One expense the preschool did not have to bear with the building occupancy costs which were close to $35,000.
Due to the modification of the basement space of McGuire, we were affected by a new building code adopted by the state of Virginia. We would have been affected by this code when we would make modifications of our facility whether or not we had a preschool. We had to bear the cost to obtain the E-Class Building occupancy. The process stretched from the fall of 2011 with the first expense in October until June, 2012.
|Electrical Survey work||-511.66|
|Firechalk, Electrical Room||-1520|
|Repair 4 flourescents||-870.6|
In addition there were church support of $6,350 that were applied from April through June, 2012 to make it a $40K project.
Where did the funds come from ? It was from the Matthew 25 fund
Mary Faulkner, wife of the Rev.Tom Faulkner (1946-1976 rector), provided this wording in her will.
“I give 1/6 of my residuary estate to St. George’s Church, Fredericksburg to establish a Mathew 25 fund under the auspices of St. George’s church to further the outreach and interfaith ministries of the greater Fredericksburg Community”
She died in August, 2008. The investment account created in 2009 for the fund at Sterne-Agee until the church decided the direction of the fund. It was considered a mid-term investment fund. Funds were used for the creation of the preschool. In 2014 a charter created for the Fund which provided a formal organization. Funds shifted in 2015 to the Trustees of the Funds.
It was an appropriate use of the monies. It wasn’t restricted in any way per the executor of the estate, Tom Faulkner, III and based on Mary’s work with children and youth it was an appropriate use of funds.