FAQ'S

Frequently Asked Questions

Q.  What is an endowment?
An endowment is a permanent fund that is primarily meant to be invested in perpetuity.  The goal of the Foundation is to preserve and maintain the real purchasing power of the principal of the endowment assets. The year to year benefits from an endowment come primarily from the earnings on the investments that are then distributed out as grants. A gift to an endowment is a lasting gift that will benefit both present and future generations of our Catholic family.

Q.  Is my gift tax deductible?
The Foundation is a non-profit, tax exempt corporation established under Section 501 (c)(3) of the Internal Revenue Code so your gift is tax deductible to the full extent allowed by law. Donors of major gifts are encouraged to contact their accountant to determine the tax deductibility of their gift.

Q.  How is the Foundation governed?
The Foundation is governed by an independent seven member Board of Trustees that includes the Bishop of the Diocese of San Angelo who serves as Chairman of the Foundation.  The Trustees manage all of the affairs of the Foundation. They adopt policies, manage the investments by selecting professional asset managers, adopt an annual spend rate which is a policy for distributing money from endowment funds, approve all gifts to the Foundation and all grants made by the Foundation.

Q.  What fees are charged?
An annual administrative fee of one half of one percent (0.5%) is pro-rated and charged to each fund on a monthly basis. Investment fees charged by our professional money managers are also deducted from each Fund.

Q.  Can the Diocese ever claim the funds in the Foundation?
The endowment funds that have been established at the Foundation are not the property of the Diocese and cannot be claimed by the Diocese.  The Foundation is a separate corporation from the Diocese and the Foundation owns the endowment assets of the Foundation.

Q.  Are Funds invested in a socially responsible way?
Yes, the Foundation adheres to the Social Responsibility Policies set forth by the U.S. Catholic Conference of Bishops.

 

 

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