The words above taken from St. Paul’s first letter to the Corinthians clearly remind us that our Catholic Faith is built upon the strongest foundation … Jesus Christ. Now, as the Church in the Diocese of Youngstown moves forward in the third millennium we are challenged to faithfully secure the future of our Lord’s saving work. The Roman Catholic Diocese of Youngstown Foundation is a most effective means for us to meet the challenge.
The Foundation provides us with a firm financial base from which we can continue to fulfill Jesus’ three-fold mission … to teach, serve and sanctify God’s people for the sake of salvation. The building blocks placed upon our foundation of faith are gifts from generous donors who through their good stewardship support endowed funds housed in the Foundation. The interest earned on these funds, together with our prayers, will help sustain Catholic Education, Priesthood Formation, Catholic Charities, Pastoral Ministries and our Parishes well into the future.
The Roman Catholic Diocese of Youngstown Foundation offers Catholics an opportunity to share in the mission of the Church beyond their own lifetime. By establishing an endowment fund or contributing to an existing endowment fund, Catholics can support their favorite Catholic causes in perpetuity. An endowment fund is a fund comprised of gifts which, when invested, provide interest income in support of a designated purpose … forever! Typically only the interest earned on the fund is used for the purpose stated in the fund agreement and the asset base remains in tact. The asset base of the fund grows through sound investment and additional gifts.
The Foundation forms a partnership … a sacred trust with donors. The Foundation Board of Trustees comprised of Catholic Lay, Clergy and Religious Leaders assists the Bishop by overseeing the prudent investment of the Foundation’s assets while ensuring that the funds are disbursed according to donors’ wishes. The Foundation is audited annually by independent auditors and publishes an annual report that reflects the stewardship of the resources entrusted to it.
ESTABLISH A DONOR DESIGNATED FUND
A Donor Designated Fund is an individual/family/corporate Endowment Fund, established as part of The Roman Catholic Diocese of Youngstown Foundation. The fund distributes interest/income annually to favorite Catholic causes within the Roman Catholic Diocese of Youngstown, Ohio, as designated by the fund’s creator.
Tax deductible gifts of cash, securities, life insurance, a bequest in one’s will or life income arrangements can be used. A fund may be established in the donor’s name, as a family designation, or as a memorial or honor designation for a loved one or friend. Examples: The J. Smythe Fund; the Petroni Family Fund; The Joseph and Carol Shannon Memorial Fund.
HELP YOUR PARISH, A CATHOLIC SCHOOL OR CATHOLIC AGENCY ESTABLISH AN ENDOWMENT FUND
The Foundation is structured in such a way as to encourage and facilitate the establishment of endowment funds by parishes, Catholic Schools, Catholic Charities and Diocesan entities. Leadership people at parishes, Catholic Schools, and Diocesan agencies can use savings and other fund raising sources to establish a fund in the name of a parish, school or agency. The foundation will annually make available the interest/income earned in the fund to the parish, school or agency where the specific use of the funds is determined by the local leadership.
Advantages … a greater return on the funds than can be realized locally and the elimination of the concerns and costs of investing the funds at the local level.
MAKE A GIFT TO AN EXISTING ENDOWMENT FUND
Contributions are always welcome in support of Endowment Funds already established in the Foundation. For example, funds such as the Bishop James W. Malone Catholic Education Fund, the Bishop Benedict C. Franzetta Priesthood Formation Fund, and the Reverend Philip P. Conley Lay Ministry Endowment Fund. These funds and others support popular causes in our Diocese. Gifts in any amount are welcome. Make checks payable to Diocese of Youngstown Foundation. Please send your gift to: Mr. Pat Palombo, Diocese of Youngstown Foundation, 144 W. Wood Street, Youngstown, OH 44503
“They are to do good, to be rich in good works, generous, and ready to share thus storing up for themselves the treasure of a good foundation for the future, so that they may take hold of the life that really is life”
(1 Timothy 6:18-19)
The Catholic Diocese of Youngstown is a proud community Partner of the LEAVE A LEGACY Program and its local sponsor the Mahoning/Shenango Planned Giving Council.