Trustees, Trusts and Endowments

St. George’s Episcopal Church Trustees
as of Sept 11, 1997 
Recorded in the City of Fredericksburg Courthouse

The Trustees of St. George's Episcopal Church hold the property of St. George's in trust for the Diocese of Virginia. Trustees are appointed by the Vestry for life but may be replaced by the Vestry at any time.

Trustees
Betty J. Poole
540-373-7283

Russell H. Roberts
540-373-2038

Douglas G. Stewart
540-371-6907

Peter V. S. Myers
540-373-2073

Dr. Marion H. Rambo
540-371-6651


Memorial Trust Fund of St. George’s Episcopal Church of Fredericksburg, Va.
On June 20, 1951 the Memorial Trust Fund was created with a contract from the Vestry to Trustees under the name of "Memorial Trust Fund of St. George's Episcopal Church of Fredericksburg, Va." The Trust Fund is the repository of past gifts, donations, and Bequests to the Church for both specified and unspecified use where only the income is available for distribution. The Trust Fund is administered by trustees elected by the Vestry of the Church. The general purposes is "For assisting or founding; charitable or educational institutions; for the care of the sick, aged or helpless; for the care, health and recreation of children; for recreation, educational, charitable or benevolent purposes, and for the general repairs, maintenance, operation: and upkeep of any real estate owned by St. Georges."

"From the time the donor or testator provides that income should be available for the use of such trust, the net income shall be annually devoted perpetually for the use and benefit of St. George’s Episcopal Church, Fredericksburg, Va. Such income shall be available for the following purposes and expended under the direct supervision of the Vestry of St. George’s."

Trustees
Robert Ryan
540-785-8856
12/31/2011

Convener
Ed Dinger
540-786-5036
12/31/2012

Earl Baughman
540-373-0324
12/31/2013

Paul (Tripp) Wiggins
540-371-3906
12/31/2014

Dr. John Coker
540-373-8644
12/31/2015

St. George’s Episcopal Church General Endowment Fund
The General Endowment Fund of St. George's Episcopal Church was established in memory of those who labored so diligently to establish, erect, maintain and operate St. George's Episcopal Church; in gratitude for those who unselfishly gave and for those who continue to give of their time, talent, and treasure; with the hope that those who follow will continue the works of St. George's Episcopal Church; and to provide funds for this ongoing community of faith.

The overall purpose of the Fund is to provide a general endowment fund that will ensure a firm financial foundation for the Church and provide additional funds for Church programs, outreach, and capital additions. It is not intended that the Fund supplement the annual operating budget of the Church for current expenses that are strictly administrative or operational in nature. Specifically, the funds in the Fund shall not be co-mingled with any other Church funds.

In October, 2002 the members of the Vestry voted to abolish the Rectory Fund and transfer the assets to the St. George's General Endowment Fund to be used for Parish capital needs related to current and future physical plant. It was first funded in October, 2004 when the Church transferred the $236,201 "Rectory Fund" into it. The "Rectory Fund" originated with the sale of the Church's rectory on Cornell Street in Fredericksburg.

The Fund will supply 5% of the three year average balance in the fourth quarter each year to be used for outreach ministries, programs of the Church, and capital additions / improvements. A greater amount may be distributed upon affirmative vote by three-fourths of the Vestry, three or more of the Trustees, AND a majority of the congregation.

The Trustees recommend projects for Vestry approval, usually for the December Vestry meeting. Funds are disbursed in December. Organizations may request funds for a project by submitting the GEF Funding Request Form. 


Click here for the GEF Funding Request Form (PDF)

Trustee
P. Hurley Bogardus
540-899-6290
12/31/201

Chair
Carolyn Howell
540-368-2777
12/31/2012

Treasurer
Tom Meredith
540-368-9092
12/31/2013

Secretary
Ann Smith
540-786-2652
12/31/2014

Trustee
Mary Jane O'Neill
540-899-6543
12/31/2015


Herndon Memorial Trust Funds


The Herndon Memorial Trust funds are actually two separate trusts, an inter vivos trust agreement and a testamentary trust, created by John W. Herndon. The testamentary trust, referred to as Trust Fund A, was established under the Will of John Herndon dated October 28, 1950 and probated on September 24, 1952. The trust agreement, referred to as Trust Fund B, was created by Mr. Herndon in 1951.

The Testamentary Trust (Fund A)
After payment of his debts and expenses, Mr. Herndon bequeathed 85% of the remainder of his estate to "The Episcopal Church Home for Men", provided that the home was established and actively operating at the time of his death. If the home was not established and in active operation, then 45% of the remainder of his estate was bequeathed to the Herndon Memorial Trust Fund to be held by Trustees of St. George's Episcopal Church and 40% was loaned to the Herndon Memorial Trust Fund and to be used by the Trustees to benefit an elderly man or men of St. George's Church. If within five years there was still no home for elderly men, then Mr. Herndon directed that this additional 40% be added to the 45% already under the control of the Trustees.

Trustees: The Will directed the Vestry to appoint at least three trustees and no more than five to serve as trustees of this fund. At the time of his will, Mr. Herndon specified the trustees should be one of the Church Wardens, the Treasurer of the Vestry, and Mr. Walter N. Chinn, Jr., whether a member of the Vestry of not, because he knew his wishes as to the disposition of the fund. See Note below.

