never spent.

  • Fund directors invest donations in a well-diversified portfolio of stocks and bonds.

  • Income from the Endowment Fund’s investments is passed on to the General Fund of St. Mary’s Orthodox Cathedral via quarterly distributions. 

  • The Cathedral’s Board of Trustees (not the Endowment Fund Board of Directors) determines how contributions received from the Endowment Fund are utilized for the betterment of the Cathedral. 

Contact the
Endowment Fund Committee

​Email: endowment@stmarysoca.org

Endowment Fund History

In 1986, the St. Mary’s Endowment Fund was established as a distinct 501(c)3 charity. The initial founders donated a total of $50,000 which was immediately transferred to a conservative investment portfolio. The Fund's first distribution of investment profits to the Cathedral was $200. 

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By 2026 - forty years after its founding - the Endowment Fund had received donations in excess of $2.5 million. All of these funds remain invested. A recent annual distribution to the Cathedral was $155,000 which represented approximately 15% of the Cathedral's annual operating budget.

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Since its establishment, the Fund’s cumulative distributions to the Cathedral have also exceeded $2.5 million.  It is interesting to note that in its 40 years of existence, the Endowment Fund has given back to the Cathedral an amount equal to all of the donations it has ever received, yet every penny of those donations still remains securely invested in the Fund’s portfolio.

 

Ways You Can Support St. Mary’s Cathedral through the Endowment Fund:

  • Weekly or Monthly Donations - For any planned donations to the Cathedral, consider redirecting a portion of your gift to the Endowment Fund

  • Memorials – Honor your loved one by specifying The Endowment Fund for funeral memorials or family milestone celebrations

  • Voluntary Donation – Make one-time or periodic donations

  • Appreciated Assets – Donate securities or real estate to minimize tax expense

  • Insurance Policy – Name St. Mary’s Endowment Fund as a beneficiary

  • QCD – If age 70½ and above, a Qualified Charitable Distribution from your rollover IRA or 401K may be fully tax free

  • RMD – If age 73 and above, a QCD may be fully tax free, may help satisfy Required Minimum Distribution Requirements and eliminate RMD income taxes for the current year, and may reduce your RMD payment and income taxes for years to come

  • Estate Planning – Consider the Endowment Fund in your long-range planning by including it in your will or living trust

 

Please consult your financial planner and / or tax professional for further guidance.​

Frequently Asked Questions
The Endowment Committee has gathered the following questions and answers which explain the purpose and benefits of the Endowment Fund at St. Mary's Orthodox Cathedral.

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If you have any additional questions, please reach out to the Endowment Board. 

  • St. Mary’s Cathedral Endowment Fund is a tax-exempt 501(c)3 non-profit charity operated exclusively for the benefit of St. Mary’s Orthodox Cathedral.

     

    Donations can be made to the Endowment Fund in the same way that donations can be made to the Cathedral General Fund. However, rather than immediately spending the donations on budgeted needs, the Endowment Fund invests the donations in a well-diversified, professionally managed portfolio of stocks, bonds, and certificates of deposit.

     

    Investment income generated by the portfolio is distributed quarterly to the Cathedral’s General Fund, while 100% of the donated principal remains invested in perpetuity for compound growth.

  • Endowment Fund Directors invest donations in a well-diversified, professionally-managed portfolio of stocks, bonds, and CDs. Portfolio performance is monitored monthly by the Fund’s Treasurer and financial advisor.

     

    Quarterly Board of Directors meetings focus on donation income, investment performance and risk, and consideration of upcoming quarterly distributions to the Cathedral. The Board reviews and addresses questions, and makes strategic decisions for the long-term viability and health of the Fund.

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  • Anyone [young or old, member or non-member] who wants to financially support St. Mary's Orthodox Cathedral in Minneapolis, MN is welcome to make a charitable donation to the Endowment Fund.

     

    A donation to the Endowment Fund supports exactly the same programs and projects as a donation to the Cathedral’s General Fund.

     

    Small but consistent periodic gifts are as equally welcome as stock, trusts, and estate gifts. Profits gained from the investment of all donations are distributed back to the Cathedral’s General Fund.

