The Dominican Development Group

The Vision 

In a time of declining support from The Episcopal Church, the overseas dioceses of the Episcopal Church must move towards greater self-sufficiency.  The Dominican Episcopal Church places strong emphasis on stewardship and the support that comes from its own institutions.  However, in a poor, Third World country, it must also look toward an endowment to help support its broader ministry in the Dominican Republic.

Since July 2006 the Dominican Development Group has raised over $1.9 million for the DR Endowment.  Through wise investment by the Dominican Church ’s Endowment Committee, and with some other funds from other investments the Endowment has grown to $3.2 million dollars.  Overall goal is $7.0 million dollars.

With the global economic crisis of this past year The Episcopal Church’s support for the overseas dioceses had to be cut substantially.  For example, for 2010 the DR Church support was cut by $100,000 which is approximately one-third of its total budget.  With some belt tightening and with the first fruits of the DR Endowment the DR Church is able to survive this first round without major cuts.  However, we need to build the DR Endowment so as provide the financial resources to continue the dynamic the Dominican Episcopal Church has experienced over the last 15 years.

Not only is the DR Episcopal Church seeking support for the Endowment from friends around the US but through good stewardship t has raised significant funds itself.  In 2009 it sold the bishop’s residence for $1.0 million.  The original residence was purchased in 1965 for $35,000 in a neighborhood which came to the most exclusive neighborhood in the Dominican Republic. From that sale a new bishop’s residence was purchased and several hundred thousand dollars was put into the DR Endowment.

Income from the Endowment will provide for more adequate clergy salaries as well as support for the increased number of clergy needed in this rapidly growing Diocese, and for infrastructural investment to meet expanding needs.  For example, even though the cost of living is high, at this time a priest’s entry level salary is $600 per month plus housing and benefits.  Priest salaries do increase with seniority but they are still inadequate.  With such limited income, Dominican priests sometimes leave the DR for Hispanic ministry positions in the US where salaries are much higher.  Over time the Endowment income will allow the Diocese to catch up with the need for new churches, schools, medical clinics, clergy housing, and other essential facilities.

Endowment Strategy and Structure 

The Dominican economy is one of the more stable economies in Latin America.  Moreover, in 2006 the Dominican Government signed a treaty with the International Monetary Fund which further strengthened the economy.  Returns on Church investments in rock-solid Dominican entities over the past ten years have yielded in excess of 15% per year each year.

While past performance is no guarantee of future results, given the strength of the Dominican economy, we intend to invest endowment contributions in the DR so that they will grow rapidly. The investments will be managed by the DR Diocesan Endowment Committee.  However, for donors more comfortable if their contributions are invested in the US , we have also opened an endowment account through the Episcopal Church Foundation / State Street Global Advisors.  Earnings on the US investments will be forwarded annually to the Dominican Episcopal Church for use for church needs.  The Episcopal Church Foundation is an independent 501 (c)(3) corporation committed to serving the Episcopal Church and related organizations.  The Episcopal Church Foundation web page is located at http://www.EpiscopalFoundation.org.

For additional details please call Dr. Bob Stevens at 941-776-1018 or David Morrow at 432-563-2766.

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