St. Andrew's Renovation and Endowment Fund, Inc. (SAREF)

What is SAREF?

SAREF is a nonprofit corporation for charitable, religious, and educational purposes, including but not limited to, the specific purpose of capital improvements, expansion and renovation of St. Andrew Greek Orthodox Church of South Bend.

The SAREF committee, comprised of 5 individual Directors, oversees the funds, cash or securities in bank or investment accounts designated "Renovation Fund; "Endowment Fund" and "SAREF Expense Fund". These designated accounts are professionally managed in accordance with the Bylaws of St. Andrew Renovation and Endowment Fund, Inc.

What purpose do the SAREF funds serve?

SAREF funds consist of restricted assets specifically designated for St. Andrew Greek Orthodox Church. The purpose of the:

  • Renovation Fund is to provide for long term repair and renovation needs to the church's physical structure and fixtures

  • Endowment Fund is to function as the church's emergency reserve

  • SAREF Expense Fund is minimal and provides resources for SAREF's operating expenses (e.g., mailing, postage)

How can funds be distributed from each fund?

Once assets are deposited in SAREF, they are intended to be held indefinitely and may only be withdrawn as described by the Bylaws of Saint Andrew Renovation and Endowment Fund, Inc. Specifically the:

  • Renovation Fund may have a Regular Disbursement (up to 5% of Total Value of Renovation Fund that can be issued with the majority vote of the SAREF Committee). Any Extraordinary Disbursement requires 2/3 approval-vote of the General Assembly for disbursement.

  • Endowment Fund may not have any disbursements of any kind unless the principal of the endowment fund is in the amount of $500,000. In addition, any disbursements may not decrease the principal to an amount less than $500,000. A request for any disbursement from the Endowment Fund shall be called an Extraordinary Disbursement and requires 2/3 vote of the General Assembly for approval.

Why does the church have SAREF?

The St. Andrew Greek Orthodox Church's budget is expense driven. This means that when formulating the annual budget, all the costs associated with operating the church are aggregated and the revenue target is set to match these expected costs. The operating budget's primary revenue sources are stewardship and hall rental revenue. In addition, the church hosts several fundraisers a year, with the largest being the annual Greek Festival. The festival's net revenue helps close the gap between the stewardship goal and what is actually received through stewardship annual giving.

Currently, St. Andrew Greek Orthodox Church funds all of its repairs and renovations through the operating budget or through restricted expendable gifts. Once SAREF's principal reaches $500,000 in assets, it will have the ability to provide a regular distribution. This regular distribution will provide a source of funds, other than the operating budget, to support the church's repair and renovation needs.

Currently, the church is solely reliant on stewardship and other normal revenue sources such as festival, parish hall rental, etc. By diversifying the revenue sources, the church's financial foundation will be stronger, more stable and flexible to meet the future needs of the parish. As SAREF continues to grow, it could also provide resources to assist with the operating costs of the Parish.

How can I contribute to SAREF?

Everyone is welcome to participate, even if you are not a member of the church.

Contributions to SAREF can be made by check or credit card by calling the Church Office during normal office hours.

Please consider contributing to SAREF:

  • Annually, SAREF will grow with regular annual contributions

  • To commemorate special events such as baptism, marriage, memorial

  • By including SAREF in your estate plans.

  • Any questions contact the Church office for a SAREF Director.