Planned giving is a form of stewardship that allows us to create and leave behind a legacy to sustain and strengthen the ministries of First Presbyterian in perpetuity. Planned giving provides a means for each of us to continue our support for the things that are most important to us and do so for generations to come.
Spend some time at First Presbyterian Church and you will soon discover a community deeply rooted in the stories and promises of the gospel and individuals committed to living out their faith in service to one another and to the world. This is certainly a reflection of the faithful example set by past generations who have generously shared their resources of time, talent, and treasure with God’s church so that each subsequent generation may discern God’s calling in their time and place.
Throughout our history, we at First Presbyterian have remained steadfast to our understanding that it is not a building or a program that makes a church; rather, a church is the people who come together because they have been inspired by the gospel – God’s love revealed in the life, death, and resurrection of Jesus Christ – and because they have been called to inspire, nurture, and serve others. As we read in 1 John, “We love because God first loved us.”
May this steadfast commitment and service continue to be passed from generation to generation, that First Presbyterian Church in Richmond can be a light to our neighborhood, community, city, and world, today, and for all the days to come.
The First Presbyterian Church Endowment Fund was organized as a separate corporation in 1969, and has grown to approximately $4.6 million as of December 31, 2024. The stated purpose of the Endowment Fund is “to establish and hold in perpetuity a fund, the income and principal of which may be used from time to time as the Board of Directors of the Endowment Fund may determine, either wholly or partially, for the increase of the Fund, for the uses and purposes of First Presbyterian Church, Richmond, Virginia, or for such other purposes as may be appropriate and permitted.”
The Board of Directors of the Endowment Fund consists of a minimum of six persons, at least two of whom are required to be active members of the Session of First Presbyterian Church. Two directors are elected annually by the Session for three-year terms. The financial statements of the Endowment Fund are prepared separately and are not consolidated with the financial statements of First Presbyterian.
The Endowment Fund is currently comprised of thirteen different sub-funds, established at different times and for different purposes. The First Fund is an unrestricted sub-fund of the Endowment Fund.
Since the mid-1970s, the Endowment Fund has made an annual contribution to the operating budget of First Presbyterian from its unrestricted sub-funds. The annual contribution to First Presbyterian Church is calculated based on the average balance, for the most recent three years, of the assets held at year end in the unrestricted sub-funds. In 2024, the amount distributed from the unrestricted sub-funds of the Endowment Fund to First Presbyterian Church was $163,930 which amounted to 4% of the average end-of-year amount in the unrestricted sub-funds for the most recent 3 years. The 4% distribution policy reflects the Board’s determination that such a rate assures the long-term sustainability of the source funds in light of historical and expected investment returns.
At year-end 2024, substantially all of the assets held by the Endowment Fund were invested by Blue Edge Capital, an institutional investment firm headquartered in Richmond, in a diversified portfolio of equity and fixed income securities.
