What is the St. Bernadette Caritas Society Endowment Fund ?

The Caritas Society was established in 2005, to strengthen and support St. Bernadette Parish including the Church and School through the primary focus of supporting Catholic education. The Caritas Society Endowment Fund has an independent Board of Directors with an ethical responsibility to follow the original mission of the fund as well as the laws surrounding the fund. This independence ensures transparency, integrity and accountability in governance of the Caritas Society Endowment Fund. The oversight provided by an independent Board of Directors allows for checks and balances and can be a desirable consideration for potential donors.

How does the St. Bernadette Caritas Society Endowment Fund currently operate in conjunction with the Parish and School?

While the Endowment Fund is independent from the oversight of the Parish and the Diocese, the overarching mission of the Fund is to support the longevity of Catholic education for St. Bernadette School. As such, the board members are nominated and elected because of their dedication to St. Bernadette and its best interests. Moreover, the Endowment by-laws include the Pastor of St. Bernadette Parish as a voting member of the Caritas Society Board, thus allowing him to present grant requests directly to the Board, vote on proposed grants, and participate in all Board meetings and actions. Since the Caritas Society’s founding in 2005, it has distributed over $1.6 Million to St. Bernadette Parish and School.

How are grants for the Parish and School requested and decided?

St. Bernadette Caritas Society Grant requests can be made for various needs such as tuition assistance, professional development for teachers, School and Parish improvements, special programming, etc. Per the grant requests, and in following standard guidelines, the Caritas Society Endowment Fund requests three independent bids or quotes. This is done to avoid any conflicts of interest, ensure quality work, and to guarantee full transparency to our donors, parishioners, parents, and friends of St. Bernadette. Following this process is also essential to meeting non-profit qualifications with the IRS, as this fund was established as a 501(C)3 non-profit. All proposed grants are considered and voted on by the Endowment Board of Directors.

Will income generated each year from the St. Bernadette Caritas Society Endowment Fund be used to support the Parish School? What happens in years there is a loss?

By following distribution rate guidelines, distributions will continue to be granted to both the Church and School per the bylaws of the fund, which states up to 5% of each year’s investment income can be spent, thus making sure the principal stays intact for future distributions. The Fund is managed by the investment professionals at Huntington Bank’s Trust Department, in a manner which is consistent with the Uniform Prudent Investors Act (UPIA).

As I review my current giving and/or estate planning why should I consider the St. Bernadette Caritas Society Endowment Fund?

As an endowment fund, all gifts made to the St. Bernadette Caritas Society are added to the principal, which is managed by a reputable third-party financial management organization. In most years, grants paid do not exceed 5% of the fund, which allows the fund to grow in perpetuity. The Fund was established to ensure the continuation of Catholic education, including tuition assistance, school programming, increasing enrollment, upgrades, improvements and more. If you have any questions regarding the Fund or your gift, please do not hesitate to reach out to one of the board members. Finally, as you review your estate plan, please consider a naming the St. Bernadette Caritas Society Endowment Fund as a recipient in your will. Your foresight and generosity, will support Catholic education at the school, helping to sustain our Parish Community well into the future.

Will the St. Bernadette Caritas Society Endowment Fund continue to provide distributions to the Parish once the new Perpetual Endowed Fund is established?

Yes. Since the Caritas Society’s founding in 2005, it has distributed over $1.6 Million to St. Bernadette Parish and School. All gifts to the Caritas Society benefits the entire Parish, which includes the school, most significantly by reducing the amount of financial support the Church must provide to ensure the school remains viable. Therefore, while distributions can be made, it will depend on the financial stability of the fund.