Endowment Fund

 What is an endowment fund?  An endowment fund is established as a permanently restricted fund, with the intent of keeping the principal of the fund intact, only distributing a portion of the fund’s income to support the designated purpose on a perpetual basis.  Over time, through effective investing and additional contributions, the fund’s principal keeps building and the income it generates increases to benefit the designated purpose.

What does our endowment fund support?  Our parish endowment was established to “support the mission, ministries, and maintenance of St. Mary Star of the Sea Catholic Church.”  Once established, the principal of the Fund can never be invaded.  Contributing to the Fund is a wonderful way to help strengthen and secure St. Mary’s financial future.

Management of the our Parish Endowment Fund:  The Catholic Community Foundation of the Diocese of Richmond (the Foundation) is used to manage the Fund.  The Foundation was established in September 2014 to manage and administer endowment funds of the Diocese and its affiliates.  The Catholic Community Foundation has been named as home to the diocesan-wide and numerous parish-based endowment funds being established through the Living Our Mission capital campaign.

The Foundation has several key benefits for parishes:  

-Safeguards are provided to protect the funds permanently invested on behalf of parishes, schools and ministries of the Diocese.
-Administrative management is provided on a regular basis with annual audits, lay oversight, and public communications.
-Investments will have the benefit of being pooled within a larger overall fund to take advantage of economies of scale and lower investment expenses.
-The investments are professional managed in a diversified portfolio that complies with Catholic socially responsible investments screen in accordance with guidelines published by the United States Conference of Catholic Bishops.
-Development efforts at the diocesan and local level will help build parish Endowment Funds through ongoing legacy giving, major gifts and capital campaign.

If you would like to contribute to our Parish Endowment Fund please contact the Parish Office  at (757) 722-9855 or email: [email protected].

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