Trustees' Investment Powers: The Trustees are "authorized to invest the proceeds of bonds and other evidences of indebtedness belonging to my estate as they become due in United States, State, Municipal and/or sound corporation or commercial bonds, and/or sound investment stocks, bearing the best rate of interest available."

Trust Purpose: The interest on invested funds was directed "for the support of an elderly man or men belonging preferably, to said St. George's Church in Fredericksburg, and/or some elderly men or men belonging, preferably, to said St. George's Church in Fredericksburg who may need medical attention and has not the means to pay for hospitalization or for such medical attention, and for such other charitable purposes as the Trustees deem necessary and advisable for such elderly men."

The terms of the will also state that "under no circumstances is the principal and/or interest ...to be used for payment of the salary of the rector of St. George's Church in Fredericksburg, or for any other expense or expenses appertaining to said St. George's Church in Fredericksburg, other than a Home for Elderly Men of the Diocese of Virginia, should one hereafter be established by the Diocese of Virginia, which during my lifetime I tried to establish, but which said Diocese of Virginia, failed to support my efforts."

The Trust Agreement (Trust Fund B)
On February 16, 1951, Mr. Herndon created a trust by agreement to be known as the Herndon Memorial Trust Fund of St. George's Episcopal Church of Fredericksburg, Virginia. The Vestry, by resolution, accepted the trust fund and appointed three trustees to administer the trust fund. The trust was funded with $15,000 to be held by the Trustees together with such other funds as may be bequeathed or devised to the Trust by Mr. Herndon.

Trust Purpose: The interest and dividends of the trust fund was "to be used for the support, maintenance, hospitalization, medical expenses or up-keep of an elderly man or elderly men in needy circumstances, preferably belonging to St. George's Protestant Episcopal Church of Fredericksburg, Virginia, or some other elderly men or elderly men who may need support, maintenance, hospitalization, medical expenses or up-keep or for such other charitable purposes as the aforesaid Trustees deem necessary and advisable." See Note below.

Trustees' Powers: The Trustees were authorized and empowered to receive and administer the funds paid over to them by Mr. Herndon and any other funds which he may devise or bequeath for the Herndon Memorial Trust Fund. The Trustees have the right to make proper legal investment(s) of the trust fund and to pay the interest and dividends for the purpose above.

Note re: issues related to number of trustees and use of monies:
It appears that an Order, in response to a Petition filed by one of the Trustees, was entered by the Circuit Court of Fredericksburg in 1981 to clarify issues related to the number of trustees and the use of monies derived from the two funds. The Order authorized the Vestry to appoint no less than three and no more than five Trustees for each of the two funds and to replace a Trustee upon the death, resignation, or expiration of a fixed term. The Order further authorized the Trustees of the two funds to be the same, although it was not required that they be the same, and that the act of either trust fund shall require the consent of the majority of the existing trustees for each trust fund.

It was also ruled by the Circuit Court, in response to conflict among the trustees as to the use of trust monies, that the Trust Agreement lacked any reference or incorporation in the Will and vice versa and therefore the funds were two separate monetary amounts, each requiring a separate annual accounting and each being governed in its use by the provisions of the respective documents. The conflict was based on the interpretation of the language as to the purpose of the fund under the Trust Agreement. Although both the Will and the Trust Agreement indicate Mr. Herndon intended the funds to assist elderly men, the language in the Trust Agreement was and still is interpreted by some to allow distributions for any charitable purpose and not just elderly men.

Convener
Wendy Gayle
540-373-5584
12/31/2012

Trustees
Jeanette Cadwallender
540-373-7210
12/31/2011

Dr. Marion H. Rambo
540-371-6651
12/31/2013

David Croner
540-786-3108
12/31/2014

The Hon. J. M. H. Willis, Jr.
540-899-7611
12/31/2015

A. W. Wallace Trust Fund

The A. W. Wallace Trust Fund was established with five thousand dollars of United States Bonds, to be held for the benefit of needy, poor widows over fifty years of age, with no right to dispose of its principle except to collect the principle when due and reinvest it; the interest to be used among the said poor widows in the months of December, January, February and March, for their imminent need in each year; said widows to be residents of Fredericksburg, Virginia.

Trustee
Janet K. Meredith
540-368-9092
12/31/2011

Convener
Peggy Conway
540-786-7866
12/31/2012


Trustee
Lee Ann Hecker
540-899-7611
12/31/2013

St. George’s Benevolent Society of Fredericksburg
St. George’s Benevolent Society of Fredericksburg was established in 1874 to promote true religion to all the poor of the Town of Fredericksburg. The fund secures and holds all donations and bequests made for that purpose, and as it may appear convenient and proper to more effectively carry out its objective out of contributions by its members and donations and bequests made from time to time to establish asylums for poor, aged persons, widows or orphans, reformatories or schools and support and maintain the same.

Trustee
Janet K. Meredith
540-368-9092
12/31/2011

Convener
Peggy Conway
540-786-7866
12/31/2012


Trustee
Lee Ann Hecker
540-899-7611
12/31/2013