Goal of the Fund — Donor Advised Funds are created by individuals or groups who want more specific direction over how the fund they create will be used. These donors meet at least annually with representatives of the CCFMM to give instructions on the use of funds. In some cases, the funds are endowed and the donors indicate how the fixed rate disbursements are to be used. In other cases, the fund is not endowed and the donor is able to indicate how a portion or the entire amount of the fund may be used. Specific guidelines must be created for such funds to insure that they meet IRS guidelines.
Existing Endowments — At present, there are 26 Donor Advised Funds.
- 15 have been created by families
- 7 have been created by organizations
- 2 have been created by a parish
- 2 have been created by Cemeteries
How Disbursements are Used — The donors meet with a representative of the CCFMM at least annually to determine if disbursements are to be made and how they are to be used.
TOTAL Donor Advised Funds (as of 06-30-16): $3,034,887
Parish Found Way to Create a Legacy for Couple
A Parish in our diocese recently received a significant gift after the death of the second spouse. This couple was actively involved in the parish and their faith was a significant part of their lives. The final gift of this couple was a strong indicator of what was important to them during their lifetime.
When the gift was received, it came with no strings attached. The plan for the use of the money was left to the pastor.
A plan was created – to create a legacy for the couple through an endowment in their name. The couple had no children but they did have a strong love of young people. And knowing that inspired the pastor…
Semi annually, when disbursements are made from the fund, they will be used to help with tuition for Catholic schools or religious education students and other programs that support activities for the young people of the parish.
This is the story of a wonderful formula that led to a win-win situation for many people:
Generous Gift + Creative Pastor + Endowment Documents = opportunity to create a legacy that remembers two special donors and the young people of a parish.