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An endowment is a gift of money or other donated property (cash, stocks, bonds, real estate, annuities, insurance, real property or interest in same) invested to produce ongoing income for a specific or general use.
The donor who establishes an endowment with the Catholic Foundation of Maine is, in essence, creating their own Catholic legacy. They have the opportunity to name a specific beneficiary or beneficiaries, to designate the intent of their gift in perpetuity, to memorialize a loved one or family, and to provide support for that organization, need, or ministry forever.
Many individuals and organizations establish endowments to ensure that Catholic schools, parishes and ministries will continue to receive annual support that provides for expenses not met in regular budget planning.
Donations can be made at any time. Distributions from the endowments are made annually, following the guidelines of the Articles and Bylaws, unless otherwise stipulated in a donor advised fund agreement.The gifts or donations contributed to an endowment are referred to as the “principal” or “corpus.” The corpus remains intact, and investments are made by the Foundation so that the endowment will continue to grow, and the beneficiaries will receive an annual distribution forever. Annual distributions are calculated, recorded, and made available to be used for the purpose of the original intent.
Endowment funds at the Catholic Foundation support:
- Parishes, Churches, Parish Elementary Schools, Diocesan High Schools, Catholic Education, Seminarian Education, Catholic Cemeteries, Catholic Social Services, Catholic Post-Secondary Education, Diocesan-Related Ministries, Mission Work, Music Ministry, Social Justice Ministry, and the Catholic Foundation Unrestricted Fund.
Please contact the Foundation at (207) 321-7820 so you can begin process of creating your Catholic Legacy. Your charitable gift through an endowment is truly perpetual and will help to secure the future of the things you care about, making a difference in the lives of those we serve. God Bless You for your generosity and spirit of philanthropy.