Foundation Announces 2016 Funds Distribution

Foundation Announces 2016 Funds Distribution

The Independent Catholic Foundation announced the annual distribution of funds after their June meeting. With the recommendation of the Finance and Distribution Committee, the Board of Trustees approved a 4.0 percent distribution for this year’s funds.  The Foundation's policy calls for an annual distribution of a percentage of the average value from each separate endowment account.   The total amount available for distribution this year is over $1 million which represents an increase of almost 7% over last fiscal year’s availability; this is a record.  Also, these amounts do not reflect almost three-quarters of a million dollars in contributions to new and existing endowments since July 1 of last year.  With this year’s distribution, total support offered for the various ministries of the Diocese of Altoona-Johnstown exceeds $5 million dollars for the past 6 years.  This Foundation was created 26 years ago as an independent non-profit corporation to support the various ministries of the Diocese.  It currently manages over 240 permanently restricted endowments valued at over $25 million.  The Foundation office is located in Altoona