Catholic Foundation Endowments Distribute $1.36 Million

Endowments managed by the Catholic Foundation of Southwestern Indiana will distribute $1.36 million from their 2013 earnings to more than 460 beneficiaries across the Catholic Diocese of Evansville. Foundation endowments will distribute more than $1 million in earnings for the second year in a row.

“We are thrilled to report distributions at these levels,” said Foundation Board Chair Matthew Atkinson. He is a member of Sacred Heart Parish in Vincennes, Ind., and is Vice-President of Engineering and Development for Solar Sources. “These earnings will fund the upkeep of cemeteries, scholarships, food pantries and other projects across the diocese. On behalf of the beneficiaries, we thank the individuals, families and groups across our 12 counties who created the endowments the Catholic Foundation manages.”

Each beneficiary will have three options to choose from:

* They may take the distribution and immediately use it. Examples would include Catholic cemeteries with endowments that go toward perpetual maintenance, and food pantries with endowments to support their ongoing ministries.

* They may deposit the distribution in an unrestricted account with the Catholic Foundation. Funds in these accounts continue to earn interest just like each endowment principal, but the unrestricted-account funds are available for withdrawal at any time. An example of use for this type of account would be a Catholic parish with an endowment that funds maintenance of the church. If a pastor or pastoral administrator sees an upcoming need (e.g., the building will need a roof in five years), depositing the distribution in an unrestricted account will enable that money to continue earning interest until needed for the maintenance project.

* They may roll over the distribution into the endowment, which increases the principal. The distribution, once rolled into the principal, is no longer available for use. It remains a part of the permanent endowment – but that endowment now will earn more because its principal is larger.

For information on creating an endowment – or contributing to one that is already established, individuals or groups should contact the Catholic Foundation of Southwestern Indiana toll-free at (800) 637-1731; in Evansville at (812) 424-5536; or by email at foundation@evdio.org.