McKechnie Scholarships Awarded

By June 30, 2020News

The Grace Presbyterian Church Endowment Board of Trustees is pleased to announce the fifth year of scholarship awards from the Grace Church’s endowment funds.  The awards are being made by the trustees during an unprecedented time of the COVID19 pandemic and in the face of a great deal of financial uncertainties.  The trustees hope that the scholarship grants are a source of encouragement to the recipients.

The funds for these scholarships come from the General Endowment Fund for Grace Church and the David G. McKechnie Scholarship Fund, which are invested at the Texas Presbyterian Foundation in the Balanced Fund. The scholarships are funded from the income produced by these two Endowment Funds, so funds available are totally dependent on the income produced from the two fund balances.  The ability for the Endowment Trustees to grant these scholarships in 2020 is due to an income spending policy that averages the amount available for distribution over twelve quarters (three years) and not just the most recent fund balances, so that near-term balance fluctuations have an normalizing effect on the amount of distributions available.

This year the board has awarded scholarships to two students attending Grace School, three attending private Christian Houston high schools and twenty students attending thirteen different US colleges and universities.

A gift to the Grace Church General Endowment Fund to assist in building the capacity of the endowment to fund these scholarships and other needs of Grace Church outside of the annual operating budget may be made by contacting Hardie Morgan at the church office.  The McKechnie Scholarship Fund is closed to new gifts, so all new gifts will need to be made to the General Endowment Fund.