ESTABLISHING AN ENDOWED FUND
Endowed funds provide financial assistance to benefit several programs in the Catholic Diocese of Wilmington. Donors may choose to support a variety of programs, such as scholarship and tuition assistance for Parish/Diocesan schools, ministries and other needs at a local parish, areas of concern at Catholic Charities, Youth or Campus Ministry, Religious Education efforts or any program sponsored by the Diocese. Private support makes the difference in the quality of programs that the Catholic Diocese of Wilmington offers. Endowed funds promote longevity and excellence in our Catholic schools, parishes and social outreach programs. Each endowed fund bears the name of the donor who established the fund.
Financing an Endowed Fund
A minimum of $25,000 is required to establish an endowed fund for tuition assistance or scholarship aid. Other types of funds have larger minimum requirements. You specify in writing the purpose that your endowed fund is to serve and how the fund is to be administered.
Your named fund can grow with the help of family and friends. Additional gifts can be made at any time. Often relatives and friends make gifts in lieu of birthday or holiday presents. Your endowed fund may be funded through an outright gift, a planned gift, or a gift through your estate.
How Endowed Funds Are Managed
The principal of the endowed fund is invested by the Catholic Diocese of Wilmington, and a portion of the income earned is distributed in perpetuity. A certain percentage of the fund is distributed annually (currently 5½%) in support of the fund’s purpose. Excess earnings are added to principal to produce more income in future years.
Selection Criteria
The donors must decide how the income earned on the endowed fund will be used. Donors may choose to benefit a student by providing tuition assistance, or ministries in a local parish, or outreach/pastoral efforts through Catholic Charities or any program sponsored by the Diocese. By creating an endowed fund, you make a lasting contribution to the future of the Catholic Church in the Diocese of Wilmington.
Endowed Funds in Honor or Memory of Loved Ones
Donors often establish endowments in memory or in honor of loved ones. Establishing an endowment is an excellent way of honoring the memory of a loved one. Endowed funds can also be established in honor of other individuals who made a difference in your life.
For more information, please feel free to contact Sister Margaret E. Mahoney, RSM, Director of Planned Giving, at the Catholic Diocese of Wilmington, Development Office, P.O. Box 2030, Wilmington, DE 19899-2030, (302) 573-3125, mmahoney@cdow.org.
