Did you know that Our Lady of Guadalupe has a parish endowment? If not, now you do!
But, wait… What is a parish endowment?
We’re glad you asked! Our Lady of Guadalupe and Catholic Community Fund have put together a Frequently Asked Questions (FAQ) list to help answer some common questions. If you have any more, please email Deacon John Benage from the CCF at firstname.lastname@example.org.
What is an Endowment Fund?
An endowment fund is a permanently restricted fund set aside for a specific purpose or purposes. The funds are invested to grow over time and provide a defined amount to the organization for whom it is designed to benefit, usually on an annual basis.
Who can access the fund?
Once established, a true endowment will provide funds as determined in the initial agreement to the benefiting organization based on the terms of the agreement. As an example, the agreement might state that the organization (parish) will receive 5% of the three-year average of the fund balance as of December 31st for the most recent 3 years.
Who can take the funds from the endowment?
The corpus of an endowment fund may not be accessed. This ensures that changes of management and personnel within the organization will not disturb this perpetual source of income to the organization.
What is the purpose of the Our Lady of Guadalupe Parish Endowment Fund?
The purpose of this endowment is to provide annual funds to the parish to be used for its operations, buildings, grounds, ministries, and programs as directed by the pastor. If the funds are not to be used each year, the pastor may opt to reinvest in the endowment.
Where is Our Lady of Guadalupe Endowment Fund?
Our Lady of Guadalupe Endowment Fund is held by the Catholic Community Foundation. The Foundation manages endowments and investment funds for multiple parishes within the Archdiocese of San Antonio as well as Donor Advised Funds for individuals.
Who started this endowment fund and when?
The endowment fund for Our Lady of Guadalupe parish was started by a local parishioner in November 2021. The parishioner made a $5,000 contribution which triggered a bonus added of $2,500 by the Archdiocese and a dollar-for-dollar match of $5,000 by the Catholic Community Foundation.
How does the endowment fund grow?
The funds are invested by the Catholic Community Foundation through Christian Brothers Investment Services (CBIS) following the United States Catholic Bishops guidelines on Catholic Socially Responsible Investing. However, the fastest way for the fund to grow is through donations to the fund.
Who can donate to the fund?
Anyone can donate any amount to the fund at any time. These can be made online at www.ccftx.org or by mail to the Catholic Community Foundation, 111 Barilla Place, San Antonio, Texas 78209. However, the most recommended way is through asset gifts. These are typically done at the end of life.
What are ways to make asset gifts?
Some ways to do this are by naming the Endowment as a beneficiary of a retirement account, brokerage account, bank account, insurance policy or in a will or trust document. Such gifts do not impact daily living costs nor current giving to the Church. Gifts of this type are often a small percentage of the instrument used. One might also donate appreciated securities. Gift language for most of these type gifts can be obtained from the parish office. To discuss the best gift and/or learn of other asset gift vehicles, please contact Deacon John Benage from the CCF at email@example.com.