St. Stanislaus Kostka
Catholic Church
St. Stanislaus Parish Endowment
What is the Endowment?
The St. Stanislaus Kostka Parish Endowment Fund is a pool of money collected through major donations that is invested through the Inter-Parish Endowment Fund. The principal of the money is permanently invested. Only the interest of the money may be used by the parish for operation, a special project, or to be reinvested in the Endowment. The Parish Endowment is a legal entity, established under the Diocese of Saginaw and signed by Bishop Robert Carlson on April 27th, 2005. The Parish Endowment is governed by a Trust Agreement, a set of By-laws, and a Parish Board of Trustees, which consists of six parishioners and the pastor, membership of which is a three year term and open to any parishioner.
Who maintains control of the money?
The money is managed by a Diocesan Investment Committee, a group of experienced, professional investors. They make recommendations to the Board of Trustees of the Inter-Parish Endowment Fund regarding continuance/change of the allocation to equity or fixed investments. The Parish Board of Trustees meets semi-annually to decide what to do with the return on the investments: use it or reinvest it. The Parish Board of Trustees has the ability to take out the return on the investment as frequently as quarterly, but may never withdraw an amount that would take the fund below the set principal.
What kind of donations can be made?
Donations of cash, stock and bonds, insurance, or property can be designated to be put into the St. Stanislaus Kostka Parish Endowment Fund. It has been decided by the Parish Board of Trustees that the minimal donation that a person can make into the Endowment Fund is $1,000. This is due to the amount of record keeping that must be maintained on the Endowment donation indefinitely.
Can I donate while I am living?
Absolutely.
The St. Stanislaus Kostka Parish Endowment Fund is a pool of money collected through major donations that is invested through the Inter-Parish Endowment Fund. The principal of the money is permanently invested. Only the interest of the money may be used by the parish for operation, a special project, or to be reinvested in the Endowment. The Parish Endowment is a legal entity, established under the Diocese of Saginaw and signed by Bishop Robert Carlson on April 27th, 2005. The Parish Endowment is governed by a Trust Agreement, a set of By-laws, and a Parish Board of Trustees, which consists of six parishioners and the pastor, membership of which is a three year term and open to any parishioner.
Who maintains control of the money?
The money is managed by a Diocesan Investment Committee, a group of experienced, professional investors. They make recommendations to the Board of Trustees of the Inter-Parish Endowment Fund regarding continuance/change of the allocation to equity or fixed investments. The Parish Board of Trustees meets semi-annually to decide what to do with the return on the investments: use it or reinvest it. The Parish Board of Trustees has the ability to take out the return on the investment as frequently as quarterly, but may never withdraw an amount that would take the fund below the set principal.
What kind of donations can be made?
Donations of cash, stock and bonds, insurance, or property can be designated to be put into the St. Stanislaus Kostka Parish Endowment Fund. It has been decided by the Parish Board of Trustees that the minimal donation that a person can make into the Endowment Fund is $1,000. This is due to the amount of record keeping that must be maintained on the Endowment donation indefinitely.
Can I donate while I am living?
Absolutely.
Can my donation be anonymous?
Yes. Gifts may be anonymous or recognized. The Board of Trustees will determine an appropriate method of recognition.
Can I specify how the Parish may use the return on my gift?
The parish Endowment Trust Agreement states in Article V, Section 4 that gifts of $5,000 or more may be designated as a memorial fund in memory of a particular person or event or as a restricted fund, the earnings of which are designated for a particular purpose. The parish would keep a record that identifies memorial and restricted accounts within the endowment.
How do I include the Parish Endowment in my will?
Donations must be made to the "St. Stanislaus Kostka Parish Endowment Fund". We do have a gift agreement form available from the Parish Office that has been prepared by an estate lawyer. If you are planning to make a donation to the Parish Endowment Fund, it is highly advised that you use this gift agreement as a part of your Will. If your Will is already prepared, you will need to contact your lawyer to have a "codicil", or addendum, added for this gift.
I have additional questions not listed here.
The Parish Office would be happy to work with you answer any questions you may have.
Yes. Gifts may be anonymous or recognized. The Board of Trustees will determine an appropriate method of recognition.
Can I specify how the Parish may use the return on my gift?
The parish Endowment Trust Agreement states in Article V, Section 4 that gifts of $5,000 or more may be designated as a memorial fund in memory of a particular person or event or as a restricted fund, the earnings of which are designated for a particular purpose. The parish would keep a record that identifies memorial and restricted accounts within the endowment.
How do I include the Parish Endowment in my will?
Donations must be made to the "St. Stanislaus Kostka Parish Endowment Fund". We do have a gift agreement form available from the Parish Office that has been prepared by an estate lawyer. If you are planning to make a donation to the Parish Endowment Fund, it is highly advised that you use this gift agreement as a part of your Will. If your Will is already prepared, you will need to contact your lawyer to have a "codicil", or addendum, added for this gift.
I have additional questions not listed here.
The Parish Office would be happy to work with you answer any questions you may have.
