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Virginia Theological Seminary established a $1.7 million endowment with plans to use the proceeds to fund reparations for the institution's ties to slavery, Religion News Service reported.

Officials at the Episcopal seminary estimate they will spend about $70,000 annually in interest from the endowment. A spokesperson for the seminary said at least three buildings on the almost 200-year-old campus were built using slave labor.

"We do want to honor those who worked in this place and we want to provide financial resources for their descendants," said Curtis Prather, the seminary's director of communications.

The seminary said in a press release that income from the endowment will be used for five purposes: "the needs emerging from local congregations linked with VTS; the particular needs of any descendants of enslaved persons that worked at the Seminary; the work of African American alumni/ae, especially in historic Black congregations; the raising up of African American clergy in The Episcopal Church; and other activities and programs that promote justice and inclusion."