What is the Catholic Foundation for Northwest Indiana?
The Catholic Foundation for Northwest Indiana, Inc. is a 501(c)(3) non-profit, independent corporation established in 2008 to assist individuals and organizations in providing lasting financial support to the Catholic religious, educational and charitable organizations of Northwest Indiana.
Who manages the Catholic Foundation?
The Catholic Foundation’s Board of Directors governs all operations and actions by the Catholic Foundation. Members of the Board are faithful, responsible Catholics from all walks of life who reflect the diverse experiences of our Diocese. The Catholic Foundation’s Executive Director provides direction, planning and operational support.
Are the Catholic Foundation assets separate from Diocesan funds?
Yes. The Catholic Foundation is an independently incorporated 501(c)(3) charitable organization. By law, no one can appropriate money from the Catholic Foundation for any purpose other than that for which it is specified.
The Catholic Foundation pool of assets is professionally managed by CAPTRUST Financial Advisors, with oversight by the Catholic Foundation Investment Committee.
Are the distributions made from an endowment to a parish considered income, thereby subject to the parish quota and CSA?
No, an endowment’s distribution to a parish is considered a restricted gift and therefore not subject to the parish quota and CSA.
Why would our parish want to have an endowment?
Endowment resources empower ministry. Distributions from the parish endowment provide a continual, permanent stream of income which enables the church to fulfill its ministry beyond what is possible through its annual operating funds.
If we establish an endowment for our parish or school and it is closed in the future, what happens to the endowment money?
When an endowment is created, the endowment agreement must state a primary and secondary beneficiary. If the primary beneficiary no longer exists, endowment distributions will go to the secondary beneficiary. If the secondary beneficiary no longer exists, the endowment distributions must go to a beneficiary which most closely resembles the primary beneficiary.
We are not a large, wealthy parish; how could we create an endowment for our parish?
All parishes can create a parish endowment regardless of their size, composition or amount of weekly collection. Endowment funds are primarily supported though planned gifts or bequests from parishioners who care deeply about their church. These endowment gifts usually come from assets, not income. Anyone who owns a house, a CD, life insurance or a retirement plan has the potential to make planned gifts to the parish endowment.