Parish Bequest Program
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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.