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  • There are a variety of ways you can support the St. Mary's Cathedral Endowment Fund:

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    • Weekly or Monthly Donations - For any planned donations to the Cathedral, consider redirecting a portion of your gift to the Endowment Fund for longer term growth and support of the parish

    • Memorials - Honor your loved one by specifying the Endowment Fund for funeral memorials or family milestone celebrations

    • Voluntary Donation - Make one-time or periodic donations

    • Appreciated Assets - Donate securities or real estate to minimize tax expense

    • Insurance Policy - Name St. Mary’s Endowment Fund as a beneficiary

    • Qualified Charitable Distribution (QCD) – If age 70 ½ and above, a Qualified Charitable Distribution from your rollover IRA (or other qualified account) may be fully tax free

    • RMD – If age 73 and above, a QCD may be fully tax free, may help satisfy Minimum Distribution Requirements for the current year, and may reduce your RMD tax next year

    • Estate Planning - Consider the Endowment Fund in your long-range planning by including it in your will or living trust

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    Please consult your financial planner and / or tax professional for further guidance.​

  • Once your donation to the Endowment Fund has been received and invested, it will remain within the Fund’s professionally-managed portfolio, where it will compound and generate long-term income for the Cathedral.

     

    At no point in time will your donation be withdrawn from the portfolio and used for any other purpose. Investment profits (rather than the original donations) will be returned to the Cathedral’s General Fund in steadily-increasing distributions.

  • The Endowment Fund distributes investment profits to Cathedral quarterly.

     

    The Cathedral’s Board of Trustees (NOT the Endowment Fund’s Directors) determines how to use the distribution to the Cathedral’s greatest benefit.

  • As faithful stewards of our parish, it is natural to want all of our hard-earned money to satisfy immediate, visible needs like weekly ministries, facility improvements, employee salaries, and utility bills. However, there is also an incredible, understated power in building a dependable, predictable legacy for the parish’s future through diligent investment and compound growth.


    The Cathedral functions within the framework of an annual budget, making its primary income vulnerable to economic shifts. Local and worldwide events such as inflation, family issues, a new college student, unexpected medical emergencies, the shifting cost of food and gasoline, or unplanned travel can unexpectedly reduce donations and leave the Cathedral challenged to meet its approved budget.

     

    On the other hand, the Endowment Fund operates in a much longer-term environment, similar to a retirement account. Quarterly distributions made to the Cathedral by the Endowment Fund are relatively isolated from these economic variables, since yearly distributions to the Cathedral are not dependent on near-term parishioner donations.

     

    For example, if a long-time donor suffers an unexpected financial hardship, their direct giving might pause. However, if this same parishioner had previously contributed a portion of their annual donation to the Endowment Fund, investment of their past gifts would continue compounding and generating income, providing financial stability for the church regardless of current events.


    The short story, The Parable of Anna and the 194 Light Bulbs uses a realistic example to articulate how a short term versus long term investment can make a big difference in the financial health of the parish. Through the eyes of a young St. Mary’s parishioner named Anna, the story illustrates how a simple change in mindset—balancing today’s immediate operational needs with the long-term, exponential power of compounding investments—can fundamentally secure our church's financial future and keep our spiritual home burning bright for generations to come.

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  • Many parishioners think that the Endowment Fund was created solely to accept late-life / post-death contributions.

     

    Quite the contrary, the Endowment Fund was created to add stability and predictability to the parish’s annual income, and therefore accepts donations from parishioners of all ages.

     

    Yes, the Endowment Fund will graciously accept late-life donations of any kind. However, due to compound growth of invested donations, young people giving steady, monthly donations today -- even if in small amounts – may be considerably more beneficial to the Cathedral than a much larger gift given after death (which would not benefit the Cathedral until thirty or forty or fifty years from now).

  • In addition to fulfilling the commandment to words of St. Paul in Scripture (2 Corinthians 9:7), there may be additional benefits to making a donation to the St. Mary's Endowment Fund, including:

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    • Personal satisfaction associated with contributing to the perpetual care of your Church

    • Federal and State Income tax reductions

    • Reduced / eliminated capital gains tax

    • Reduced RMDs

    • State and Federal estate tax reductions

     

    Please consult your financial planner and / or tax professional for further guidance.​

Thank you for making the Cathedral Endowment Fund part of your giving.

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Your donation to the St Mary’s Cathedral Endowment Fund
will continue to support the life of St. Mary’s for many years to come!

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