What is the St. Dominic Catholic Parish Endowment Fund?
We have a parish endowment fund dedicated solely towards the furtherance of Catholic education here at St. Dominic Catholic Parish. Catholic education includes both our day school and Lifelong Formation programs.
The Endowment Fund is truly a gift that keeps on giving. Prior to June 2017, the Fund required that the principal amount of any gift remains intact. Only earnings generated from the principal were used to support the mission of the Fund. Over the past few years, $25,000 has been transferred out of the Fund to allow for the use of tuition assistance grants for the day school and formation programs. In June 2017, the bylaws were amended to stipulate that future distributions for educational endeavors shall not exceed 3% of the average total market value of the Fund on the last business day of the three immediately preceding calendar years.
Contact: Karen Chaffee, Director of Finance Administration at 262.781.3480.
When did it start?
The St. Dominic Catholic Parish Endowment Fund traces its beginnings to our founding pastor, Father Grohall was an ardent supporter of Catholic education. His family and personal representatives believed his wishes would best be expressed through the creation of an education endowment. A residuary bequest from Father Grohall's estate provided for the creation of our endowment fund.
As of the end of the 016 calendar year, the Fund balance totaled $494,351.
The present board members of the Fund are:
President: Father David Reith
How can I participate?
Tax deductible gifts of cash, stocks, bonds or mutual funds can be made directly to the St. Dominic Parish Endowment Fund at any time. Please remember the Endowment Fund when making year-end charitable donations and preparing your estate planning documents. The Endowment Fund can also be named as a designee for funeral memorials.
Your contribution to Catholic education today will ensure the success of tomorrow's leaders.
Ideas for Giving
The mission of the Endowment Fund is to provide for the furtherance of Catholic education here at St. Dominic Catholic Parish. Unlike capital funds and operating funds, the Endowment Fund is intended to grow and expand to meet the future educational needs of our parish.
Cash Gifts - The simplest way to contribute to the St. Dominic Parish Endowment Fund is to make a direct cash gift. Such gifts are deductible to you for income tax purposes provided that you itemize your deductions. It is important to note that charitable tax deductions are worth more to you in 2006 than in later years since tax brackets are scheduled to decline over the next several years. Because charitable deductions are worth more at higher tax rates, many donors are accelerating contributions. This may be especially appropriate for contributions to the endowment fund, which by its nature will provide ongoing support to St. Dominic Parish in later years.
Gifts of Appreciated Stock, Bonds or Mutual Funds - Despite recent setbacks, the various stock and bond indices have multiplied over the past decade. As a result, many people hold significantly appreciated investment assets. When you contribute publicly traded stock, bonds, or mutual funds, you earn a charitable income tax deduction equal to the market value of the assets contributed. Contributing appreciated securities can provide a large tax write-off while avoiding the capital gain tax that would be payable if the appreciated asset were to be sold.
Gifts of Real Estate - Charitable contributions of real estate that has been held for more than one year will usually provide the same benefits as gifts of appreciated securities.
Gifts of Insurance - If you hold a life insurance policy that is no longer needed for your personal planning, consider transfer of the policy to the St. Dominic Parish Endowment Fund. If you name the endowment fund as the owner and beneficiary of such a policy, you will earn an immediate tax deduction equal to the current value of the policy. Any additional premium payments that you make on behalf of the endowment fund will be tax deductible to you as well.
Utilization of IRAs or Retirement Plan Benefits - Did you know that when you name a non-spouse family member as beneficiary of your IRA or other qualified retirement plan assets, those assets can be subject to both estate tax and income tax totaling more than 75% of the asset value in large estates? If you intend to benefit the St. Dominic Endowment Fund as part of your overall estate plan, the most tax efficient manner may be to simply designate the Endowment Fund as the beneficiary of your IRA or retirement plan. Because the St. Dominic Endowment Fund is a tax-exempt organization, the fund will not pay income tax or estate tax on distributions received from IRAs or qualified plans. Testamentary Bequests Bequests to the endowment fund can be specified in your will or trust. Such bequests should be made to St. Dominic Parish Endowment Fund, Inc.
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