Foundation Announces 2017 Funds Distribution
Due to healthy investment returns, the Board of Trustees of the Independent Catholic Foundation recently approved a distribution percentage of 4.5% for each of its 250 permanent endowments. This percentage is based on the average portfolio value during the last three years and translates into a record amount of $1.1 million.
“The Board was happy to accept the finance and investment committee’s recommendation to increase the annual distribution as a result of the remarkable growth experienced by the foundation portfolio. We know the increase in funding will be welcomed by the beneficiaries of our endowments,” commented Executive Director Bill Hiergeist.
The Foundation currently manages over 250 permanently restricted endowments valued at over $29 million. The Foundation office is located in Altoona.