Donor Advised Funds Available
The Catholic Foundation
now offers a vehicle for people who want to make a contribution now and
decide in the future who will receive their gift(s).
Donor Advised
Funds allow individuals to make a single contribution of
$10,000 or more to The Catholic Foundation in either an endowed account
(interest and earnings can be distributed) or a provisional account (the
principal can also be distributed). The donor chooses from income, balanced
or growth funds for the donation investment. At a future time of his/her
choice, the donor recommends one or more charities to receive all or part of
the fund.
The donor’s recommended non-profit
recipient(s) must follow the moral teachings of the Catholic Church.
“Otherwise, we hope to follow the recommendations of the donor,” says Greg
Urban, director of planned giving. The idea behind this new kind of fund, he
adds, is to begin a relationship between the donor and The Catholic
Foundation, perhaps leading a donor to remember his/her parish or the
diocese in their estate plan.
A minimum donation of $10,000 can open an
account. An account balance of $1,000 must be maintained in the account, or
the entire principal in a provisional account may be recommended by the
donor for distribution and the account closed. The minimum recommendation
for distribution is $250.
So, who might be interested in this type of
fund? Urban mentions one possibility: persons who will be retiring in the
near future who want to make a donation now in order to take a charitable
deduction on this year’s taxes while they are still earning income. They
then can decide at some future point what charit(ies) will benefit from
their gift.
For more information about these new
Donor Advised Funds, contact Urban at 815-399-4300.
Estate Planning Seminars
We encourage you to promote
Wills to your parishioners. This is the best way to get them thinking of
providing for their families: biological and Church...
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