Benefaction Investment Committee
In 1987, Pilgrim Congregation sold approximately 5 acres of land at our former location to the Marriott Corporation. The bulk of the proceeds of that sale funded a major remodeling and expansion project for the church, but about 1 million dollars were set aside as an investment account from which a portion of each year’s earnings from that account would be awarded, through grants, to deserving organizations involved in spreading the Gospel, serving the poor, etc.
The Benefaction Investment Committee oversees the Benefaction Fund by hiring and monitoring an investment advisor who manages the investment of the fund. Each year, based on the year’s earnings, the Benefaction Investment Committee determines what proportion of the fund is to be made available for distribution. Total dollars awarded each year have ranged from $50,000 to $109,000.
The Benefaction Grant Committee reviews the grant applications (often two dozen or more are submitted), which come from local, national and international organizations from all over the World, and approves the most meritorious grants for that year’s funding. In all, more than 1.5 million dollars have been awarded to dozens of worthwhile agencies since the Benefaction program began in 1988.
Volunteers who are willing to serve on either of these committees are welcome.