Monday, November 3, 2008
Pittsburgh Business Times on giving to Churches and investments.
Investment income is a concern at Calvary Episcopal Church in Shadyside, where the value of the church’s endowment has fallen $600,000 this year, said Harold Lewis, rector. Lewis declined to disclose the size of the endowment, but the church has an annual budget of around $1.6 million, and Lewis said one quarter of the church’s total budget is funded by investment income.
The church’s annual pledge appeal is underway, but Lewis didn’t see any big reductions.
“People by in large have continued to honor their commitment to the church,” he said. “We’re prudent people who know nothing lasts forever and plan accordingly.”