Parish Bequest Program
Our parishes are comprised of many generous families, many of whom wish to leave their best, last gift to benefit their spiritual home. They most often do this through a bequest in their Will, or as a beneficiary designation through an insurance policy or individual retirement account (IRA).
The Parish Bequest Fund allows a parish to invest these bequest funds over a period time and receive a better interest rate until needed.
Benefits
- Funds can be distributed until the corpus is depleted.
- Pastor manages the fund and can request two (2) distributions per year.
- A higher interest is earned than in a traditional savings account.
Details to Consider
- Minimum contribution to initiate a new Parish Bequest Fund is $10,000. Additional bequests may be added as received.
- For new bequests only.
- If a general bequest is made and the funds are not immediately needed, this investment account is designed to maximize earnings. The recommended time frame is a minimum of 5 years, and investments are subject to losses.
- Distributions can be requested in year two (2) on a fiscal year-semiannual basis, and 100% can be distributed at the end of year five (5) to close the account if leadership requests this.
How We Assist
The Catholic Foundation will:
- Work with donor to provide bequest language and define purpose of the gift.
- Work with beneficiary to communicate areas of need to potential donors.
- Draft contracts and manage Fund establishment (if new).
- Facilitate calculation and distribution of bi-annual distribution to beneficiary.
- Report to beneficiary on fund performance and use of distributions from the Fund.
To learn more about supporting your parish through a Parish Bequest Fund, please complete our Legacy Form.