Endowment Foundation
 The Archdiocese of Detroit Endowment Foundation was established in 1995 to receive the gifts from the very successful Stewards For Tomorrow endowment campaign. To date, approximately $84 million has been collected by the foundation. Of this amount, the foundation has returned over $19.1 million to parishes under the campaign policy of returning 20 percent of parish collections and 50 percent of collections in excess of the parish target.
The purpose of the foundation is fourfold:
- To ensure that tuition assistance for Catholic school students is available,
- To establish an endowment fund for Sacred Heart Major Seminary,
- To provide educational opportunities for those engaged in youth and family ministry as well as directors of religious education, and
- To provide funds to respond to local and national needs when assistance is sought from the Archdiocese of Detroit
Many parishes, schools and other organizations have established their individual endowment funds within the foundation to take advantage of the archdiocese's larger investment pool. At June 30, 2001, the date of the last audited financial statement of the foundation, the value of these parish endowment funds was over $14.2 million.
Planned Giving
Because the foundation was established to receive endowment gifts, it is an ideal vehicle for donors wishing to leave a legacy of their faith. For example, donors can name the foundation as beneficiary of a bequest in their last will and testament or their revocable trust. As a further example, donors can name the foundation as beneficiary on life insurance policies.
Moreover, a donor can arrange for a charitable gift annuity through the foundation. A gift annuity is a very simple agreement under which the foundation promises, in exchange for the donor's gift of cash or marketable stocks and bonds, to pay an annual amount to the donor or other annuitants the donor names.
For further information about the Archdiocese of Detroit Endowment Foundation, contact Thomas P. Scholler, director of development.
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