With Father’s Day right around the corner, now is a good time for fathers (and mothers) to review their estate plan and consider how they would wish to be remembered and what kind of legacy they would like to leave. Do you wish to support your parish or a special Catholic organization after you head to your heavenly reward? Now is a good time to consider giving a gift that continues to give by investing or bequeathing a gift through the Catholic Foundation for Northwest Indiana.
In 2008, Bishop Melczek and several members of the Diocesan Finance Committee had the foresight to establish the Catholic Foundation as a way to gather, keep, and grow parish savings and monetary gifts while generating income and stability for parishes and other Catholic ministries. The Catholic Foundation for Northwest Indiana has grown from $3 million at its start to $14 million today. The Catholic Foundation gave over $2,720,000 in distributions in last fiscal year (7/1/2020 – 6/30/2021).
Where do the distributions come from? Each of the Foundation’s endowments consist of an initial opening gift, and additional gifts that are received throughout the year. The initial fund is never spent. Distributions come from earnings, dividends, and market growth. The donations that go into a fund stay there forever and continue working.
Management fees are minimal, and distributions are available twice a year as income which can be used for whatever the parish or organization determines. Distributions can be reinvested, resulting in larger, future distributions. The fund holder (pastor, principal, or other administrator) determines how to manage the distributions: accepting all or part of the available growth, deferring, re-investing, or any combination of the three.
What does defer mean in this situation? Generally, to defer means to postpone. In this instance, to defer means that that all or part of the distribution money stays invested until the next semi-annual distribution. The deferred amount continues to earn and grow. Distributions are offered twice a year in January and July and the deferred amount can be taken during those distribution periods.
Gifts to the endowment funds are accepted year-round and start earning money right away. Contact the Development Office (219-769-9292 x 268) to see if your parish or school already has an endowment. Envelopes are available at the Pastoral Center if you wish to make a donation. Digital giving makes giving easy, and the Foundation accepts donations online at catholicfuture.org/donate/. Disbursements from the Foundation’s endowment funds maintain church properties, support seminarians, assist our retired priests, Catholic Charities, and other worthy causes across the Diocese of Gary.
The Catholic Foundation for Northwest Indiana, Inc. is a Catholic organization and a 501(c)(3) non-profit, independent corporation.