The St. Mary’s Foundation was created in February 1982 with proceeds from the sale of property across North Glebe Road, which was once home to the St. Mary’s Academy, a day school for students in grades one through eight that today contains the Rixey View townhome community. The property was sold to a developer, necessitated by a very difficult financial period in parish history. Earnings from the original foundation corpus helped sustain the parish during this time.
According to the Articles of Incorporation, the purpose of the foundation is “to promote the Gospel of Jesus Christ as that Gospel is proclaimed in the Scriptures of the Old and New Testaments, and interpreted in the tradition of the Apostles’ and Nicene Creeds, the Articles of Religion adopted by the Protestant Episcopal Church in the United States in 1801 and the Books of Common Prayer.” Annual foundation income is made available to the St. Mary’s Vestry and can only be used for “capital expenses of the Church, for outreach and other charitable and religious programs of the Church, and/or for donation by the Church to St. Mary’s Foundation to increase the principal [corpus] of the funds.”
The foundation is governed by a five‐person Board of Directors comprised of the three parish trustees, a Vestry‐appointed member, and the Rector.
The current Board includes St. Mary’s Trustees, David Mayhood and Peggy Marsh and St. Mary’s Rector, The Rev. Andrew Merrow.