Every good endowment and every perfect gift is from above, coming down from the Father of lights with whom there is no variation or shadow due to change - James 1:17
Welcome to the Endowment of the Greek Orthodox Cathedral of Atlanta
An endowment allows a nonprofit organization to manage financial gifts to generate earnings that can be used to forward its mission, helping to fund future operations and promote the organization’s long-term financial stability. An endowment fund can be comprised of cash, securities, and other income-producing assets, due in part to a donor’s ability to create an enduring legacy by funding the organization in the long-term. Therefore, donations to an endowment usually tend to be larger than regular contributions.
What is the Annunciation Cathedral Endowment Foundation?
In 1905, our forefathers founded The Greek Orthodox Church in Atlanta, GA. One of our roles as Orthodox Christians is to keep our church functioning as a part of our daily lives and to preserve it as an integral part of our spiritual foundation, as well as our heritage. With this in mind, the Greek Orthodox Cathedral of the Annunciation of Atlanta Endowment Foundation, Inc., was created as a separate entity for the Cathedral in 1994, to generate income derived from the Endowment’s accumulated, safely-invested donations.
As provided in the Endowment’s By-Laws and Articles of Incorporation, “The Endowment Foundation is established herein and will function solely for the benefit of the Annunciation Greek Orthodox Cathedral of Atlanta.”
Thanks to the foresight of the Endowment’s founders, we are now able to make annual distributions from the Endowment’s investments to underwrite the many necessary and costly repairs and improvements to our Church and campus facilities. Under the Endowment’s By-Laws, the highest priority is (but not limited to) funding “major capital improvements needed to maintain the function” of the Church’s property.
As stated, the Annunciation Cathedral Endowment Foundation Inc. was established in 1994 as a 501 (c) (3) charitable organization to establish a permanent fund to which tax-deductible gifts could be made. The principal of this fund is held and invested, and only the income and profits can be expended for the benefit of the Cathedral.
This Endowment uses the strict definition of endowment: a permanent fund, the principal of which is never touched, but the earnings of which can be used in accordance with the terms of the trust policies which established this Endowment for the Greek Orthodox Cathedral of the Annunciation of Atlanta, GA.
All contributors and gifts are maintained forever and invested. No part of the principal may be distributed. The assets of this Endowment grow through sound investment policies and from additional gifts, bequests, memorials and contributions. Income from the Foundation’s investments will be expended by the Parish Assembly to further the Cathedral’s long term goals, objectives and ministries.
These Endowment By-Laws also give an opportunity to every part of our community, Clergy and Laity, to provide input. The Board of Directors of the Endowment annually makes recommendations for disbursements to the Clergy and the Parish Council, after which the Council and Clergy present these recommendations to the General Assembly with their own suggestions. At that point, the General Assembly must approve these expenditures by a two-thirds (2/3) vote.