Saint Nicholas Endowment Fund
A BRIEF HISTORY
At a November 2000 General Assembly meeting, parishioner Jim Adams suggested the formation of an Endowment Foundation following a substantial memorial donation to Saint Nicholas. Based on Jim’s suggestion, Father Pappas organized a committee to pursue the idea.
It took a while to progress but in May 2005, the first organizational meeting was held with Fr Pappas, Jim Adams, John Jack and Jim Bouzianis in attendance. Legal documents for the Endowment Foundation were prepared by attorney John Bosen and an investment advisor was selected and on June 25, 2005, the Saint Nicholas Endowment Foundation was officially born.
The initial board members were:
James Adams, President
John Bosen
James Bouzianis
John Jack, Treasurer
John Petroulis
Rev. Angelo Pappas, Non-Voting Member
Aristotle Damianos, Ex Officio*
Greg Filias, Ex Officio*
*By-Laws dictate that the parish Council President and Treasurer, by virtue of their role on the Parish Council are automatically on the Board of Directors for the Endowment Foundation.
By-Laws were adopted by the board and with much gratitude to the vision of these initial board members, the Endowment Fund was on a trajectory to positively impact the financial strength and stability of our parish. Among the By-Laws adopted, was a requirement that while donations for agreed upon projects were to be annually dispersed to Saint Nicholas, only the earnings of the invested fund could be used. In that way, all donations to the Endowment Fund would forever remain invested in the fund to grow in perpetuity.
Through the ensuing years, The Endowment Fund has received many donations, small and large and from both parishioners as well as non-parishioners. With the earnings from those donations, the fund has provided annual gifts to Saint Nicholas since 2012 for much needed capital projects for our parish. The fund has successfully grown and now is able to accept many types of donations including memorial donations, bequests, gifts of securities, real estate and life insurance to name a few.
As our parish continues to grow, the Endowment Fund will grow through the generosity of parishioners and non-parishioners alike and will forever provide financial support to Saint Nicholas.
FAQs
What is the Saint Nicholas Endowment Fund?
The Saint Nicholas Endowment Fund was created by a group of far-sighted parishioners to provide for the long-term financial security of our parish. The Endowment Fund is separate and apart from the annual stewardship support that our parish will always need for general operations. The Endowment Fund creates a source of revenue for long-term capital needs and projects outside of the annual operating budget of the church.
Why should I make a gift to the Endowment Fund?
Your gift to the Endowment Fund will help secure the financial health of our parish for all future generations. By supporting the long-term capital needs of Saint Nicholas, future generations will be better able to support all of the important ministries and day-to-day operations of the parish.
How do I make a gift to the Endowment Fund?
You can make your gift via check made out to the “St. Nicholas Endowment Foundation.” You can also give a gift through a Memorial Donation, Bequest, Appreciated Securities, Life Insurance, Real Estate, Charitable IRA Rollover, Gift Annuity and more.
How will my gift be preserved?
Our by-laws require the Endowment Board to prioritize capital preservation. In addition to anchoring our investment philosophy, this also means that we only provide funds to St. Nicholas from the returns (i.e., interest, dividends, and capital gains) generated from gifts. The gifts become the principal, from which only returns will fund any donations to St. Nicholas. Your gift will never be distributed.
How is the Endowment Fund managed?
The fund is managed conservatively with the guidance of financial professionals to prioritize capital preservation in recognition of the requirement to provide donations to St. Nicholas only from the returns of investments.
How does the Endowment Fund determine gifts to the Church?
The Board determines if a donation to the Church can be made if, and only if, such a donation would not utilize any funds from gifts given by our donors. If we can meet this threshold, then we request from the Church’s Parish Council any capital needs that might exist that we might fund. Upon receipt of such capital needs, the Board will vote to determine the suitability of the need and the amount of funding we can provide, not to exceed 5% of the value of the Endowment (assuming principal is not utilized). This occurs on an annual basis.
Can I add to a gift I have already given?
Yes, and we encourage our donors to make gifts over time to add to the legacy they have already provided. The various levels of giving, with names inscribed on a plaque at St. Nicholas, represent cumulative gifts.
ENDOWMENT BOARD
Mihail Miletkov and his family have been at St. Nicholas since 2008. He grew up in Bulgaria and came to the US to study in college. Mihail is professor of finance at the University of New Hampshire, and appreciates the opportunity to contribute his time and talent to the ministries of the Orthodox Church.
Leon Nicholas is the President of the St. Nicholas Endowment. His desire is to create an opportunity for parishioners to create a legacy that will sustain our community for generations to come. With our capital needs increasingly met, St. Nicholas can direct our future expenditures to the growth of Christ’s Gospel on the Seacoast.
Deb Genimatas Walker’s family has attended St. Nicholas for over 90 years. Her father, who was very active in the building of our current church, was a past Parish President and a Godfather of our Church here on Andrew Jarvis Drive. Her mother was a Sunday School teacher and Philoptochos President for many years. Deb hopes to honor their dedication by ensuring St. Nicholas has a strong financial base for future generations, so that our church will continue to be an active, relevant and nurturing spiritual home for her children, grandchildren and beyond.
Jim Bouzianis has been involved with the endowment foundation since its inception in 2005. He is one of its founding board members and a past President. Jim has been a parishioner of Saint Nicholas for over 25 years and considers his responsibility toward the endowment, a sacred trust, and an obligation to ensure that the generous gifts made by the donors are managed prudently, consistent with the endowment foundation bylaws, for the benefit of our church. He believes that the endowment is the key to the long-term financial security of Saint Nicholas, ensuring that our church will exist for generations to come.
Greg Kanteres and his wife, Janice, have been active members of the Greek Orthodox Church wherever they reside. Greg was the parish council president at the Assumption GOC in Town & Country, Missouri for six years prior to their relocation back to New England — specifically Hampton, NH. St Nicholas offers many opportunities to provide his stewardship of giving his time, talent and treasure. Some of the financial options are Stewardship for ongoing church expenses, Capital Planning for special projects, and Endowment for perpetuity and the upkeep of the church and grounds. We strive to help St Nicholas in all areas of need be it spiritual, ministry, social, financial, educational or a place of solace and solitude. We believe in illumining souls by living Christ's gospel message.