The Smithson/Kyle Fund was established in 1985, when assets from the Smithson estate began transferring to St. John's. Through 1991, the Smithson estate contributed approximately $450,000. Unlike the Elliott Fund, which is a permanent endowment fund, Mr. Smithson left the use of his planned gift to the discretion of the Vestry. From Mr. Smithson’s original gift of $450,000 the Vestry has disbursed almost twice that amount and the current value of the fund still exceeds the original gift.
what to know about the fund:
- The Kyle House was purchased in 1991 with proceeds from the Smithson gift at a cost of $250,000. Inspection expenses, repairs etc brought the total cost to $276,376.
- The Smithson/Kyle Fund has been paying $24,000 a year to the Capital Campaign/Building Fund each year since the campaign began.
- In December 2010, the Smithson/Kyle Fund contributed $250,152 to enable the Building Loan to be retired. The Vestry approved naming our multipurpose room, Smithson Hall.